BH business community received the information that company Bimal from Brcko recorded a large decrease in income in the first half of the year and remained almost without any profit. This news surprised many people since Bimal has been recording great results for years, and its income and profits were continually growing, and we were used to receiving only positive news from this company.
However, business revenues fell by about 7 million BAM in the first half of 2018, from 105.4 million last year to 98.2 million BAM.
But what is important is that this decrease happened at the time of the crack of Turkish lira. Turkey is Bimal’s main export market. Back in February this year, from Bimal was announced that they are planning to export 30 million EUR worth goods to Turkey.
Earlier in August, from Bimal stated that Turkey is their most important export market and that they “secured themselves from major losses for now”. However, they admitted that they expect large damage from the fall of lira at the same time, without mentioning any specific figures.
It is very important for Bimal that they are part of an international business group that has its own company in Turkey and they managed to absorb the damage caused by the crack of Turkish lira.
However, the data of the Foreign Trade Chamber indicate that there are problems in this sector. By analyzing these data, we can conclude that there was a decrease in the value of exports of oil and similar products from BiH to Turkey this year.
According to these data, BiH exported “fats and oils of animal and plant origin” in the total amount of 146,485,447 BAM (on average 12,2 million BAM per month) to Turkey during the year of 2017.