According to the central bank, NBS, Serbia’s current account deficit widened to 2.46 billion euro ($2.66 billion) in the first eight months of the year from 664 million euro in the prior-year period.
Figures posted on the NBS website earlier this month show that the deficit in trade of goods rose by an annual 20% to 4.9 billion euro in January-August, while the surplus in trade of services fell down by 17% to 1.6 billion euro.
The increase of the gap in primary income attained 11% on the year and finally reached 2.69 billion euro in the first eight month of 2024, while the downfall of the surplus in secondary income equaled to 10% (3.57 billion euro).
Serbia’s current account gap fell from 556 million euro (August 2023) to 64 million euro (August 2024).
An improved energy balance and robust growth in manufacturing and services exports narrowed the country’s current account deficit to 1.81 billion euro in 2023 from 4.16 billion euro in 2022. Last year’s deficit equaled to 2.6% of GDP.
According to NBS governor Jorgovanka Tabakovic, the current account deficit will be trending at around 4–5% of GDP, sufficient to ensure the country’s external sustainability, this year and in the medium term, due to the anticipated pick-up in the investment cycle and the associated import of equipment and intermediate goods.
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