{"id":16978,"date":"2023-11-25T19:33:54","date_gmt":"2023-11-25T18:33:54","guid":{"rendered":"https:\/\/altax.al\/?p=16978"},"modified":"2023-11-26T11:56:15","modified_gmt":"2023-11-26T10:56:15","slug":"exports-of-goods-and-services-in-the-last-5-years-in-the-balkans","status":"publish","type":"post","link":"https:\/\/altax.al\/en\/exports-of-goods-and-services-in-the-last-5-years-in-the-balkans\/","title":{"rendered":"Exports of goods and services in the last 5 years in the Balkans"},"content":{"rendered":"

Between 2016 and 2020 exports and imports from the Western Balkans increased by 4.4 billion and 3.9 billion euros respectively, despite the decline in 2020 due to the COVID-19 pandemic. In 2020, the trade surplus was 7.9 billion euros.<\/p>\n

The economies of Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia have exceeded pre-pandemic levels, despite the fallout from Russia’s invasion of Ukraine, higher energy and food prices, adverse weather conditions, tightening of financial conditions and considerable uncertainty.<\/p>\n

For all Western Balkan partners, the EU is the main trading partner, accounting for two thirds (65.8%) of the region’s total trade, while the share of the region in the overall trade of the EU is only 1.4%.<\/p>\n

In a look at the level of exports of the Western Balkan countries in the last five years, there are trends in their performance at quite differentiated levels. This also shows the distinct levels of the economic structure of the sectors that contribute most to exports. Manufactured goods make up 77.5% of exports from the Western Balkans. In exports, other processed goods (31.8%) have the largest share, followed by machinery and vehicles (29.9%) and chemical products (15.8%).<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n% GDP<\/td>\n<\/tr>\n
Exports of goods and services<\/td>\n2018<\/td>\n2019<\/td>\n2020<\/td>\n2021<\/td>\n2022<\/td>\n<\/tr>\n
SERBIA<\/td>\n50.4<\/td>\n51<\/td>\n48.2<\/td>\n54.5<\/td>\n63.5<\/td>\n<\/tr>\n
MONTENEGRO<\/td>\n42.9<\/td>\n43.8<\/td>\n26<\/td>\n42.8<\/td>\n52.7<\/td>\n<\/tr>\n
N.MACEDONIA<\/td>\n60.4<\/td>\n62.4<\/td>\n57.8<\/td>\n66.2<\/td>\n74.9<\/td>\n<\/tr>\n
ALBANIA<\/td>\n31.6<\/td>\n31.3<\/td>\n22.7<\/td>\n31.3<\/td>\n37.5<\/td>\n<\/tr>\n
KOSOVO<\/td>\n29.1<\/td>\n29.3<\/td>\n21.7<\/td>\n33.4<\/td>\n38.5<\/td>\n<\/tr>\n
BOSNIA<\/td>\n42<\/td>\n40<\/td>\n34.2<\/td>\n42.2<\/td>\n46.2<\/td>\n<\/tr>\n
Source: https:\/\/data.worldbank.org\/indicator\/NE.EXP.GNFS.ZS<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

If we look at the indicators of exports of goods and services for the last five years, we can see that Kosovo and Albania are in the last countries with an export level half of that of North Macedonia or even Serbia in the last year.<\/p>\n

The first place in the level of exports as a % of the Domestic Production is held by North Macedonia, followed by Serbia. Bosnia-Herzegovina and Montenegro have a more moderate level than the first two countries, but significantly higher than the Albanian states.<\/p>\n

Exports are extremely important to the economies of each Balkan country in these overly complex and high-cost times because they offer people and firms many more markets for their goods. One of the essential functions of the governments’ diplomacy and foreign policy should be the promotion of economic trade and the encouragement of exports for the benefit of all parties and the country’s residents.<\/p>\n

If we look at the changes in the absolute value of exports of the Balkan countries, the situation is as follows, where during the last five years reported:<\/p>\n

– Serbia’s exports have changed by 11 billion dollars from 15.8 billion dollars in 2016 to 26.8 billion dollars in 2021.
\nThe strongest sectors of Serbia’s economy are energy, the automotive industry, machinery, mining, and agriculture. The country’s primary industrial exports are\u00a0automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, and pharmaceuticals.<\/p>\n

