Serbia's trade gap shrinks 27% y/y to EUR 3.6bn in Jan-Oct 2013

By bne IntelliNews November 29, 2013

Serbia's foreign trade deficit narrowed 27.0% y/y to EUR 3.6bn in January-October 2013, as a strong exports growth offset a mild increase in imports, statistics office data showed. The reading equalled to 10.8% of the full-year GDP projection, down from 16.3% a year ago, according to IntelliNews calculations. The ten-month import-export coverage ratio improved to 72.0% from 59.8% a year earlier.

January-October exports climbed 26.5% y/y to EUR 9.2bn, underpinned by higher motor vehicle and oil products sales abroad. Fiat Automobili Srbija (FAS) and oil firm NIS, controlled by Russia’s Gazprom Neft, were the main exporters over the period with a total of EUR 1.51bn worth of sales or close to a 17% share in total exports, data from the finance ministry showed. Higher sales of electrical equipment, rubber and plastic products, food, chemicals and electricity also supported the overall export growth. Imports went up 5.0% y/y to EUR 12.7bn in January-October, slowing from a 5.2% rise a year earlier.

Seasonally-adjusted data showed that Serbian exports shrank 4.0% m/m in October, while imports declined 1.8% m/m in euro terms, the statistics office said. Road vehicles were the biggest export item in October, while accessories of motor vehicles were the top import item.

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

Foreign trade,EUR mn Exports Imports Trade gap Exports, y/y,% Imports,y/y,% Trade gap,y/y,%
Oct'12 844.3 1336.8 -411.0 16.4 11.0 -134.1
Oct'13 1057.0 1416.5 -359.5 17.7 1.2 -12.5
Jan-Oct'12 7244.5 12118.4 -4873.9 3.4 5.2 7.9
Jan-Oct'13 9164.7 12722.8 -3558.1 26.5 5.0 -27.0
Source: Statistics office            

Related Articles

Serbia’s president says missing journalist is found in good health but unanswered questions remain

Freelance journalist Stefan Cvetkovic, who went missing on June 13, was found alive and in good health two days later, Serbian President Aleksandar Vucic announced at an extra ordinary press ... more

Gazprom interested in Serbia’s Petrohemija

Russia’s Gazprom Neft and its local subsidiary NIS have expressed interest in the local petrochemical unit HIP-Petrohemija, and in the forthcoming period talks ... more

UAE companies to mull building river ports in Serbia

Companies from the UAE are expected to start building a new river port in Serbia next year, after a memorandum on development projects for river ports was signed by the Serbian government and head of ... more