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 |
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