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The Government of the Republic of Serbia

In the service of citizens

Foreign trade increases in first trimester of 2007

Belgrade, 30 April 2007

The Serbian Statistical Office stated today that Serbia's overall foreign trade in the January-March 2007 period totalled $5649.1 million, up 44.6% or €4308.8 million compared to the same period in 2006, with a rise of 32.6% against the same period in 2006.

Exports stood at $1823.5 million, up 46.8% compared to the same period last year, while imports totalled $3825.6 million, a 43.6%% increase in relation to the same period in 2006.

Expressed in euros, exports were worth 1391 million, up 34.6%, while imports were worth 2917.8 million, up by 31.7% in relation to the same period previous year.

Trade deficit was $2002.1 million, showing an increase of 40.9% against the same period in 2006. Expressed in euros, the deficit stood at 1526.8 million, up by 29.1% against the same period in 2006.

The exports-to-imports ratio stood at 47.7%, which is larger than it was in the same period in 2006, when it stood at 46.6%.

Increased imports in the past period were a result of the import of energy sources, which makes 20.4% of the entire import. Import of copper and iron ores which are used in production of elementary and other metals, and which have a favourable price on the world market and increased demand (public and private spending) also bore influence on the rise in imports.

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, vegetables and fruit trade surplus which stands at $75 million, the import of wheat and wheat products worth $85 million, and trade surplus in ready-made garments industry, thanks to the agreement signed with the EU and preferential status of Serbian goods.

The most exported items in this period were intermediate goods accounting for 69.4%% ($ 1266.6 million), followed by consumer goods, which made up 24.9% ($453.4 million) and equipment, making up 5.7% ($103.4 million) of total exports.

Imports were dominated by intermediate goods accounting for 62.3% ($2383.3 million), followed by consumer goods, 21.1% ($808.8 million) and equipment, 16.6% ($633.4 million).

Major importers of goods from Serbia were Italy ($261.2 million), Germany ($187.2 million) and Bosnia-Herzegovina ($198.2 million). The largest exporters to Serbia were Russia ($648.3 million), Italy ($299.9 million) and Germany ($341.3 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 was realised in commerce with Bosnia-Herzegovina, Macedonia, Austria, Montenegro and Slovenia. The largest trade deficit was in commerce with Russian due to the import of oil and gas. According to Standard International Trade Classification, iron and steel have the largest share in exports ($297 million), coloured metals ($157 million), garments ($101 million), wheat and products ($85 million) and vegetables and fruits ($75 million). The export in these five sections makes up 38.2% of over all export.

The first five sections with the largest share in imports are oil and oil derivatives ($400 million), road vehicles ($263 million), industrial machines for general use ($176 million), and iron and steel ($173 million) and their export makes up 33.1% of over all export.