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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.
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.

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Two offices of Serbia’s chamber of commerce are opened in China
According to Serbia’s chamber of commerce (CCIS), two new offices have been opened in Beijing and Changsha, the Hunan province’s capital.
As Marko Cadez, CCIS president, said in a press release on Saturday, new opportunities for the placement of Serbian products on the Chinese market and cooperation with Chinese companies have been opened by the free trade agreement between Serbia and China, that was signed in October 2023 and entered into force on July 1, 2024. 10,412 Serbian products and 8,930 Chinese products are included in it.
According to Cadez, Serbian companies will be supported to start new businesses with Chinese partners or advance existing ones by new offices.
A representative CCIS office was opened in Shanghai four years ago.
Data from Serbia’s statistics office for 2023 report that the volume of trade between Serbia and China reached 5.65 billion euro ($6.1 billion), while exports from Serbia attained 1.15 billion euro, and imports from China at 4.5 billion euro.

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.

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According to Serbian Office for IT and eGovernment, the exports of the country’s information and communication technologies (ICT) sector increased by 19% year-on-year to 2.629 billion euro ($2.851 billion) in the first eight months of 2024. The office’s statement issued on Thursday said that the ICT sector’s exports totally reached 323 million euro in August … Read more

According to Ukrainian media, the country’s gross domestic product (GDP) grew up by 3.8% (± 1%) in September 2024 year-on-year versus 0.3% in August and 1.1% in July. As the ministry reports, the country’s GDP grew up by 4.5% (±1%) in January-September 2024 year-on-year compared to 3.9% in January-August, 4% in January-July, and 4.1% in … Read more

As Georgian Deputy Economy Minister Irakli Nadareishvili said on Wednesday, “record-high” export growth was achieved in both 2023 and 2024, as the total volume attained $6 billion last year and $5 billion within the first nine months of 2024.
Nearly all parameters have achieved macroeconomic stability due to the consistent economic policies that the Government implemented, allowing businesses to plan and anticipate medium-term developments, including regulations, taxation, and other key areas.
Free trade agreements, providing access to aggregated markets totalling two and a half billion people, all with tariff-free trade, are one of preconditions of this success, as well as state programmes that regularly assess the needs of businesses.
The “record” volume of exports was also highlighted by Deputy Economy Minister Vakhtang Tsintsadze. According to him, domestic exports had increased by 4.1 percent between January and September and reached the volume of $4.8 billion in total, while exports had increased by 17 percent year-on-year in September alone, reaching $615.6 million.
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.

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Nine new agreements simplifying business operations, creating new job opportunities and strengthening consumer rights across the region have been adopted by the Central European Free Trade Agreement (CEFTA).
Authorised Economic Operator (AEO) programs between CEFTA’s seven markets were recognized and agreements facilitating e-commerce and simplifying parcel delivery in the region, as well as rules allowing for unrestricted online shopping across CEFTA markets by ensuring that online shops cannot block access to websites, products, or services based on a consumer’s location and origin, were adopted by its joint committee.
According to Danijela Gacevic, acting director at CEFTA Secretariat, these agreements will help harmonise intellectual property rights standards and the establish an electronic system for risk management, as well as allow travel agencies and tour operators to gain easier access to all CEFTA markets.
This new mechanism will resolve trade disputes between CEFTA members and simplify motor insurance processes in CEFTA markets.
Albania, Bosnia and Herzegovina, North Macedonia, Moldova, Montenegro, Serbia, and Kosovo are currently CEFTA members among non-EU countries of Southeast Europe.
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.

