Import Coverage by Exports in the First 10 Months of 2015 Nearly 62 Percent

Croatian commodity exports in the first ten months of 2015, expressed in kuna, increased by 11.6 percent compared to the same period last year, while imports grew by 6.5 percent, according to preliminary data released on Thursday by the Croatian Bureau of Statistics (DZS).

According to this data, the growth rates of exports and imports are slightly higher compared to the first data from the DZS published last month, which indicated that commodity exports in the first ten months grew by 10.8 percent, and imports by 5.7 percent. According to the latest DZS data, from January to the end of October 2015, Croatia exported goods worth 72.6 billion kuna and imported goods worth 117.7 billion kuna. The trade deficit for the first ten months of last year amounted to 45.1 billion kuna, which is 0.8 percent less compared to the same period of the previous year. The coverage of imports by exports for the ten-month period last year was 61.7 percent. Expressed in euros, Croatian commodity exports in the first ten months of last year amounted to 9.5 billion euros, which is 11.7 percent higher than in the same period of 2014, while imports simultaneously increased by 6.6 percent to 15.45 billion euros. The deficit amounted to 5.9 billion euros and was 0.7 percent smaller than last year.

The most important market for Croatian products remains the European Union, which accounts for 66.4 percent of commodity exports. In the first ten months of last year, goods worth 6.33 billion euros were exported to EU member states, which is 16.2 percent more compared to exports from the first ten months of 2014, while imports from these countries simultaneously increased by 9.9 percent to 12 billion euros. Exports to CEFTA countries in the same period fell by 2.3 percent to 1.7 billion euros, while imports increased by 10.6 percent to 848.36 million euros.

Individually, the most significant foreign trade partner of Croatia is Germany, with a total trade value exceeding 3.45 billion euros, while the most significant export markets are Italy and Slovenia. In Italy, goods worth 1.27 billion euros were exported in the first ten months of 2015, which is 6.5 percent more year-on-year, while imports of goods from that country increased by 0.6 percent to 2.04 billion euros. Exports to Slovenia increased by 20 percent to 1.17 billion euros, while imports from that country increased by 5.5 percent to 1.65 billion euros. Following Germany in export value, goods worth 1.08 billion euros were exported from Croatia to Germany by the end of last October, which is 11.9 percent more, along with a simultaneous increase in imports by 8.7 percent to 2.37 billion euros.

Among the activities with significant shares in total commodity exports, the highest percentage growth is recorded in shipbuilding, at 186.5 percent to 377 million euros. The production of food products also achieved export growth of 16 percent to 752.25 million euros. Significant export growth rates are recorded in the production of motor vehicles, trailers, and semi-trailers, at 40.8 percent to 287.4 million euros, followed by the pharmaceutical industry at 29 percent to nearly 441 million euros, and the production of leather and related products at 28.4 percent to 327.3 million euros, while exports of agriculture, forestry, and fishing also significantly increased by 23.7 percent to 429.7 million euros. At the same time, a more pronounced decline in exports was recorded in the production of refined petroleum products, by 15.2 percent to 712.8 million euros, as well as in metal production, by 24.6 percent to 254.8 million euros.