Macedonias foreign trade deficit narrows 26.9% y/y in February 2012.

By bne IntelliNews April 5, 2012
Macedonias foreign trade deficit decreased by 26.9% on the year to USD 153.3mn in February, according to data of the statistics office. In February, exports dropped by 5.4% y/y to USD 309.5mn and imports decreased by 13.8% y/y to USD 462.8mn. The negative annual growth of both exports and imports has moderated in February according to previously released data, exports and imports decreased by 17.2% and 27.1% respectively in January. In Jan-Feb, the foreign trade deficit narrowed by 26.1% y/y to USD 357.8mn, or 3.4% of projected full-year GDP. Exports decreased by 7.1% y/y to USD 581.1mn and imports dropped by 15.4% to USD 938.8mn. EU-27 countries accounted for 64.7% of Macedonias exports and 51.3% of the imports in Jan-Feb. Exports to the Union dropped by 8% y/y to USD 376.1mn, and imports from the EU-27 decreased by 24% y/y to USD 481.3mn. In Jan-Feb, Macedonia exported mainly supported catalysts with precious metal, or precious metal compounds as the active substance, ferronickel, iron and steel products (flat-rolled products), petroleum oil preparations and clothes. The main imported goods included crude petroleum oil, electricity, as well as platinum and platinum alloys. Macedonia's main export partners were Germany (accounting for 33.2% of Jan-Feb exports), Kosovo (9.2%), and Bulgaria (7%). The most important countries in terms of origin of imports were Russia (13.6%), Greece (9.7%) and Germany (9.3%).
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