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The importance of strengthening Georgia’s function as a transit country and the “critical need” for infrastructure development were highlighted by Irakli Kobakhidze, the head of the ruling Georgian Dream party’s election staff and the Prime Minister of Georgia on Monday.
The Government’s plans to “stimulate and promote economic growth” were unveiled in his address at the presentation of the party’s election programme.
[The Infrastructure Minister] Irakli Karseladze was acknowledged as the driving force behind all this [this initiative].
According to Kobakhidze, the Government earmarked to built in Georgia’s Black Sea a town to ensure increased logistical capability between Asia and Europe, as it was working on the development of the Anaklia deep sea port project, so the country would “need to cut an emergency road”.
The ongoing infrastructure projects in eastern Georgia, including the completion of highways linking the borders with Azerbaijan and Armenia, were also highlighted by the PM.
The PM said that hey will also begin to construct a very important [eastern] Lagodekhi bypass, a four-lane highway connecting Tbilisi-Rustavi [a city near the capital] and the Tbilisi entrance and exit in the near future.
According to Kobakhidze, a “unique” 9-km long Kvesheti-Kobi tunnel had already been cut in the Stepantsminda section of the road in the north-east of the country, which would connect it to the Stepantsminda road, construction of which would be completed soon. They will also begin the construction of the first southern section of the road connecting to Stepantsminda.
It will take about 1 hour and 20 minutes to drive to Telavi after the completion of this road and about 1.5 hours to drive to Stepantsminda when the Kakheti highway will be completed. It is important for mobility of the population and for the development of the economy. The significance of these projects for regional connectivity, facilitating “faster connection” between Georgia, Turkey, Azerbaijan, and Armenia was also highlighted by Kobakhidze. He said that it has “given the new reality in [South Caucasus] region, and the implementation of these projects is especially important from an economic perspective”.
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.

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According to the Georgian Maritime Transport Agency, online services will be received by marine vessels entering country’s ports through a “single window” starting October 1.
The delay time in port will be reduced to 90 minutes with the introduction of the new system for container ships and to four hours for other types of vessels, servicing of vessels in port will be accelerated and shipping companies’ costs will be significantly reduced.
The maritime single window system began to be rolled out at Georgian ports in May 2023, taking into account the requirements and expectations of stakeholders while developing the online analogs of port processes.
The introduction of European rules in Georgia’s maritime sector will eliminate obstacles and barriers for international shipping, simplify procedures and bring them in line with international standards.
International donors supported the project financially.
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.

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An increase of 3.4% compared to the same period last year was shown by the overall external trade in the Republic of Serbia for the period January-August 2024 (USD 48591.9 million). Expressed in Euros, the increase attained 3.5% (EUR 44850.6 million).
A 1.5% growth compared to the same period last year was demonstrated by the value of exports (USD 21011.7 million or EUR 19393.5 million). The value of imports rose up by 5.0% (USD 27580.2 million) and by 5.1% expressed in Euros (EUR 25457).
The deficit increased by 18.0% in relation to the same period last year and attained USD 6568.5 million. Expressed in Euros, it rose up by 18.3% compared to the same period last year (6063.6 million).
A decrease by 2.6% was shown by the export – import ratio.
The highest level of the external trade in the reference period was registered with the counties with which agreements on free trade has been signed. 58.9% of total external trade are accounted for European Union member countries.
CEFTA countries are Serbia’s second major partners. The exports of cereals and produces thereof, beverages, oil and oil derivatives, road vehicles, and electricity made their gained surplus in external trade reach USD 2087.7 million (EUR 1926.7 million). Serbian exports in the referent period reached USD 3202.1 million (2955.3 EUR). Its imports equaled USD 1114.4 million (EUR 1028.6 million) and the export– import ratio was 287.3 %.
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.

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The Civil Aviation Agency of the Ministry of Economy and Sustainable Development reports that Georgian Airlines lead on air cargo transportation in Georgia in January-August 2024 with 574 cargo flights performed through Tbilisi International Airport.
The second place in the ranking of TOP-5 cargo airlines by number of performed flights belongs to Turkish Cargo with 92 flights in the reporting period.
The third position was taken by Geo Sky with 76 flights to Tbilisi International Airport in January-August 2024.
The Estonian airline Airest is fourth in the rating is with 68 flights in 8 months on the Georgian air cargo market.
The fifth place is occupied by Turkish airline MNG Airlines with 51 flights to Georgia in 8 months.
Cargo flights are currently served only by Tbilisi Airport.
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.

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