25.07.2024. / 15:30
SARAJEVO – In the first half of the year, Bosnia and Herzegovina achieved a total volume of exchange of 22.5 billion KM, which is 1.33 percent less compared to the same period last year.
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The Chamber of Foreign Trade of Bosnia and Herzegovina presented data on exchange for six months of this year, and it was pointed out that of the total volume, the value of exports amounted to 8.2 billion KM and was lower by 8.18%, while imports into Bosnia and Herzegovina amounted to 14.30 billion KM and is higher by 3.07% compared to the same period in 2023.
“Observed by markets, a decline in exports to all leading markets was recorded, but there is a trend of slowing down the decline in exports. Among the countries of the European Union, the biggest decline in exports was recorded on the markets of Austria, Italy, Slovenia and Germany. Among the CEFTA countries, the largest drop in exports was recorded on the Serbian market by 18.2%. Encouraging increases in exports to the so-called “other markets” where the highest percentage growth was recorded in exports to the markets of Turkey and China. Movements in imports had the opposite tendency to exports, which led to an increase in the foreign trade deficit amounting to 6.1 billion KM. The largest imports into Bosnia and Herzegovina were recorded from Croatia, Germany, Slovenia, Italy and Serbia”said Slaviša Ćeranić, director of the Macroeconomic System Sector at the Foreign Trade Chamber of Bosnia and Herzegovina. Independent.
He added that the analyzes for the period January – June this year show that the key reasons for the worsening of the volume of exchange lie in reduced economic activity at the level of the European Union.
“Of the total exchange, 15.8 billion or 70% refers to cooperation with partners in the EU. The decline in exports was inevitable due to BiH’s high dependence on the EU market and reflections on the economic activities of key partners. In addition, the current events in the Middle East, and the uncertainties due to the present geopolitical tensions, which contribute to the disruption of market conditions, also reflect on the economy of our country.”Ceranic said.
When it comes to products and tariffs, as it was pointed out at the conference, most of the drop in exports is made up of three tariffs: electricity, iron and steel, carbonates and other products of the chemical industry.
“Export of electricity decreased by 382 million KM, which is mainly the result of lower electricity prices on the international market compared to the previous year. In the “ores, metals and products” sector, exports decreased by over 200 million KM, and the decrease refers mainly to the decrease in the export of iron and steel and their products, and a significant drop in the export of carbonates, i.e. products of the chemical industry with a drop of 53 million KM. The biggest increase in exports was recorded in products of dedicated industry in the amount of 40 million KM and pharmaceutical products in the amount of 30 million KM.said STK BiH.
They pointed out that BiH is a small economy and exposed to changes in foreign trade relations with key partners and external factors that cannot be influenced.
“Any economic crisis will certainly have reflections on the economy and the life of citizens in general, but it is extremely important to look at our possibilities and develop mechanisms to mitigate the negative effects. We are witnessing very unstable times and disrupted economic conditions, and the uncertainty of all global processes will be present in the future. However, the EU’s key economic projections for 2024 have a positive trend, as do the projections for Bosnia and Herzegovina. Projected GDP growth, putting inflation within real and projected frameworks, and stopping the growth of interest rates are positive signals that can contribute to increased economic activity in the second part of the year.”they stated from the Foreign Trade Chamber of BiH. Independent
Source: www.capital.ba
