Serbia's H1 trade gap shrinks 23% y/y to EUR 2.4bn

By bne IntelliNews July 31, 2013

Serbia's foreign trade deficit narrowed 22.7% y/y to EUR 2.4bn in January-June due to strong exports' growth, which largely offset a mild imports increase, statistics office data showed. The trade gap-to-GDP ratio stood at 7.2% of the full-year GDP forecast, down from 10.3% a year earlier.

Exports climbed 20.3% y/y to EUR 5bn in January-June on the back of higher electricity, petroleum products, road vehicles and non-ferrous metals sales abroad.

Imports inched up 1.9% y/y to EUR 7.4bn in January-June, easing significantly from the 6.0% growth a year earlier.

Seasonally-adjusted data showed that Serbian exports rose 10.6% m/m in June and imports increased by a milder 4.1% m/m in terms of euro, the statistics office said. Road vehicles were the biggest export item in January-June while motor accessories were the top import item.

The main export destinations for domestic producers were Italy (a 16.8% share in total), Germany (12.2%) and China (8.0%). The major import partners were Italy (an 11.7% share in total imports), Germany (11.1%) and Russia (8.0%).

Exports are expected to be the key driver of Serbia’s anticipated 2% GDP expansion this year, offsetting falling household and government consumption.

Foreign trade,EUR mn Exports Imports Trade gap Exports, y/y,% Imports,y/y,% Trade gap,y/y,%
Jun'12 799.8 1,142.5 -411.0 4.2 -5.6 -7.3
Jun'13 941.5 1,224.8 -283.3 17.7 1.2 -31.1
Jan-Jun'12 4,144.9 7,227.5 -3,082.6 0.6 6.0 14.3
Jan-Jun'13 4,986.2 7,368.2 -2,382.0 20.3 1.9 -22.7
Source: Statistics office            

Related Articles

KKR's United Group to invest €293mn in Serbia within next five years

United Group, a leading multi-play (Pay-TV, Broadband, Telephony, Mobile) operator in Southeast Europe, majority owned by US private equity firm Kohlberg Kravis Roberts (KKR), plans to invest ... more

Serbia’s central bank cuts key policy rate to 3%

The National Bank of Serbia (NBS) executive board decided to cut the key policy rate again on April 12 to 3%. The bank previously cut the rate to ... more

UN court sentences far-right Serbian politician Vojislav Seselj for war crimes and crimes against humanity

Serbian far-right leader Vojislav Seselj was sentenced on April 11 to 10 years in prison for war crimes and crimes against humanity committed during the civil war caused by the breakup of Yugoslavia ... more

Dismiss