New export growth and increased cooperation with the countries of the region and the world

"The economy of BiH proved to be resilient to the poor business environment faced by businessmen last year. We have new growth in exports and increased cooperation, especially with the countries of the region," said Minister of Foreign Trade and Economic Relations of BiH Mirko Sarovic at the presentation of foreign trade of BiH with the outside world.

 

Minister Sarovic pointed out that in the foreign trade balance, Bosnia and Herzegovina for the first time exceeded the sum of 16 billion euros and that the import coverage by export of 62.3% was the best so far, recalling that coverage in 2014 was only 53% .

 

As positive, he emphasized the reduction of the foreign trade deficit of BiH with Russia, Italy, Croatia and Serbia, as well as an increase in surpluses with Austria and Slovenia.
"With Germany, for the first time, we have an exchange volume that exceeds KM 4 billion," the minister stated, adding that in the exchange with Serbia last year, BiH has so far achieved the largest export of KM 1.2 billion, with coverage reaching 62 percent compared to 42 percent a few years ago.

 

In 2018, BiH recoreded the decrease in steel exports to the EU by almost 50,000 tons, which was caused by EU measures to countries outside the Union, and the decrease in steel exports to Kosovo* by 20,000 tons, due to the measures of the local authorities.

 

The minister said that in 2019, BiH would face a dramatic lack of high-quality workforce due to its departure to developed countries, and decision-makers should tackle this problem as well as create a more favorable business environment for attracting foreign investment.