Macedonia's foreign trade gap narrows 23.9% y/y in October 2011.

By bne IntelliNews December 6, 2011
Macedonia's foreign trade deficit shrank 23.9% on the year to USD 151.3mn in October, preliminary data of the statistics office showed. A comparison of the annual changes in exports and imports in October with the previously reported annual growth in September indicates that exports decelerated sharply in October, while imports dropped, reversing the previous months strong growth. Exports expanded by an annual 14.3% to USD 370.7mn in October, slowing down from a 25.6% increase in September. Imports fell 0.2% on the year to USD 522mn in October after rising 40% in the previous month. In January-October, the trade deficit expanded by 23.5% on the year to USD 2.06bn, or 21% of the projected full-year GDP. Exports increased by 39.3% y/y to USD 3.71bn in the first ten months of 2011, while imports rose by 33.2% to USD 5.76bn. Top export products included supported catalysts with precious metal, or precious metal compounds as the active substance, ferronickel, iron and steel products (flat-rolled products), clothes, and petroleum oil preparations. The main imported goods included platinum and platinum alloys, crude petroleum oil, passenger motor vehicles and electricity. The EU-27 countries were Macedonias most important trade partner, accounting for 60.9% of exports and 54.9% of imports in the first ten months of the year. Macedonia's top export partners were Germany (accounting for 27.9% of Jan-Oct exports), Kosovo (12.2%), Serbia (7.4%) and Bulgaria (7.1%). The most important countries in terms of origin of imports were Germany (10.5%), Russia (9.4%), the UK (8.9%) and Greece (7.8%).
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