– North Macedonia’s exports have changed by 3.22 billion dollars from 5.4 billion dollars in 2016 to 8.62 billion dollars in 2021.
\nNorth Macedonia exports various chemical products, electrical machinery and equipment and their parts, sound recorders and reproducers, television image and sound recorders and reproducers, as well as parts and accessories of such articles, iron and steel, various vehicles from railway or tramway vehicles, and parts and accessories thereof, mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral wax, Furniture; mattresses, mattresses, mattress supports, pillows and similar stuffed furnishings; lamps and lighting fixtures, prefabricated buildings, Articles of clothing and clothing accessories, Nuclear reactors, boilers, machinery and mechanical equipment; their parts, ore, slag and ash<\/p>\n

– Kosovo’s total exports reached 3.61 million dollars in 2022 from 2.29 billion dollars in 2018, with an increase of 1.32 billion dollars.
\nKosovo exports abroad metals and ores, clothing and textiles, agricultural products, machinery and equipment, minerals and stone products, plastic products, electrical machinery and equipment, wood and wood products, rubber products, stone, and construction materials.<\/p>\n

– Montenegro’s exports of goods and services have increased within the last 5 years by 0.85 billion dollars, where in 2018 exports were 2.36 billion dollars, while in 2022 exports were 3.21 billion dollars.
\nMontenegro’s main exports are non-ferrous metals, electricity, metallurgical ores and scrap metal, iron and steel, beverages, cork and wood, and energy and petroleum products.<\/p>\n

– Albania’s exports have changed by 1.12 billion dollars from 2.37 billion dollars in 2016 to 3.49 billion dollars in 2021.
\nThe main exports of Albania are led by textiles and shoes (27.8%); minerals, fuels, and electricity (22.1%); construction materials and metals (21.6%); and food, drink, and tobacco (10.6%).<\/p>\n

– Bosnia and Herzegovina’s exports have increased by 1.98 billion dollars from 7.18 billion dollars in 2018 to 9.67 billion dollars in 2022.
\nBosnia and Herzegovina’s main exports are furniture, petroleum and mineral fuels, electrical machinery, iron and steel articles, wood, industrial machinery, aluminum, iron and steel, footwear, inorganic chemicals<\/p>\n

Inflation, interest rates, the value of the exchange rate and GDP are all affected by foreign trade, or alternatively imports and exports. Ideally, both imports and exports should increase in a healthy economy. Exports exceeding imports in terms of growth may be a sign that the economy is stronger than the partner economy due to the market for purchasing goods. The opposite may be true if the increase in imports exceeds the increase in exports.<\/p>\n","protected":false},"excerpt":{"rendered":"

Between 2016 and 2020 exports and imports from the Western Balkans increased by 4.4 billion and 3.9 billion euros respectively, despite the decline in 2020 due to the COVID-19 pandemic. […]<\/p>\n","protected":false},"author":2,"featured_media":16989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[10475],"tags":[9763,9304,11848,12780,8240,12781,8772,9850,8399,10142,8951],"class_list":["post-16978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-albania-en-2","tag-bosnia","tag-exports","tag-foreign-trade","tag-gdp","tag-healthy-economy","tag-kosovo","tag-macedonia-en-2","tag-montenegro","tag-serbia-en-2","tag-western-balkans"],"featured_image_src":{"landsacpe":["https:\/\/altax.al\/wp-content\/uploads\/2023\/11\/Exports-Balkans-1.jpg",653,423,false],"list":["https:\/\/altax.al\/wp-content\/uploads\/2023\/11\/Exports-Balkans-1-463x348.jpg",463,348,true],"medium":["https:\/\/altax.al\/wp-content\/uploads\/2023\/11\/Exports-Balkans-1-300x194.jpg",300,194,true],"full":["https:\/\/altax.al\/wp-content\/uploads\/2023\/11\/Exports-Balkans-1.jpg",653,423,false]},"yoast_head":"\nExports of goods and services in the last 5 years in the Balkans - ALTAX<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/altax.al\/en\/exports-of-goods-and-services-in-the-last-5-years-in-the-balkans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exports of goods and services in the last 5 years in the Balkans - ALTAX\" \/>\n<meta property=\"og:description\" content=\"Between 2016 and 2020 exports and imports from the Western Balkans increased by 4.4 billion and 3.9 billion euros respectively, despite the decline in 2020 due to the COVID-19 pandemic. 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