BiH exports fall 8 pct amid declining economic situation in Europe

SARAJEVO, July 25 (Xinhua) — Bosnia and Herzegovina (BiH) recorded total exports worth 8.19 billion KM (4.52 billion U.S. dollars) in the first half of this year, marking a decrease of 8.18 percent, or 729 million KM, compared to the same period last year.
In the meantime, the country reported 14.29 billion KM worth of imports, an increase of 426 million KM.
Exports to the European Union (EU) market fell by 465 million KM, and an export decline was evident across all major markets, including Croatia, Germany, Slovenia, Italy, Austria, and Hungary.
The EU is BiH’s leading trading partner and destination for more than 70 percent of BiH’s exports, according to Slavisa Ceranic, macroeconomic system chief at the Foreign Trade Chamber (FTC).
Ceranic said the primary reason for the export decline is weaker demand for BiH products, particularly in energy-intensive sectors and the processing industry, including electricity, iron and steel and textiles.
On a more positive note, he mentioned growth in the military, pharmaceutical, beverages and alcohol industries, as well as exports of grains and bakery products.
Amila Mocevic, another FTC specialist, observed a decrease in exports and an increase in imports in most economic sectors, leading to changes in trade balance compared to the previous year. She said these results reflect the overall economic situation in Europe, affecting not only BiH, but also other countries in the region. ■