Author’s post

Both production and export of the most important economic branches in Serbia were reduced in 2022, and this trend continued this year as well.
The increasingly noticeable decline in domestic private investments, which were reduced to around seven percent of the national GDP in 2022, is the most worrisome trend.
According to the Biznis Top 2022/23 edition, the state policy, which is constantly (directed) at foreign investors, causing long-term damage to the most competitive part of the Serbian economy, is the biggest reason for this.
An increase by slightly less than a fifth annually, to 17,285.6 billion dinars, was shown by the domestic economy’s business income in 2022.
The total profit reached 864.2 billion dinars (increase by 25%). The Biznis Top edition published by the business monthly Biznis i Finansije (Business and Finance) reports that the total loss amounted to 3,906.5 billion dinars at the end of 2022 (4 percent up).
A list of the 150 largest companies in Serbia in 2022, according to generated profit and income, based on data from the Agency for Business Registers (APR), is published by Biznis Top.
5,172 billion dinars of revenue were generated by the leading one hundred companies, with only five companies that generated more than 20 percent of this amount.
A slight decline (0.3-0.4 percent) of total investments, an increase by more than 20 percent of foreign direct investments and a stagnation of public investments in real terms were recorded in 2022.
The analysis of the National Convention on the European Union demonstrated a fall of domestic private investments to around 7 percent of the national GDP.
Although companies are blamed by the government for fueling inflation with excessive price increases, companies in Serbia submitted an analysis of financial reports that shows that they can attribute only 1/10 of inflation growth to business income growing faster than expenses.
The National Convention on the EU reports that the retail sector, which managed to transfer the entire burden of growing inflation onto suppliers and shoppers, is an exception to this rule. That might indicate potential violations of the Law on the Protection of Competition in that sector.
The Petroleum Industry of Serbia (NIS) generated the highest earnings and operating income last year and became the absolute ‘winner’. The profit of NIS was increased by more than four times, to 93.5 billion dinars, and revenues by over 77 percent, to almost 500 billion dinars.
NH Logistics SER has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Serbia and Eurasia, supporting many clients with their import/export shipments.

Source Link

Both production and export of the most important economic branches in Serbia were reduced in 2022, and this trend continued this year as well. The increasingly noticeable decline in domestic private investments, which were reduced to around seven percent of the national GDP in 2022, is the most worrisome trend. According to the Biznis Top … Read more

As the Serbian Finance Ministry said on Wednesday, three Chinese-owned companies are the country’s biggest exporters.
Zijin Mining (957.1 million Euro worth of exports), Zijin Copper (633.5 million Euro) and the HBIS Group which owns the Smederevo steel plant (458.9 million Euro) were named as the biggest exporters.
According to the Finance Ministry, goods and services worth 6 billion Euro were exported by the 15 biggest export companies in the first 10 months of this year.
ZF Pancevo (415.8 million Euro), Leoni Prokuplje (415.7 million), Tigar Tires Pirot (397.1 million), Bosch Belgrade (380.6) Henkel Belgrade (353.2) Jura Raca (331.5), the Serbian Oil Industry NIS (329.1), Hemofarm Vrsac (289.9), SCM Power Belgrade (282,9), Phillip Morris Nis (242,5), Mint Automotive Loznica (237.8) and Gorenje Valjevo (237.1 million Euro) were included in the list.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Serbia and Eurasia, supporting many clients with their import/export shipments.

