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The Government of the Republic of Serbia

In the service of citizens

Foreign trade in February up by 43.3%

Belgrade, 31 March 2008

The Serbian Statistics Office stated today that the total value of Serbia’s foreign trade in February 2008 was $4.87 billion, an increase of 43.3% compared with the same period in 2007. Expressed in euros this figure is €3.31 billion or 27.1% more than the same period in 2007.

The value of exports amounted to $1.54 billion, which is an increase of 39.8% when compared to the same period in 2007. The value of imports amounted to €2.26 billion, which is a 28.5% increase when compared to the same period last year.

The deficit amounted to $1.77 billion, which is an increase of 49.7% compared to the same period last year. The deficit expressed in euros amounted to €1.2 billion, which is an increase of 32.8% when compared to the same period last year.

The export-import ratio stood at 46.6% and was lower if compared to the same period last year when it was 48.3%.

The increase in imports was a result of import of energy commodities which in the period examined amounted to 23.5% of total imports; the imports of copper and iron ores that are used in the production of basic and other metals; increased demand; February salaries, expressed in real terms, were higher by 9.1% than in January 2008, while the public consumption increase is still high.

The increase in exports was a result of the privatisation and company restructuring done so far, as well as the executed and ratified agreements on free trade with countries signatory to the Stability Pact, which are now integrated in the single Central European Free Trade Agreement. There was an increase also due to a surplus in agricultural production; the export of vegetables and fruits amounted to $66 million (particularly raspberries, sour cherries, plums and fresh apples). The export of cereals and related products amounted to $46 million. The agreement with the EU which gives preferential treatment to textile products and the fact that Serbia mainly exports to the Euro Zone and imports mainly from the dollar market also contributed to the increase in exports.

In the structure of exports, the most notable were: reproduction products 67.6% ($1.04 billion), consumer goods 24.3% ($376.9 million), and equipment 8.1% ($125.9 million).

In the structure of imports, the most notable were: reproduction products 62.7% ($2.08 billion), consumer goods 22.5% ($748.9 million) and equipment 14.8% ($491.9 million).

The major foreign trade partners in exports in the reference period were: Italy ($199.3 million), Germany ($174.7 million) and Bosnia-Herzegovina ($ 168.1 million).

The major foreign trade partners in imports in the reference period were: Russia, ($626.1 million), Germany ($366.6 million) and Italy ($297.8 million).

Foreign trade with the EU accounted for more than 50% of total foreign trade. There was surplus in trade with former Yugoslav Republics, Bosnia-Herzegovina, Montenegro and Macedonia. The greatest deficit was in trade with Russia, which was due to the import of energy, mainly oil and gas and also due to inadequate utilisation of the bilateral free trade agreement by Serbian exporters.

According to the divisions of the Standard International Trade Classification the following items were the top exports in 2007: iron and steel ($ 210 million), non-ferrous metals ($120 million), garments ($87 million), metal products ($72 million) and various finished products ($67 million). These five sections accounted for 35.9% of overall exports.

The top five imports were the following: oil and oil derivatives ($394 million), natural gas ($256 million), road vehicles ($252 million), electrical machines and equipment ($142 million) iron and steel ($134 million). These accounted for 35.9% of overall exports.