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 |
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