Source Link

Azerbaijan ($713.5mln), Armenia ($657.5 million) and Kazakhstan ($579.9 million) were Georgia’s top trading partners by exports. Turkey ($2.10 billion), US ($1.59 billion) and Russia ($1.48 billion) topped imports.
As the National Statistics office of Georgia said on Monday, the top trading partners of Georgia in its total external trade turnover between January and October were Turkey ($2.46 billion), Russia ($2.04 billion) and the United States ($1.66 billion).
Azerbaijan ($713.5mln), Armenia ($657.5 million) and Kazakhstan ($579.9 million), were Georgia’s top trading partners by exports. Turkey ($2.10 billion), US ($1.59 billion) and Russia ($1.48 billion) topped imports.
Motor vehicles ($1.76 billion, 34.5 percent of total exports), copper ores and concentrates ($450.9 million, 8.8 percent) and wine of fresh grapes ($217.3 million, 4.3 percent) were the top export items. Motor vehicles ($2.58 billion, 20.4 percent of the total imports), petroleum and petroleum oils ($928.6 million, 7.3 percent) and medical drugs ($445.2 million, 3.5 percent) were three top import commodities.
In general, the amount of $17.78 billion was attained by Georgian external trade turnover in January-October, showing a 16.2 percent increase year-on-year.
An increase by 12.5 percent was reached by the value of exports that totally amounted to $5.10 billion. The growth of imports attained 17.8 percent, and its total amount reached $12.68 billion in the reporting period.
The share of trade turnover hit 42.6 percent, and trade deficit, a measure of the negative balance of trade in which imports exceed exports, reached $7.58 billion.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.

Source Link

The opening ceremony of China International Import Expo, an import industry fair looking to facilitate strengthening of economic cooperation and trade between participating states, was featured in by a Georgian delegation led by the country’s Agriculture Minister Otar Shamugia on Sunday.
According to the Georgian Ministry, the relations between the two countries and the strategic partnership announced during Prime Minister Irakli Garibashvili’s visit to China earlier this year were risen “to an even higher level”.
As Shamugia said, the importance the efforts of the governments of both countries to deepen cooperation was great and the role [and the] activity and initiatives of private companies was significant in this process. NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Eurasia, supporting many clients with their import/export shipments.
According to Ling Ji, the Chinese Vice Minister and Deputy International Trade Representative, hosted at the Georgian pavilion for the fair by Shamugia, the strategic partnership between the states was “confirmed” by the Georgian delegation’s “high-level” visit to the fair and a basis for “closer cooperation” was provided.
Readiness of China to promote deepening of trade relations, especially through exports of Georgian wine to the Chinese market, was expressed by Ji.
Up to 40 Georgian companies, including producers of Georgian wines, non-alcoholic beverages, agriculture products, leather goods, accessories and children’s clothes, are being represented at the fair, organized by Enterprise Georgia, the state agency promoting entrepreneurship, investment and exports.
Visitors were introduced to tourism, investment and transport potential of Georgia by the Georgian Innovation and Technology Agency, the National Tourism Administration, National Wine Agency, the Mountain Trails Agency and Georgian Railway featured in the Georgian pavilion at the fair.
Georgian deputy economy ministers Genadi Arveladze and Irakli Nadareishvili, Enterprise Georgia Director Mikheil Khidureli, Georgia’s Ambassador to China Archil Kalandia and Parliamentary representatives Gela Samkharadze and Zaal Dugladze were also present at the event.
Over 150 countries sent their governments and business delegations to participate in the fair set to run until Friday at the National Exhibition and Convention Centre in Shanghai.

Source Link

The strength of the economic ties between France and Serbia has been highlighted by Ambassador Pierre Cochard. Trade turnover reaching nearly two billion euros proves this fact. Ambassador made this statement at an event that the Serbian Chamber of Commerce (PKS) and “Coface” organized to mark the 10th anniversary of their collaboration and the “EXCELLENT SME” certificate in Serbia.
Pierre Cochard said that trade volume between the two countries increased by 34.2 percent in 2022 compared to the previous year and now approached two billion euros. These words pointed out that the financial support agreement of 2019, aimed to strengthen economic bonds, has particularly reinforced the relationship between the two nations.

Source Link

As Radio Free Europe announced on Wednesday, millions are being earned by a number of Serbian companies exporting goods to Russia, bypassing Western sanctions.
According to data to which RFE has access, more than 14,000 shipments of various goods to Russia were registered after the beginning of the war in Ukraine. This showed that goods worth millions of dollars that were on the list of productions covered by the US and European Union sanctions were shipped via Serbian companies.
RFE announced that goods worth more than 140 million dollars had been exported by the Belgrade-based Kominvex alone since the war in Ukraine began. The radio added that about a third were electronic components which could have a military use.
Serbia is recalled not to have aligned with the sanctions policies against Russia.
As RFE said, state of the art technology products, including the US INTEL and AMD, were used to be shipped by Serbian companies. Serbian companies re-exported goods from countries in eastern Asia to Russian companies which are under sanctions individually as part of the supply chain to the Russian military industry.
The Serbian government and Ministries of Internal Affairs and Foreign Trade was said not to have responded to requests for comments and the Customs Authority is said to be refusing to release data on exports claiming it is protecting confidential company information.

