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The Government of the Republic of Serbia

In the service of citizens

Foreign trade increases in first three months of 2006

Belgrade, 28 April 2006

The Serbian Statistical Office stated today that Serbia's overall foreign trade for the first three months of 2006 totalled $3,658.8 million, up 22.9% compared to the same period in 2005. Expressed in euros, foreign trade reached €3,044 million, which is an increase of 34.2%.

Exports stood at $1,139.8 million, up 16.9% compared to the same period last year, while imports totalled $2,519 million, a 25.9% increase in relation to the same period in 2005.

Expressed in euros, exports jumped 27.6% to €948 million, while imports went up 37.4% to €2,096 million in relation to the same period previous year.

Increased imports in January were a result of the import of energy sources. Namely, the import of gas, oil, electricity, coke, butane and diesel in the first three months stood at $433 million, making up 17.2% of the total import.

Furthermore, the increase is also due to copper and iron ores import ($61 million), which are used in the production of elementary and other metals, since at this moment the prices of these ores are favourable.

Increased demand (public and private spending) also bore influence on the rise in imports. The increased availability of loans resulted in the increase of demand, which in turn affected the import. This is confirmed by the fact that the import of road vehicles in the period January-March was $182 million, which is 7.2% of the total import.

Increased exports were driven by the initial effects of privatisation and the restructuring of companies, by signed and ratified free trade agreements with signatory countries of the Stability Pact, by food (corn $57 million, sweet corn $38 million, sugar $37 million) and ready-made textile goods trade surplus, thanks to the agreement signed with the EU and preferential status of Serbian goods, as well as by an increase in world prices of basic metals and general economic activity.

The trade deficit for the period January-March 2006 stood at $1,379.1 million, up by 34.4% against the same period last year. Expressed in euros, the deficit stood at €1,148 million, up by 46.6%.

The exports-to-imports ratio was 45.3%, showing a fall against the same period last year, when it stood at 48.7%. Expressed in euros, the ratio was 45.2%, whereas last year it was 48.7%.

The most exported items in the period January-March 2006 were intermediate goods accounting for 70% ($797.4 million), followed by consumer goods, which made up 25.1% ($286.4 million) and equipment, making up 4.9% ($56 million) of total exports.

Imports were dominated by intermediate goods accounting for 63% ($1,587.8 million), followed by consumer goods, 23.1% ($581 million) and equipment, 13.9% ($350.2 million dollars).

Major importers of goods from Serbia were Italy ($199.2 million), Bosnia-Herzegovina ($122.8 million) and Germany ($118.8 million). The largest exporters to Serbia were Russia ($406 million), Germany ($233.9 million) and Italy ($200.4 million).

The greatest foreign trade was recorded in commerce with the EU, which accounted for more than half of total trade. The foreign trade surplus realised in commerce with Bosnia-Herzegovina was $68 million, whereas with Italy import figures equalled those of export.

Thanks to the free trade agreement, as well as the competitiveness of Serbian products, a surplus was also achieved in commerce with Macedonia, but the largest deficit remained in commerce with Russia, due to energy imports, mainly oil and natural gas.