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Serbia’s trade gap narrows in first quarter
Belgrade,
26 April 2005
The Serbian Statistics Office said today that Serbia’s foreign trade in goods in the January-March period of 2005 stood at $2.99 billion, up 3.3 percent from a year earlier. Expressed in euros, the value of foreign trade in goods was €2.28 billion, down by 1.8 percent against a year earlier.
According to the statement, Serbia exported $993.7 million worth of goods in January-March 2005, a 52.2 percent jump from a year earlier, while imports of goods stood at $2.0 billion, down 11 percent against a year earlier. Expressed in euros, the value of exports stood at €756.7 million, a 44.5 percent surge from a year earlier, while imports amounted to €1.52 billion, down by 15.3 percent from a year ago.
The decline in imports in the first quarter of 2005 was largely due to the launch of the value added tax (VAT) on January 1, as most importers rushed to import goods in December 2004 in order to avoid the new taxation, the Statistics Office explained.
Serbia’s trade deficit in the January-March period of 2005 was around $1 billion, a 36.8 percent improvement from a year ago. The trade gap expressed in euros amounted to €768.1 million, down 39.8 percent from a year earlier.
The most exported products were intermediate goods, worth a total of $689.6 million and accounting for 69.4 percent of total exports. They were followed by consumer goods, at $257.7 million or 25.9 percent of total exports.
The most imported were also intermediate goods, totalling $1.31 billion or 65.6 percent of total imports. They were followed by consumer goods, worth $444.6 million or 22.2 percent of total imports in the January-March period.
The largest importers of Serbian goods were Italy ($145.5 million), Bosnia-Herzegovina ($135.5 million), and Germany ($118.0 million).
The major exporters to Serbia were Russia ($438.3 million), Germany ($194.1 million), and Italy ($174.4 million).
Trade in goods with Italy in the January-March period was almost balanced, while a surplus of nearly $20 million was recorded in trade with Bosnia-Herzegovina. Thanks to a free trade pact as well as the competitiveness of Serbian products, surpluses were also recorded in commerce with Macedonia and Slovenia, according to the Statistics Office.
However, the widest gap remained in commerce with Russia, largely due to substantial imports of crude oil and natural gas, reads the statement.
The decline in imports in the first quarter of 2005 was largely due to the launch of the value added tax (VAT) on January 1, as most importers rushed to import goods in December 2004 in order to avoid the new taxation, the Statistics Office explained.
Serbia’s trade deficit in the January-March period of 2005 was around $1 billion, a 36.8 percent improvement from a year ago. The trade gap expressed in euros amounted to €768.1 million, down 39.8 percent from a year earlier.
The most exported products were intermediate goods, worth a total of $689.6 million and accounting for 69.4 percent of total exports. They were followed by consumer goods, at $257.7 million or 25.9 percent of total exports.
The most imported were also intermediate goods, totalling $1.31 billion or 65.6 percent of total imports. They were followed by consumer goods, worth $444.6 million or 22.2 percent of total imports in the January-March period.
The largest importers of Serbian goods were Italy ($145.5 million), Bosnia-Herzegovina ($135.5 million), and Germany ($118.0 million).
The major exporters to Serbia were Russia ($438.3 million), Germany ($194.1 million), and Italy ($174.4 million).
Trade in goods with Italy in the January-March period was almost balanced, while a surplus of nearly $20 million was recorded in trade with Bosnia-Herzegovina. Thanks to a free trade pact as well as the competitiveness of Serbian products, surpluses were also recorded in commerce with Macedonia and Slovenia, according to the Statistics Office.
However, the widest gap remained in commerce with Russia, largely due to substantial imports of crude oil and natural gas, reads the statement.
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