Biggest growth of Serbian mining sector is recorded in exports

An increase by 26.2 percent was shown by Serbia’s exports during first eight months of this year. The prices of exported goods rose up by 20.5 percent, while the data from the State Statistics Office (RZS) announces that the quantity of export products increased by only 4.7 percent.
Imports increase can be characterized in the same way. From January to August the rise of the total value of imports attained 34.5 percent, but imported goods went up in price by 25.3 percent, while their quantity increased by 7.4 percent.
Speaking about economy’s sectors, the most significant growth was reached by the export of raw materials (92.4 percent), while their quantity went up by 70 percent and the price only by 13.3 percent. In difference from this, a decrease by 16 percent was shown by the quantity of fuel exports, while the quantity of exported fuel attained a 83 percent growth, and their price went by 53 percent.
The food sector turned out to be in the same situation, with a 12.3 percent decline of the quantity of exported products, but a 25.8 percent increase in prices of exported goods made its value increase by 10.3 percent in total. The price of imported fuel also grew up (by 83.5 percent), and a quantitative growth of imports of 24 percent made the total value of imported fuel increase by as much as 128 percent in eight months of 2022.
The largest increase in exports was recorded in the mining sector– 185.6 percent. Exports of metal ore went up as much as 190 percent. The higher exported quantity (167.7 percent) is the main reason of this growth. The rise in metal prices did not bring much benefit to Serbia, due to only a 8.4 percent increase of the price of exported ore.

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