DZS: Exports in January Increased by 2.8 Percent, Imports by 14.4 Percent

Croatian commodity exports in January this year amounted to 7.8 billion kuna, 2.8 percent higher compared to the same month last year, while imports reached a value of 13 billion kuna or 14.4 percent higher, according to the first data from the Croatian Bureau of Statistics (DZS) published on Thursday.

According to the first data, the foreign trade deficit amounted to 5.2 billion kuna, and the coverage of imports by exports was 59.9 percent. In January, exports to EU member states amounted to 5.48 billion kuna, or 70.5 percent of total exports, which is 15.1 percent higher compared to January 2016. Imports from the EU increased by 12 percent year-on-year, to 10.19 billion kuna.

Total exports from January to December 2017, according to preliminary data, amounted to 104.3 billion kuna, while imports were 162.7 billion kuna, with a foreign trade deficit of 58.3 billion kuna and coverage of imports by exports at 64.1 percent. Thus, exports increased by 12.5 percent compared to 2016, while imports rose by 9.6 percent. DZS has thus raised its initial estimates, according to which exports from January to the end of December last year increased by 12 percent, and imports by 8.6 percent.

>>>DZS: Both Imports and Exports Increased Compared to Last Year

Expressed in euros, Croatian commodity exports last year grew by 13.5 percent, to 13.98 billion euros, while imports increased by 10.6 percent, to 21.8 billion euros. The foreign trade deficit amounted to 7.82 billion euros.

The manufacturing industry, which accounts for 89 percent of commodity exports, exported goods worth 12.44 billion euros to foreign markets last year, which is 13.7 percent more than the previous year. However, 87.1 percent of imports also relate to the manufacturing industry, which grew by 9.7 percent, to 18.9 billion euros. Within the manufacturing industry, the highest value export, amounting to 1.17 billion euros, was achieved in the pharmaceutical industry, recording a growth of 30 percent compared to 2016.

The food industry exported goods worth 1.08 billion euros during this period, or 0.1 percent more than in 2016, while exports of refined petroleum products increased by 41.3 percent, to 1.02 billion euros.

At the same time, the largest import, amounting to 2.04 billion euros, was recorded in the food industry, which increased by 9.5 percent compared to the previous year. Imports in the machinery and equipment manufacturing increased by 7.7 percent, to 1.75 billion euros, and imports of chemicals and chemical products increased by 8.4 percent, to 1.65 billion euros.

>>>DZS: Exports Increased by 13.5 Percent, Imports by 10.9 Percent

DZS data shows that EU member states remain the most important market for Croatian goods, as the common European market accounts for 64.8 percent of total commodity exports and 78 percent of commodity imports for the past year. Exports to EU member states amounted to 9.06 billion euros, or 10.7 percent more than in 2016, while imports were 17 billion euros, or 11.7 percent more.

The most important individual foreign trade partners of Croatia remain Italy, Germany, and Slovenia. Exports to Italy increased by 12.8 percent year-on-year to 1.9 billion euros by the end of December, while exports to Germany amounted to 1.72 billion euros, or 18.5 percent more, and exports to Slovenia fell by 2.4 percent to 1.5 billion euros. At the same time, imports from Germany amounted to 3.4 billion euros, growing by 8.4 percent. Imports from Italy increased by 13.2 percent to 2.82 billion euros, and from Slovenia by 8.5 percent to 2.34 billion euros.

Croatia also experienced significant growth in trade exchange with CEFTA countries last year. Exports to these countries increased by 21.1 percent to 2.4 billion euros, while imports rose by 15.8 percent to 1.35 billion euros.

The highest value of goods exported was to Bosnia and Herzegovina, amounting to 1.37 billion euros or 22.1 percent more, and the highest import was also from that country, amounting to 685.2 million euros or 19.5 percent higher. Serbia follows, to which goods worth slightly more than 670 million euros were exported, representing an annual growth of 28.5 percent, while imports from that country increased by 15.5 percent to 575 million euros.