The total volume of foreign trade exchange of Bosnia and Herzegovina in the first five months of this year is 21 billion marks.
Compared to the same period last year, we exported more, but that was not enough to improve the overall statistics, because we imported significantly more, which ultimately resulted in a negative balance in foreign exchange amounting to as much as six billion marks.
In this way, the multi-year negative trend continues, especially when it comes to imports.
Despite all the problems facing the domestic economy, exports recorded a slight growth this year. On the other hand, we import much more, it says BHRT.
In the first five months of this year, the export of Bosnia and Herzegovina was almost 7 billion 400 million, and the import was 13 billion 400 million marks. A deficit of 6 billion KM was achieved”, according to the data of the Administration for Indirect Taxation of Bosnia and Herzegovina.
In addition to the rise in energy prices, increased imports are primarily affected by the decline in industrial production, which we have been seeing for several quarters in a row. The problem is also the structure of our export-oriented companies, which are mostly uncompetitive, especially for producers from the Far East.
– We have to change our attitude towards the industries we want to develop. We have to focus more on services, on tourism, and the basic prerequisite to do that is to first build the infrastructure – said economic analyst Aleksandar Ljuboja.
We mainly do business with the countries of the European Union, which is the most important market for us, considering that the EU accounts for almost three quarters of our total trade.
– Observed by country, we mostly export, but also import from Croatia and Serbia. With these two neighboring countries, we also have the largest deficit in the exchange of goods. In the first five months, it was 2.2 billion KM – stated the Administration for Indirect Taxation of BiH.
From 2020 to the end of last year, Bosnia and Herzegovina achieved a minus of even 70 billion KM in foreign exchange.
– We have an import lobby that works to flood the domestic market with goods from those two countries. When the cabbage arrives in Macedonia, it’s not ours yet, but when it arrives, it’s Macedonian at the end, so it’s wasted.
Not just cabbage but any agricultural product. We must close the borders for the import of goods that we produce ourselves, when the harvest for those goods comes. That’s normal. Every country does that – says economic analyst Zoran Pavlović.
Year after year, we have a growing deficit in foreign trade. This is money that leaves Bosnia and Herzegovina irretrievably.
At the moment, the only thing keeping us alive is our diaspora, that is, the money it sends to the homeland. Maybe the solution is to send us abroad and make remittances from abroad even bigger.
