In March this year, industrial production in Serbia increased by 6.1 percent year-on-year, production by the processing industry by 6.5 percent, electricity by five percent, and mining by 5.7 percent, according to the latest issue of the monthly Macroeconomic Analysis and Trends (MAT).
“Out of 24 areas in the processing industry, 20 of them had a growing trend. The total production is not only growing, but the growth is accelerating,” stated the authors of MAT.
The value of exports in March amounted to about 1.88 billion euros and exceeded the value from the same month in 2020 by 35 percent, and the value of imports increased by 11.6 percent and amounted to 2.37 billion euros.
There is a significant increase in exports of the processing industry, which amounted to 34 percent in March, and the difference in the value of exports in March this year and last year is 429 million euros.
MAT experts stated that the prices of services were reduced in March, mostly thanks to the reduction of tourist package deals by about 16 percent, and the prices of products from the consumer basket were increased.
In the author’s text on technological restructuring, the editor of MAT, Ivan Nikolic, stated that the research showed that in recent years, the export of goods has been more technologically advanced.
“From 2005 to 2020, Serbia increased the value of merchandise exports by 4.7 times, Poland 3.3 times, and Bulgaria, which was reborn in that period, by 2.8 times,” said Nikolic.
The research showed that the export of products of high technological complexity from Serbia is growing, so for the last 15 years, the value of those goods in exports has increased almost 15 times.
Nikolic stated that Serbia now exports about 15 percent more products of high and medium technological complexity compared to Croatia, while 15 years ago, their exports of those products were five times higher.
Today, the export of products of medium and high complexity makes up a third of the total export from Serbia, and 15 years ago it amounted to 13.5 percent, stated Nikolic, N1 reports.
