Stronger Performance of BH Exporters in China would decrease the Trade Deficit

May 15, 2018 2:00 PM

The trade exchange between BiH and the People’s Republic of China reached the amount of 463 million BAM last year, but only 38.3 million BAM from that amount refers to exports of BH goods to China.

This large trade deficit could be decreased if BiH would use the opportunities that are opened to the countries of Central and Eastern Europe through “One Belt One Road” initiative and the “16 + 1” mechanism.

Ambassador Huo Yuzhen, the Special Representative of the Ministry of Foreign Affairs of the People’s Republic of China for Cooperation with Countries of Central and Eastern Europe, stated that there is a great interest in the decrease of the trade deficit and opening the market of China for a large number of products from BiH. A positive competition for the countries of this part of Europe is supported in this sense.

“The mechanism “16 + 1″ allows connection between our countries in the fields of economics, education, technology, science, culture, tourism and numerous other areas. I would like to especially note good cooperation with BiH in the field of energy and infrastructure, i.e. the construction of energy power plants. BiH plays a positive role in all other areas and we are looking forward to even more concrete cooperation. This mechanism also represents an excellent platform for strengthening of cooperation and I believe that we will use numerous opportunities that are at our disposal in the future,” said Ambassador Huo Yuzhen.

While the exchange in the field of tourism is recording a constant increase in the number of visits in both countries, which will be further contributed by the abolition of visas, BH products find it difficult to get a placement at the Chinese market. There is a need for greater presence of potential exporters from BiH in China, and one of the places where it is easy to negotiate is a large export-import fair that is being held twice a year in Guangzhou.

An important place in Chinese foreign trade exchange belongs to the southern city of Dongguan, the world-famous manufacturing center with more than 30,000 industrial facilities. Official Chinese data show that all countries of Central and Eastern Europe, including BiH, are recording the increase of trade with this economically vital city.

Last year, the trade exchange between BiH and Dongguan was increased by 71.4 % and it reached the amount of 33.63 million Yuans (around 10 million BAM). Exports to BiH were increased by 56.6 % in comparison to the year of 2016, and imports from BiH were increased by as much as 835.4 %.

The main export goods of BiH in this, as well as other parts of NR China, are wood, steel and iron products.

(Source: fokus.ba)

 

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