Bosnias 2012 trade gap widens 1.3% to EUR 3.8bn.

By bne IntelliNews January 23, 2013
Bosnias trade gap widened 1.3% y/y to BAM 7.4bn (EUR 3.78bn) in 2012 as exports declined more than two times faster than imports, the statistics office said in a statement. The trade gap to GDP ratio increased slightly to 28.92% at the end of last year from 28.67% a year earlier. Bosnias exports dropped 4.4% to BAM 7.9bn in 2012 after rising by nearly 16% in 2011. Imports shrank by 1.8% to BAM 15.3bn over the period following a 14% increase in 2011. In December alone, the trade deficit fell by an annual 25.5% to BAM 556.6mn. Imports declined for the second consecutive month in December going down by 17.9% y/y to BAM 1.14bn. Exports, which have been decreasing since August 2012, dropped 9.1% to BAM 592mn in December. The European Union was Bosnias main export market accounting for over 62% of total exports. Still exports to EU edged down 0.7% to BAM 4.6bn in 2012, while imports from the union (47% share in total) went up 1.4% to BAM 7.2bn. CEFTA countries accounted for BAM 2.3bn of Bosnias exports (32% share of total) down 13.6% in 2012. Imports from CEFTA edged down 0.1% over the period to BAM 3.8bn (25% share in total imports). Exports of manufacturing products, which represent the major part of Bosnias exports (89.4% share in total), shrank 1.4% to BAM 7bn last year, driven by a fall in coke and refined petroleum products (down 30.4% to BAM 525mn), machinery and equipment (down 6.2% to BAM 478mn) and basic metals (down 1.8% to BAM 1.3bn). Exports of electricity, gas, steam and air conditioning supply (2% share in total exports) recorded the steepest decline of 59.2% y/y to BAM 150mn in 2012, while mining and quarrying products (metal ore, coal and lignite in particular) recorded the strongest increase of 8.4% y/y to BAM 156mn (2% share in total). Exports were the main driver of Bosnias economic recovery over the 2010-2011 period. However, both exports and imports turned negative in 2012 reflecting weak external and domestic demand. According to the IMF, Bosnias economy posted zero growth last year after expanding 1.3% a year earlier. In 2013, the GDP growth is projected to remain weak at 1% while it will stay below its pre-crisis level (of around 6% in 2006-2008) in the mid-term.
Bosnias foreign trade, BAM mn Jan-Dec'11 %,y/y Jan-Dec'12 %,y/y
Exports 8,222.1 15.9 7,858.0 -4.4
Imports 15,525.4 14.0 15,252.9 -1.8
Trade balance -7,303.3 12.0 -7,395.0 1.3
Source: Institute of statistics

Bosnias 2012 trade gap widens 1.3% to EUR 3.8bn.

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