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Serbia’s Foreign Trade in January 2024: A 4.9% year on year dip

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In January, Serbia’s foreign trade amounted to 4.8 billion euros, reflecting a 4.9 percent decrease compared to the same month last year, as reported by the Republic Institute of Statistics.

Exports totaled 2.1 billion euros, marking a year-on-year decrease of 1.6 percent, while imports stood at 2.7 billion euros, showing a 7.5 percent decline.

The monthly deficit in January was 533 million euros, which is 25 percent less than in January 2023, and the coverage of imports by exports reached 80.1 percent.

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Germany emerged as the most significant trade partner in January for both exports and imports. Exports to Germany amounted to 343 million euros, with imports totaling 325 million euros. Italy followed as the second-largest export market with 147 million euros, trailed by Hungary with 136 million and Bosnia and Herzegovina with 122 million euros.

On the import side, China ranked behind Germany with 287 million euros, followed by Hungary with 177 million, Italy with 167 million, and Russia with 160 million euros.

Regionally, the EU held the most significant share of the total exchange at 61.7 percent, with the countries of the CEFTA region contributing to a surplus of 184 million dollars in January.

The most crucial export product was electrical machines and devices at 292 million euros, followed by power machines and devices at 140 million euros. Non-ferrous metals and metal ores also featured prominently, with copper ore and concentrates worth $94 million and refined copper worth $89 million. Conductors for vehicles were the top export at $162 million.

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Imports were dominated by oil and oil derivatives at 205 million euros, followed by electrical machines and appliances at 177 million euros. In January, natural gas imports amounted to 170 million euros, with medical and pharmaceutical products reaching 112 million euros.

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