Macedonias foreign trade deficit widens 15.3% y/y in May 2012.

By bne IntelliNews July 5, 2012
Macedonias foreign trade deficit increased by 15.3% y/y to USD 194.6mn in May 2012, as exports dropped by 17.6% y/y to USD 338.1mn and imports contracted by 8% y/y to USD 532.7mn, according to data of the statistics office. In Jan-May, the foreign trade deficit narrowed by 1% on the year to USD 1.07bn, equalling to 9.9% of the projected full-year GDP. In Jan-May, exports decreased by 11.1% y/y to USD 1.59bn and imports dropped by 7.3% y/y to USD 2.66bn. The European Union is Macedonias main trading partner, accounting for 63.2% of the countrys exports and for 57% of the imports in the first five months of this year. Exports to the EU dropped by 10.4% on the year to USD 1.01bn and imports declined by 3% to USD 1.52bn in Jan-May 2012. In Jan-May, top export products were supported catalysts with precious metal, or precious metal compounds as the active substance, ferronickel, petroleum oil preparations, iron and steel products (flat-rolled products) and clothes. The main imported goods included platinum and platinum alloys, crude petroleum oil, natural gas and electricity. Macedonia's main export partners were Germany (accounting for 30.2% of Jan-May exports), Kosovo (10.4%) and Bulgaria (7.2%). The most important countries in terms of origin of imports were Greece (11.1%), the UK (9.5%) and Germany (9.3%).

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