Croatia's 2014 trade gap narrows 1.7% - final data

By bne IntelliNews May 22, 2015

Croatia's trade deficit narrowed to HRK51.57bn (€6.8bn) in 2014 from HRK52.46bn a year earlier, final data of the statistics office showed on May 22. The preliminary data issued on March 10 showed that Croatia’s trade deficit stood at HRK51.48bn last year.

The 2014 imports rose 4.3% to HRK130bn, while exports went up 8.7% to HRK78.92bn, the statistics office said. Exports to the EU, which is the country's main foreign market, jumped 12.3% to HRK50.3bn in 2014, while imports from EU countries increased 7.8% to HRK99.6bn.

The coverage of imports by exports was 60.5% in 2014 versus 58.1% a year earlier.

The imports of machinery and transport equipment, which have the biggest share in total imports, rose 3.6% to HRK29.4bn. On the other hand, imports of mineral fuels and lubricants, which also have an important share in total imports, dropped by 10.6% to HRK24.2bn.

On the exports side, sales of machinery and transport equipment, which have the biggest share in total exports, inched down 0.4% to HRK17.5bn. Sales abroad of animal and vegetable oils and fats also posted a significant increase, of 39.3% to HRK141mn, but their share in the total is very small.

Exports, which are expected to continue strengthening, will support Croatia’s economic growth this year. The IMF said on May 7 the 0.5% projected GDP growth will be underpinned by lower energy prices, which support consumption, rising exports due to stronger Eurozone growth and ample domestic and external liquidity that contain debt servicing costs. 

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