Serbia's trade gap declines 32% to EUR 262mn in Jan 2014

By bne IntelliNews March 12, 2014

Serbia's foreign trade deficit narrowed 32.3% y/y to EUR 262.3mn in January 2014, as exports increased over the period whereas imports declined, the country statistics office said in a statement on March 12. The monthly export coverage ratio improved significantly to 73.6% from 63.0% a year earlier.

Exports rose 10.7% to EUR 731.1mn in January, slowing from a 19.1% annual growth a year ago. The reading remained underpinned by rising oil products, motor vehicles, electrical equipment, chemicals, food, and rubber and plastic products sales abroad.

Imports, on the other hand, fell 5.2% y/y to EUR 993.4mn in January, dragged down by falling domestic demand for food, chemicals and machinery and equipment.

Road vehicles were the biggest export item in January, while other accessories of motor vehicles were the top import item, the statistics office said.

The main export destinations for domestic producers were Italy, Germany and Bosnia. The major import partners were Russia, Germany and Italy.

Serbia's foreign trade deficit shrank 25.3% to EUR 4.5bn in 2013, as a strong increase in car and oil exports offset moderate imports growth.

Exports growth will likely moderate this year partly reflecting high prior year base. The country’s economic growth is projected to soften to 1% in 2014, from a 2% expansion in 2013.

Foreign trade,EUR mn Exports Imports Trade gap Exports, y/y,% Imports,y/y,% Trade gap,y/y,% 
Jan'13 660.4 1,047.8 -387.4 19.1 2.6 -17.0
Jan'14 731.1 993.4 -262.3 10.7 -5.2 -32.3
Jan-Dec'12 8,740.1 14,713.6 -5,973.5 3.5 8.5 2.8
Jan-Dec'13 10,999.0 15,463.1 -4,464.1 25.8 5.1 -25.3
Source: Statistics office             

Related Articles

Balkan baker Don Don to continue regional expansion with new Serbian facility

Don Don, a regional bakery group founded in Slovenia but active throughout the Western Balkans, will open a new production facility in the eastern Serbian town of Zajecar in spring 2018, Ales ... more

Serbia’s central bank cuts policy rate for first time since July 2016

Serbia’s central bank decided to cut the monetary policy interest rate by 25bps to 3.75% at its monetary policy board meeting on September 7. The policy rate has been held constant at 4% since July ... more

Footballer's Bentley rams Serbian president's motorcade

An investigation is ongoing after a Bentley car hit Serbian President Aleksandar Vucic's motorcade on September 2, Deputy Prime Minister and Minister of Interior Affairs Nebojsa Stefanovic told ... more