Export decline recorded: Bosnia and Herzegovina's most significant foreign trade partner is the European Union

According to the analysis adopted today by the Council of Ministers of Bosnia and Herzegovina in BiH's foreign trade exchange for the period January-March 2016 compared to the same period last year, a decline in exports of 0.21 percent, a decline in imports of 1.62 percent, and a decline in the trade deficit of 3.68 percent were recorded, reports the Bosnian news agency Patria.

The total volume of foreign trade exchange for the period January-March 2016 amounted to 5.63 billion BAM, which is 62.48 million BAM or 1.10 percent less compared to the same period last year. Import coverage by exports stood at 60.22 percent, which is 0.85 percent more compared to the period January-March 2015.

Observed by geographical structure, the European Union remains our main foreign trade partner, accounting for 66.99 percent of the total volume of goods exchange, while the signatory countries of the “CEFTA 2006” agreement account for 12.75 percent.

Among the main trade partners, Bosnia and Herzegovina has the highest import coverage by exports with Austria (139.82 percent), Slovenia (102.51 percent), Germany (81.04 percent), Italy (68.67 percent), Croatia (64.10 percent), Turkey (45.15 percent), and Serbia (36.22 percent).

In the first quarter of this year, BiH exported the most to Germany, Italy, Croatia, Slovenia, Austria, Serbia, Turkey, Hungary, the Netherlands, and Montenegro. Exports to these countries account for 74.62 percent of total BiH exports.

Observed by country of import origin, the most imports came from Germany, Italy, Serbia, Croatia, China, Slovenia, Turkey, Austria, Russia, and Poland.

Imports from these countries account for 71.54 percent of total BiH imports.