BiH records economic recovery compared to 2020, but imports also increase

(Patria) - Minister of Foreign Trade and Economic Relations of BiH Staša Košarac stated that the increase in the total volume of foreign trade of BiH in the first six months of 2021 compared to the same period last year by more than 23 percent shows recovery and continuation of economic growth after the crisis caused by the Kovid 19 pandemic.

''The business community in Republika Srpska and the Federation of BiH is facing numerous difficulties and the remediation of the negative consequences of the coronavirus. Despite the existing challenges, from January to June 2021, we recorded export growth to all countries that are our main trading partners,'' emphasized Minister Košarac.

He noted that in the past six months of this year, exports from BiH amounted to 6.65 billion KM, which is 30.53 percent higher compared to the same period in 2020, but also that an increase in imports of 19.33 percent was recorded.

''The data is encouraging that in the first six months of this year we exported more goods than in the previous five years, as shown by the Analysis of BiH's foreign trade in the period January – June. In order to continue the export growth trend, our full commitment is to open new markets for the placement of domestic products. This is a measure by which we protect domestic production and give a boost to our businessmen for the development and improvement of their business,'' said Minister Košarac.

He reminded that the most significant partners in trade are the EU member states and CEFTA agreement countries, with exports to the European market in the first six months amounting to 73.8 percent, and to the CEFTA countries' market 16.3 percent.

''In the observed period, we exported goods worth 1.08 billion KM to the CEFTA market, which is 29.6 percent more than in the first six months of last year. When it comes to CEFTA, our most significant partner by volume of trade is Serbia, to whose market we exported goods worth 732 million KM, which represents an increase of 32 percent compared to last year,'' emphasized Minister Košarac.

According to him, strengthening regional cooperation and improving economic ties should be a priority of policies at all levels of government in BiH.

''Our chance is to join the 'Open Balkan' initiative, because regional connectivity means a better economic perspective for all Western Balkan countries. A regional economic zone will enable easier trade in goods and services, as well as the free movement of people and capital, and contribute to greater economic growth, reduced unemployment, and attracting investments,'' emphasized Minister Košarac.