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Serbia’s one-year presidency over the Central European Free Trade Agreement (CEFTA) has been assumed. The consolidation and boosting of the implementation of the agreement, the facilitation of the trade of goods and services between the parties to the agreement and digitization will be in its focus, among other things, in the next year.
When it comes to the volume of the trade, the CEFTA market is the second biggest partner for the Serbian economy, right behind the EU. The amount of EUR 5.4 billion was reached by Serbia’s trade with the CEFTA member-countries in the first 11 months of 2023. According to the acting director of the CEFTA Secretariat, Danijela Gacevic, the presiding over the CEFTA will be a good opportunity for Serbia to prove itself as a constructive and reliable partner. Serbia will not only preside over a joint committee as the most important decision-making body, but also have the opportunity to head other subcommittees, that is, technical bodies, in which discussions important for certain aspects of the agreement will be had.
Several aspects make the presidency important. The first one is the ability of the party that presides and runs the processes to prepare the agenda and to have questions which are important at that moment. The second one is the opportunity for the presiding country to show itself as a constructive and reliable partner, which has adequate capacities to run regional processes from the aspect of European and regional integration. The last one is the ability of the presiding party to show itself as a good host.
Gacevic adds that that Serbia will also preside over the subcommittee for non-tariff measures, the subcommittee for the trade of services and the committee for trade facilities in addition to presiding over the joint committee as the most important decision-making body within the agreement.
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 the Ministry of Economy, one of the lowest levels in the last decade was reached by export revenues last year due to logistics problems.
Minister of Economy Yulia Svyrydenko said that export revenues reached one of the lowest levels in the last decade last year as a result of logistics problems. To solve them, an alternative corridor in the Black Sea has been launched and river transportation on the Danube is being developed. Negotiations with the Polish side to unblock the border are being carried out.
Yulia Svyrydenko explained by this the fact that Ukrainian export overpassed $3 billion in December for the first time in the second half of the year and 10 million tons for the first time since March.
According to the Ministry of Economy, by the end of 2023, Ukraine’s exports increased and amounted to almost 100 million tons of goods (112,000 tons more than in 2022), but in value terms, it was a decrease by 18.7% or $35.8 billion.
A significant trade deficit in goods worth $26.4 billion experienced by Ukraine last year was noted by Svyrydenko. Two key factors – problems in logistics and defense needs in 2023 – caused it. The work of the Government aimed at strengthening export logistics with air defense systems and searching for new ways to export goods and services will be continued in 2024. The localization of defense industry enterprises in Ukraine will also be promoted.
According to the reports, goods worth $32.8 billion were exported by Ukraine in January-November 2023. Goods worth $44.1 billion were exported by Ukrainian business in 2022.
NH Logistics UA has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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The rapid estimates released by the National Statistics Office of Georgia on December 28 report that Georgia’s estimated real Gross Domestic Product (GDP) growth rate amounted to 5.9% for November 2023 compared to the corresponding period of the previous year.
Geostat reports that financial and insurance activities, construction, professional, scientific-technical activities and trade contributed significantly to the growth.
Manufacturing, energy, transportation and storage declined.
As Geostat reports, the average real GDP growth for January-November 2023 reached 6.9%.
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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As Zurab Pataradze, the Georgian Ambassador to Azerbaijan, said on Friday, negotiations on the Black Sea submarine cable project intended to connect the grids of the South Caucasus and European Union member states are in an “active phase”.
According to him, the talks will end very soon, and involvement in this project will become evident. Georgia’s position will not only be the one of a transitory country, but primarily the position of an electricity exporting country.
As Pataradze added, a “great emphasis” was put by the Government on the development of renewable energy. It was doing “its best” to move the project to the next stage “on time”.
Trade relations between the two countries were characterized by the Ambassador as “unprecedented”.
He said that the trade turnover between the countries will exceed one billion [US dollars] this year due to the great potential of the trade corridor in terms of transit and a number of important projects that are being implemented in this direction.
The Middle Corridor [a logistics route connecting China with Europe through the South Caucasus region] is being strengthened and promoted in order to attract more cargo to the region and to complete the Baku-Tbilisi-Kars [railway] project.
According to Pataradze, the expansion of the railway route would be completed early next year, enabling rail transportation of about five million tons of cargo.
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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A number of protocols have been signed by Prime Minister of Ukraine Denys Shmyhal and Prime Minister of Moldova Dorin Recean to simplify the crossing of the Ukrainian-Moldovan border for citizens and cargo.
