Food imports exceeded three billion euros: coverage fell to 44 percent

In the first eight months of this year, Croatia imported food products worth 3.1 billion euros, which is 270 million euros, or 9.6 percent more compared to the same period last year.

Data was published by the State Bureau of Statistics (DZS), indicating that the value of exports also increased by 5.2 percent, reaching 1.36 billion euros. In the same period last year, the value of exports was 1.3 billion euros.

Two additional data points are interesting. One is that imports ‘exploded’ in August, and the other is that in recent years, the coverage of exports by imports has ranged between 60 and 70 percent. Looking at the indicators for the first eight months, we see that the coverage of exports by imports has fallen to 44 percent.

Starjana Blažić, owner of the consulting firm Geja, believes that the decline in import coverage by exports is seasonal and that this ratio should return to normal by the end of the year. This is the peak tourist season, import quantities are increasing, and demand is high.

– Not only is demand high, but let us remember that in July and August, food prices rose by six percent, which also contributed to the increase in import value. Furthermore, we should not forget that Croatia primarily exports livestock, wheat, corn, and other raw materials, while we import products with higher added value, which is also a reason why the coverage of imports by exports is lower during this part of the year – says Blažić.

Regarding agricultural products, as well as fisheries and forestry, the value of both exports and imports has also increased. In the first eight months, the value of our exported agricultural production amounted to 836.8 million euros, which is 9.3 percent higher compared to the same period last year. The value of imported agricultural products was 960.5 million euros, which is 9.2 percent higher than in the first eight months of last year. The coverage of imports by exports was a very good 87.1 percent.

It can be assumed that the increase in the value of both exports and imports is primarily due to rising prices of agricultural products, especially considering that producers have complained about rising input prices, which has also led to an increase in agricultural product prices.