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Bosnia and Herzegovina Faces Growing Trade Deficit in 2023

Bosnia and Herzegovina's foreign trade analysis for 2023 reveals a widening deficit, with total trade reaching 44.47 billion KM

The Council of Ministers of Bosnia and Herzegovina has released the 2023 foreign trade analysis, revealing a substantial trade deficit as the country navigated economic challenges over the past year. The total trade amounted to 44.47 billion KM, with exports contributing 16.70 billion KM and imports significantly higher at 27.77 billion KM, culminating in an 11.07 billion KM deficit.

Electricity emerged as the top export, bringing in 1.06 billion KM, while the most significant imports were petroleum oils (excluding crude), which cost 2.40 billion KM. Key trading partners included Germany, Croatia, and Serbia for exports, and Italy, Germany, and Serbia for imports.

Trade coverage ratios indicated stronger export relationships with Austria, Slovenia, and Croatia, with Austria achieving a remarkable coverage rate of 172.02 percent, showing an increase from the previous year.

Despite a robust trading framework with European countries, exports to the European Union fell by 7.86 percent to 12.19 billion KM, whereas imports saw a slight increase of 0.47 percent to 16.37 billion KM.

The Council has instructed the Ministry of Foreign Trade and Economic Relations to provide quarterly updates on the trade situation to better inform policy adjustments and economic strategies moving forward.

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