Serbia reduces foreign exchange deficit by 23 percent

Serbia reduces foreign exchange deficit by 23 percent

BELGRADE -- Serbia's external trade totaled USD 35.16 billion in 2013, which constitutes a 16.6 percent increase relative to the previous year.

The country has managed to reduce its foreign exchange deficit by 22.9 percent, the Statistical Office of the Republic of Serbia (RZS) said on Wednesday.

The value of exports amounted to USD 14.61 billion, which constitutes a 30.1 percent increase compared to the year before, while the value of imports amounted to USD 20.55 billion, or 8.6 percent more than in the previous year, RZS data shows.

The deficit dropped by 22.9 percent in relation to the same period last year, amounting to USD 5.93 billion.

The export - import ratio totaled 71.1 percent and was higher than in the year before, when it added up to 59.3 percent.

Serbia's major foreign trade partners in exports in 2013 were Italy (USD 2.38 billion), Germany (USD 1.73 billion), Bosnia-Herzegovina (USD 1.20 billion), the Russian Federation (USD 1.06 billion) and Montenegro (USD 851.5 million).

The country's major foreign trade partners in imports in the reference period were Italy (USD 2.35 billion), Germany (USD 2.25 billion), the Russian Federation (USD 1.90 billion), China (USD 1.50 billion) and Hungary (USD 1.01 billion).

The external trade in 2013 achieved its peak in the trade with the counties with which Serbia has signed agreements on free trade.

In the total external trade, EU member countries account for 62.3 percent, followed by CEFTA countries since Serbia gained external trade surplus to the total value of USD 1.76 billion, resulting mainly from exports of agricultural products and various final...