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The Government of the Republic of Serbia

In the service of citizens

Foreign trade up January-June

Belgrade, 31 July 2008

The Serbian Statistics Office stated today that Serbia’s total foreign trade in the period from January to June this year amounted to $17511.0 million, which was a 42.8% increase compared to the same period in 2007; or in Euros €11432.4 million, which was a 24.0% increase compared to the same period 2007.

The value of exports amounted to $5589.1 million, which was a 40.5% increase when compared to the same period last year, while the value of imports amounted to $11921.9 million, which was a 43.9% increase relative to the same period last year.

Expressed in Euros, the value of exports amounted to €3647.9 million, which was an increase of 22.0%, compared to the same period last year. The value of imports amounted to €7784.5 million, which was a 24.9% increase when compared to the same period last year.

The deficit stood at $6332.8 million, which was an increase of 47.1% compared to the same period last year. The deficit expressed in Euros amounted to €4136.6 million, which was an increase of 27.7% compared to the same period last year.

The export - import ratio equalled 46.9% and was lower when compared to the same period last year when it was 48.0%.

Increased imports in the previous period were a result of importing energy commodities the prices of which have increased recently on the world market and energy imports in the observed period amounted to 19.9 % of total imports; the import of copper and iron ores that are used for the production of basic and other metals and that presently have good prices on the world market. Increased demand also resulted in increased imports.

The increase in exports resulted from privatisation and company re-structuring to date, as well as the executed and ratified agreements on free trade with countries signatory to the Stability Pact, which are now integrated in the CEFTA agreement. Serbian exports to CEFTA agreement countries, for the reference period, amounted to $1845.9 million and imports to $928.6 million. This surplus of $917.3 million is mainly the result of increasing exports of agricultural products. The export of surplus agricultural products; the export of cereals and products thereof amounted to $148 million. Another factor was the executed agreement with the EU, as according to it, Serbian ready-made textile products have a preferential status on the world market; therefore, there was also a surplus in the area of clothes exports; favourable conditions for the export of food, animal and vegetable oils and fats, products classified by materials and machinery and other transport equipment. One positive factor was also the market structure – Serbian exports refer mainly to the Euro zone market, while imported goods are mainly from the dollar area market.

In relation to the structure of exports according to products’ destination (the principle of prevalence), the most notable were: reproduction products 66.6% ($3721.6 million), consumer goods 25.3% ($1413.4 million) and equipment 8.1% ($454.1 million).

In relation to the structure of imports according to products’ destination, the most notable were: reproduction products 61.0% ($7270.4 million), then consumer goods 22.1% ($2640.7 million) and equipment 16.9% ($2010.7 million). The major foreign trade partners in exports in the reference period were: Montenegro ($670.9 million), Bosnia and Herzegovina ($654.4 million) and Italy ($621.0 million).

The major foreign trade partners in imports in the reference period were: the Russian Federation ($ 1880.0 million), Germany ($1459.4 million) and Italy ($1160.0 million).

Foreign trade in the reference period was highest with the EU (more than 50% of total foreign trade).

A surplus was achieved in foreign trade with former Yugoslav Republics, Bosnia and Herzegovina, Montenegro and Macedonia. However, the greatest deficit marked the trade with the Russian Federation, which was due to imports of energy commodities, mainly oil and gas and also due to our exporters’ insufficient application of the bilateral agreement on free trade.

According to the divisions of the Standard International Trade Classification the following items had the greatest share of exports: iron and steel ($816 million), non-ferrous metals ($388 million), clothes ($262 million), metal products, ($242 million) and various final products, ($215 million). These five sections accounted for 34.4% of the overall exports.

The first five divisions with the greatest share of imports were the following: oil and oil derivatives ($1387 million), road vehicles ($1054 million), natural gas ($635 million), iron and steel ($597 million) and industrial machines for general use ($581 million) and these accounted for 35.7% of overall imports.

According to the Nomenclature of the External Trade Statistics the June list of the first 100 export products includes, in the first three places, hot rolled products of various dimensions with a value of $98 million; then scrap iron and steel ($23 million) and machine parts ($17 million); while new tires for passenger cars are in sixth place ($16 million); rolled tin coated products and electricity kept the seventh and the eight places ($15 million each); followed by footwear parts and insoles in ninth place ($14 million); notable is the position of floor coverings ($13 million), as well as stockings and refined sugar ($12 million each). The list of the first 100 products in June, referring to imports, shows that oil with a value of $190 million is at the top, followed by cars ($65 million). Significant imports of gas oil ($49 million) are noted in June. Gas ($48 million) is in fourth place. Iron ores worth $31million were imported, as is the value of imported buses and minibuses. The value of imported medicines for retail trade (mostly from EU countries) was $30 million. Metallurgical coke amounted to $26 million, as much as is the value of imported light petroleum oils and mineral oils. A seasonal increase in the import of air conditioners was noted in June ($22 million).