Foreign Trade Chamber of BiH Data: BiH Exports Increased by 26 Percent in 2022

SARAJevo, (Patria) - The Foreign Trade Chamber (VTK) of Bosnia and Herzegovina organized a presentation of BiH's foreign trade exchange with the world in 2022, with a special focus on trade with its most significant trade partners.

The presentation was attended by representatives of the media, the diplomatic corps, BiH institutions, and companies, and the trends in foreign trade exchange were discussed by the President of the Chamber Zdravko Marinković and Vice Presidents Vjekoslav Vuković and Ahmet Egrlić.

It was highlighted that the volume of trade in 2022 amounted to approximately 47.5 billion KM, which is 10.9 billion KM, or 30%, more compared to 2021.

- Negative global economic trends marked 2022, especially in the domain of energy, shortages of certain raw materials, and their price increases, which led to inflation.

Nevertheless, we can state that our economy withstood the negative impacts, that no decrease in exports in terms of quantity was recorded, but, on the contrary, a slight increase in exports was recorded - said the President of VTK BiH Zdravko Marinković.

The value of exports in 2022 was 18.4 billion KM, which is 3.8 billion KM, or 26%, more compared to 2021, and goods worth a total of 29.1 billion KM were imported, which is an increase of 7.2 billion KM, or 33%. The foreign trade deficit amounted to 10.7 billion KM.

In conditions of inflation, import prices rose at a faster rate than export prices, which resulted in a decrease in import coverage by exports by about 3% compared to 2021, and the coverage of imports by exports is 63%.

The most significant BiH foreign trade partner is Croatia. The total volume of trade with Croatia amounts to 8 billion KM, followed by Serbia (13.75%), Germany (11.29%), Italy (8.88%), and Slovenia (7.9%).

In terms of import coverage by exports, Austria (123%) and Germany (101%) lead. The leading export products from BiH were electricity (1.1 billion KM), aluminum (878.5 million KM), and iron or steel structures (630.8 million KM), while we imported the most petroleum oils (3 billion KM), aluminum (1.1 billion KM), and coal (919 million KM).

The metal sector, along with basic metal production, remains the most successful industrial and export sector in BiH.

In 2022, exports in this sector reached a record value of almost 7.5 billion KM, which is 1.5 billion KM, or 25%, more compared to 2021.

The largest increase was recorded in the category of aluminum products, with a growth of 638 million KM. An export growth of 10.7% was also recorded in the wood sector, despite numerous challenges faced by companies.

Export-oriented companies, as emphasized by VTK BiH representatives, represent the engine of domestic economic development, and greater support is needed to strengthen their competitiveness.

Following the presentation, a panel discussion on "Export Opportunities and Challenges" was held, discussing the challenges faced by export-oriented companies.

The panel included representatives from companies AS Holding Sarajevo, Ećo Company Sarajevo, Şişecam Soda Lukavac, SIK Mostar, Limun šped d.o.o. Doboj, and Lanaco a.d. Banja Luka.