Exports in 2023 fell by five percent, imports by 5.4 percent

The value of Croatian goods exports in 2023 amounted to 22.9 billion euros, about one billion euros or five percent less than a year earlier, while imports fell by 5.4 percent or about two billion, to 39.6 billion euros, according to final data from the Croatian Bureau of Statistics (DZS).

The trade deficit with foreign countries in 2023 was 16.7 billion euros, down by about six percent, or one billion euros compared to 2022.

The coverage of imports by exports in 2023 was around 58 percent, the same as in 2022.

In total exports in 2023, the manufacturing industry accounted for about 85 percent and achieved an export increase of 3.3 percent compared to 2022, reaching 19.5 billion euros, while in total imports, with a share of about 86 percent, it achieved an increase of 3.8 percent, to 34.2 billion euros.

The DZS notes that the activities of agriculture, forestry and fishing; mining and quarrying; and the supply of electricity, gas, steam and air conditioning have the greatest impact on the decline in exports.

Thus, in 2023 compared to 2022, in the sector of agriculture, forestry and fishing, which had a share in total exports of about six percent, exports fell by about 10 percent, to 1.3 billion euros; in mining and quarrying, with a share in total exports of about four percent, it fell by about 51 percent, to 867.9 million euros; while in the supply of electricity, gas, steam and air conditioning, with a share in total exports of about three percent, exports fell by about 46 percent, to 776.8 million euros.

The decline in total imports of the Republic of Croatia in 2023 compared to 2022 is largely a result of the decline in imports in the area of mining and quarrying, which has a share in total imports of about seven percent and where imports fell by about 45 percent, to nearly three billion euros, and in the supply of electricity, gas, steam and air conditioning, with a share in total imports of about two percent, where imports fell by about 59 percent, to 882.3 million euros.

According to the Standard International Trade Classification (SITC), the highest values of exports and imports were achieved in the machinery and transport equipment sector. Exports from this sector, as stated by the DZS, in 2023 amounted to about six billion euros and accounted for about 25 percent of total Croatian exports, while imports in the same period amounted to about 11 billion euros and had a share of about 27 percent.

Germany, Italy, Slovenia and Hungary are the most important partners from the EU

The most important foreign trade partners of Croatia are EU member states, and in 2023, trade with EU member states accounted for about 68 percent of total exports, which decreased by about six percent compared to the previous year, to 15.6 billion euros.

At the same time, imports from other EU member states in 2023, which account for about 77 percent of total imports, increased by about three percent compared to 2022, to 30.4 billion euros.

In 2023, the largest foreign trade partners from the EU were Germany, Italy, Slovenia and Hungary.

Exports to Germany amounted to 2.8 billion euros, marking an increase of 2.3 percent, while imports from that country increased by 8.3 percent, to 5.7 billion euros.

Exports to Italy amounted to nearly 2.8 billion euros, a decrease of 5.2 percent, while imports from that country fell by 1.3 percent, to 5.7 billion euros.

Exports to Slovenia amounted to 2.6 billion euros, a decrease of 7.9 percent, while imports amounted to 4.6 billion euros, or 0.9 percent more.

Final data from the DZS show that in 2023, trade with third countries accounted for about 32 percent of total exports, which decreased by about two percent compared to 2022, and about 23 percent of total imports, which fell by about 25 percent.

In 2023, the most exports outside the EU were to Bosnia and Herzegovina, with a share in total exports of about 10 percent. Compared to 2022, exports to that country fell by about eight percent, according to final data from the DZS.