Source Link

Otar Shamugia, the Georgian Agriculture Minister, and Cao Derong, the President of the Chinese Chamber of Commerce of Import and Export of Foodstuffs, Native Produce and Animal By-Products, had a meeting on Wednesday and highlighted close and fruitful economic cooperation between China and Georgia and future ties between the countries. According to Georgia’s Agriculture Ministry, … Read more

The opening ceremony of China International Import Expo, an import industry fair looking to facilitate strengthening of economic cooperation and trade between participating states, was featured in by a Georgian delegation led by the country’s Agriculture Minister Otar Shamugia on Sunday. According to the Georgian Ministry, the relations between the two countries and the strategic … Read more

Almost 70 billion euros in goods were imported by the Netherlands from China between January and July 2023 (nearly 5 billion euros less compared to the same period last year). The most significant decline was shown by imports of computers and telephones. Nevertheless, 16 percent increase was attained by goods exports to China (11.8 billion euros in total). This information is based on new CBS and Eurostat figures.
A rise by 17 billion euros in 2022 partly caused by price increases was followed by the drop in import value.
A fall by over 45 billion euros (from 352 to 306.5 billion) was demonstrated by imports from China by the European Union as a whole in the first seven months of this year. Sharp decrease of imports of Chinese-manufactured goods by Germany (from 77 billion to 57 billion euros) was responsible for the decline.
The first place in imports of goods from China within the EU during the first seven months of 2022 was taken by Germany; in the same period of 2023 this position was taken by the Netherlands. Telephones (-1.2 billion), computers (-4.6 billion) and semiconductors (+1.6 billion euros) were mainly imported by the Netherlands.
Virtual stability characterizes goods exports from the EU to China. A fall by 8 percent to just under 58 billion euros in the period January – July 2023 was shown by German exports to China.
A higher export value of machinery and equipment (+898 million euros), medicines (+401 million) and medicinal and pharmaceutical products (+188 million) was the main reason of the growth of the Netherlands’ export to China.
The index of 10 percent was exceeded by China’s share in total Dutch goods imports (excl. transit trade) for the first time in 2020, but it fell to 9 percent again in 2022. Dutch imports of raw materials and semi-manufactured goods from China have decreased from 6.8 percent in 2020 to 5.1 percent in 2022, versus 5.5 percent in 2015.
Lower import dependency on China was shown by service sectors (IT and information, financial and business services) over the past few years. 32 percent of IT and information services’ raw materials and semi-manufactured goods were still imported from China in 2019. In 2022 this was 17 percent. Telecommunications was the most dependent sector (nearly 29 percent import dependency in 2022).
The value added after deducting the cost of imports for manufacturing of the goods or provision of the services (net export earnings) from trade with China attained nearly 7.1 billion euros in 2022 (31 million euros (0.4 percent) less than in 2021). Lower net export earnings in services (-432 million euros) caused the decrease. On the other hand, an increase (+400 million euros) was shown by net earnings from goods exports.
Machinery and equipment (especially chip-manufacturing machines) brought the highest profit in goods exports over 2022 to the Netherlands (1.5 billion euros), followed by processed foodstuffs such as baby milk powder (1.1 billion euros) and meat (379 million euros). Processed foodstuffs (+370 million euros), machinery and equipment (+192 million euros) and semiconductors (+174 million euros) showed the largest increases last year; medicine exports (-122 million euros) and passenger car exports (-95 million euros) demonstrated the largest declines in earnings last year.
A drop in earnings from intellectual property rights (royalties; -511 million euros) was the main cause of the decline in export earnings from China in 2022.

Source Link