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The Government of the Republic of Serbia

In the service of citizens

Foreign trade goes up in first five months of 2007

Belgrade, 6 July 2007

The Serbian Statistics Office said that Serbia’s total foreign trade in the period January–May 2007 amounted to $9.919 billion, rising 41.4% against the same period in 2006.

Expressed in euros, the volume of foreign trade stood at €7.474 billion, marking an increase of 30.3% against the same period in 2006.

Exports totalled $3.231 billion, surging 44.9% from a year earlier, while imports rose 39.8% to $6.688 billion.

Expressed in euros, exports increased to €2.434 billion, or by 33.4%, while imports went up 28.8% and amounted to €5.039 billion against the same period in 2006.

The trade deficit in the period January–May was $3.456 billion, a 35.4% increase from the same period a year earlier. Expressed in euros, the deficit amounted to €2.605 billion, or rose by 24.7%.

Exports-to-imports ratio was 48.3%, up from 46.6% from a year earlier.

The increase in imports in the first five months of 2007 was due to import of energy resources, which in the previous period made up 18.2% of total import, and to the import of copper and iron ores which are used in the production of other metals and have a favourable price in the international market.

The increase in exports was caused by the results of the privatisation and company restructuring, as well as signed and ratified agreements on free trade with countries signatories of the Stability Pact.

Another factor causing the increase in exports is the surplus in food exchange (fruit and vegetable export stood at $123 million, corn and corn products at $130 million), exchange of textile products and preferential exchange rates.

The most exported items were intermediate goods, accounting for 68.5% ($2.214 billion) of overall exports, followed by consumer goods, which made up 24.9% ($803 million) and equipment, making up 6.6% ($213 million) of total exports.

Imports were also dominated by intermediate goods 62.6% ($4.122 billion), consumer goods 21.5% ($1.436 billion) and equipment 16.9% ($1.129 million) of overall imports.

Major importers of Serbian goods were Italy ($456.9 million), Bosnia-Herzegovina ($381.6 million) and Germany ($316.9 million).

The largest exporters to Serbia were Russia ($1.038 million), Germany ($615.3 million) and Italy ($546.3 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 and Montenegro. 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 ($473 million), coloured metals ($299 million), garments ($164 million), metal products ($148) and wheat and products ($130 million). The export in these five sections makes up 37.6% of overall export.

The first five sections with the largest share in imports are oil and oil derivatives ($677 million), road vehicles ($507 million), natural and industrial gas ($377), iron and steel ($336 million) and industrial machines for general use ($323 million) and their export makes up 33% of overall export.