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The Government of the Republic of Serbia

In the service of citizens

Foreign trade increases in first four months

Belgrade, 1 June 2005

The Serbian Statistics Office announced that overall foreign trade in Serbia for the period from January to April 2005 was $4.2 billion, which is a 6.8 percent increase from the same period last year. Measured in euros, the total comes to €3.22 billion, which is 1.1 percent higher compared to last year.

Miladin Kovacevic at today's press conference

The value of exported goods stands at $1.37 billion, which is 50.9 percent higher than last year, while imports came to $2.83 billion, which is 6.4 percent less than last year. Export goods totalled €1.01 billion, increasing 42.6 percent, while import goods came in at a value of €2.17 billion, which is an 11.4 percent decrease from the same period last year.

The reduction of import in the first four months of 2005 is a consequence of a fall in fuel consumption, but above all a decrease of the real growth of earnings, as well as monetary and credit policy measures and the recent introduction of VAT meant that there was an increase in the import of goods in December in order to avoid the anticipated VAT payments. VAT influenced export results, because invoiced prices, owing to VAT returns, are now presented in real terms by the importer, unlike last year. The initial effects of privatisation and restructuring of companies, as well as the signing and ratification of free trade agreements with countries that signed the Stability Pact are also being felt.

The trade deficit for the period January-April came in at $1.46 billion, which is 31 percent less compared with the same period last year. The trade deficit in euros was €1.12 billion, which is a 34.5 percent reduction from last year.

The main export foreign trade partners were Bosnia-Herzegovina, Italy and Germany, while the main importers to Serbia were the Russian Federation, Germany and Italy. Foreign trade with Italy was more balanced than last year. Owing to the competitiveness of Serbian products and free trade agreements, trade surpluses were recorded with both Macedonia and Bosnia-Herzegovina, with the latter leading the way at $120 million. The greatest deficit in trade occurred with Russia, specifically as a result of the high volume of oil and gas imports.

Export included iron and steel ($299 million), non-ferrous metals ($122 million), clothes ($75 million), fruit and vegetables ($68 million) and rubber products ($67 million), with these five categories comprising 41 percent of total exports.

The main imports are oil and oil derivatives ($335 million), gas, both natural and industrial ($193 million), road vehicles ($175 million), general purpose industrial machines ($129 million), iron and steel ($120 million). Together these categories made up 33.6 percent of overall imports.