Bosnia and Herzegovina (BiH) saw an increase in in export unit values by 21.9%, according to provisional data for the third quarter of 2021, released by the statistical office on Monday (Nov. 22). Import unit values increased by 15,6% comparing to the base year 2015.
Export unit values grew in the divisions Manufactured products by 23,7% , Products of agriculture, forestry and fishing by 15,9%, and Mining and quarrying by 14,2%. Regarding import unit values increases were observed in Mining and quarrying (33,8%), Manufactured products (13,7%) and Products of agriculture, forestry and fishing (4,7%).
In the first ten months of 2021 exports stood at 11 billion 435 million KM, which is 33% higher compared to the same period a year ago. Imports stood at 17 billion 336 million KM, up 24,5% y-o-y.
The coverage of import by export was 66% therefore Bosnia’s trade gap widened 10.9% year-on-year to 5.901 billion KM (3.0 billion euro).
Exports to Central European Free Trade Agreement (CEFTA) countries amounted to 1 billion 865 million KM, which is 36,8% higher than in the same period of 2020, while imports amounted to 2 billion 243 million KM, which is 26,7% higher than in the same period in 2020.
CEFTA counties are Albania, Bosnia and Herzegovina, Moldova, Montenegro, North Macedonia, Serbia, and UNMIK (on behalf of Kosovo). The coverage of import by export was 83,1%.
Exports to EU countries stood at 8 billion 431 million KM, up 34,5% compared to the same period in 2020. Import amounted to 10 billion 334 million KM, which is 22% higher than in the same period last year. The coverage of import by export was 81,6%.
Bosnia’s economy increased by 11.6% in the second quarter, following an upwardly revised 2.5% increase in the previous quarter. It was the largest GDP growth since at least Q4 of 2004 on the back of the base effect, a recovery in external markets and strong expansion of domestic private consumption.
The expansion in Q2 2021 was boosted by wholesale and retail trade, repair of motor vehicles and motorcycles, transportation and storage and manufacturing.
The Balkan country’s economy slumped 8% in 2020, suffering its worst recession in 25 years.
The economy is expected to expand by 4.5% this year and 3.0% in 2022, according to the European Bank of Reconstruction and Development.
A potentially slower recovery in export markets and continued political stalemate represent the main risks to the economic outlook, the London-based institution said.