Where is the calculation: In 2014, imports are growing, while exports to EU and CEFTA countries are decreasing

Data from the Agency for Statistics of Bosnia and Herzegovina show that imports into BiH for the first eight months of 2014 amounted to 10 billion and 404 million KM, while the value of exports in the same period was 5 billion and 610 million KM, reports the BiH news agency Patria.

Unlike last year, an increase in imports of as much as 5.6% was recorded, while the export rate grew by only 0.5%. The foreign trade deficit amounted to 4 billion and 795 million KM.

And while BiH authorities boast that we have CEFTA countries available for export (especially since Croatia joined the EU, which was our most significant market), this year a decrease of 1.8% compared to last year is recorded, so the total value of exports to CEFTA countries (Serbia, Albania, Macedonia, Montenegro, Moldova, and Kosovo) is 841 million KM, and imports are one billion and 160 million KM, which is an increase of 10.6%.

Exports to European Union countries amounted to 4 billion and 119 million KM, and we are again recording a decrease compared to last year by 0.7%. Imports from the EU amounted to 6 billion and 243 million KM, which is an increase of 4.2% compared to the first seven months of 2013, reports Patria.

It is already clear that the remaining last quarter of 2014 will not significantly change the existing situation, and the economy of BiH is long past turning from grey to black.