Significant Decrease in Total Volume of Foreign Trade of Bosnia and Herzegovina

August 8, 2020 12:45 PM

The total volume of foreign trade of Bosnia and Herzegovina in the first half of this year amounted to 13,289,605,000 BAM and decreased by 16.96 percent, or 2.71 billion BAM compared to the same period last year.

Exports from BiH in that period were lower by 15.27 percent, or 918 million BAM, and imports to BiH by 17.98 percent, or 1.79 billion BAM.

The total balance of foreign trade decreased by 22 percent and amounts to -3,096,108,000 BAM.

The coverage of imports by exports increased by 3.3 percent to 62.2 percent.

According to the analysis of the Sector for Macroeconomic System of the Foreign Trade Chamber of BiH (FTC BiH), indicators of trade with the world reflect the unfavorable picture caused by the circumstances of the coronavirus pandemic, primarily by declining exports to major trading partners: Germany -8.5 percent (-73 million BAM ); Croatia -5.5 percent (-41 million BAM); Serbia -17 percent (-113 million BAM); Austria -11.1 percent (-61 million BAM); Italy -34.6 percent (-245 million BAM), and by reducing exports to all other markets except the Swiss market.

The decrease in imports to BiH, they add from VTK, was caused by the stagnation of trade in this period, ie the decrease in total domestic demand and consumption, and the decrease in the prices of oil and oil derivatives.

Imports also decreased from almost all countries, the main trading partners: Croatia -20.4 percent (-347 million BAM); Serbia -10.3 percent (-135 million BAM); Germany -16.4 percent (-145 million BAM); Slovenia -18.7 percent (-168 million BAM), and Italy -22.7 percent (-195 million BAM).

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