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The Government of the Republic of Serbia

In the service of citizens

Foreign trade increases in January

Belgrade, 28 February 2007

The Serbian Statistical Office stated today that Serbia's overall foreign trade in January this year totalled $1,621.3 million, up 59.9% compared to the same period in 2006. Expressed in euros, foreign trade reached €1,247.1 million, which is an increase of 48.4%.

Exports stood at $542,6 million, up 58.3% compared to the same period last year, while imports totalled $1,078.7 million, a 60.6% increase in relation to the same period in 2006.

Expressed in euros, exports jumped 46.9% to €417.3 million, while imports went up 49.2% to €829.8 million in relation to the same period previous year.

Increased imports in January were a result of the import of energy sources, which in the previous period stood at $272 million, which makes 25.2% of the entire import. Import of oil and oil derivatives alone stood at $130 million, which is 12% of the entire import.

Furthermore, the increase is also due to copper and iron ores import, 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 January stood at $63million, which is 5.8% 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 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 January 2007 is $536.1 million, up by 63.1% against the same period last year. Expressed in euros, the deficit stood at €412.6 million, up by 51.6%.

The exports-to-imports ratio was 50.3%, showing a fall against the same period last year, when it stood at 51%. Expressed in euros, the ratio was 50.3%, whereas last year it was 51.1%.

The most exported items in January 2007 were intermediate goods accounting for 71.3% ($386.9 million), followed by consumer goods, which made up 24.6% ($133.4 million) and equipment, making up 4.1% ($22.2 million) of total exports.

Imports were dominated by intermediate goods accounting for 65.5% ($706.3 million), followed by consumer goods, 19.4% ($209.7 million) and equipment, 15.1% ($162.6 million).

Major importers of goods from Serbia were Italy ($88.6 million), Germany ($57.6 million) and Bosnia-Herzegovina ($51.3 million). The largest exporters to Serbia were Russia ($226.2 million), Italy ($84.8 million) and Germany ($83.1 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 $30 million. The surplus was recorded in trade with Italy, Montenegro and Slovenia.

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.