Shmyhal said that agreements on joint control at border crossing points continue to be implemented by Ukraine and Moldova. He signed a number of protocols during an online meeting with Prime Minister Dorin Recean to simplify and reduce the time for citizens and cargo to cross the Ukrainian-Moldovan border.
According to him, trade and economic cooperation between Ukraine and Moldova will be intensified by this and the efficiency and effectiveness of border crossing capacities will be increased due to the best European practices.
Shmyhal emphasized on special importance of the latter in the context of Ukraine’s movement towards the European Union.
Ukrinform reported that Prime Ministers of Ukraine and Moldova Denys Shmyhal and Dorin Recean had discussed joint work on the path to the European Union during a phone call in November.
NH Logistics UA has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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Ukrainian agricultural imports to the EU increased by 11% between January and September this year compared to the same period in 2022, and it makes the country keep the third place among the largest suppliers of agricultural products to the EU.
Ukrinform refers to the latest report of the European Commission on EU agricultural trade, published in December this year.
The largest increase is shown by imports from Ukraine from January to September compared to 2022 (+EUR 891 million, or +11%), mainly due to higher grain imports. According to the report, EU imports from Ukraine have been below the level of 2022 since June and almost returned to the level of 2021 in September this year.
Totally, the volume of EUR 8.750 billion was reached by Ukrainian agricultural exports to the EU in the period from January to September 2023. Only Brazil and the United Kingdom are larger exporters of agricultural products to the EU than Ukraine.
Agricultural products worth EUR 2.505 billion were imported from the EU by Ukraine during the same period (19% more than in the same period in 2022).Ukraine ranks 14th (1% of total EU agricultural exports) among the most important destinations for European agricultural exports.
The European Commission reports that the EU’s total trade balance in the period from January to September 2023 reached EUR 51 billion (EUR 8.5 billion more than in the same period of 2022).
According to the report, solidarity lanes on the borders with Ukraine were established by the EU to transport Ukrainian agricultural exports to the European and global markets by land after the blockade of Ukraine’s Black Sea ports.
Imports of wheat, corn, rapeseed, and sunflower from Ukraine to Bulgaria, Hungary, Poland, Slovakia, and Romania were banned by the European Commission at the insistence of these countries in May 2023. It extended the ban until September 15, 2023 on June 5. On September 15 it was announced by the European Commission that the EU would not extend the temporary restrictions on Ukrainian grain, after which a unilateral ban on agricultural imports from Ukraine was imposed by Poland and Hungary, although the neighboring countries continued the transit of Ukrainian agri-products.
At present, Polish checkpoints are blocking cargo transportation from Ukraine on the initiative of Polish carriers. Checkpoints are also blocking transportation routes on Ukraine’s borders with Slovakia and Hungary.
NH Logistics UA has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Ukraine and Eurasia, supporting many clients with their import/export shipments.

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A 14.7 percent year-on-year increase was posted by the Georgian external trade turnover in January-November, totally amounting to $19.62 billion.
According to the National Statistics office, the top trading partners of Georgia in its total external trade turnover between January and November were Turkey ($2.71 billion), Russia ($2.19 billion) and the United States ($1.84 billion).
Azerbaijan ($787.8mln), Armenia ($710.7mln) and Kazakhstan ($649.2mln) were the country’s top trading partners by exports, while Turkey ($2.32bln), the US ($1.76bln) and Russia ($1.58bln) topped imports.
Motor vehicles ($1.94 billion, 34.9 percent of total exports), copper ores and concentrates ($472.2 million, 8.5 percent), wine of fresh grapes ($240.3 million, 4.3 percent) were the top export items. Motor vehicles ($2.88 billion, 20.5 percent of the total imports), petroleum and petroleum oils ($1.05 billion, 7.5 percent) and medical drugs ($489.6 million, 3.5 percent) were included in the three top import commodities.
The growth by 11.1 percent was attained by the value of exports that totally reached $5.58 billion. Imports also increased by 16.3 percent and amounted to $14.04 billion in the reporting period.
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 Embassy of Austria in Belgrade, where the results of the survey carried out among the Austrian companies about the business climate in Serbia were presented, 800 branch offices of Austrian companies operate in Serbia, securing 23,000 jobs. Austrian investments in Serbia amount to EUR 3.6 billion.
As Juergen Schroeder, the trade adviser at the Embassy of Austria, pointed out, in 2022 the export of goods from Austria to Serbia had been higher than EUR 1 billion. They expected the results for 2023, still not known, to exceed those from the previous year.
He said that it is good that, in the survey carried out, the economic climate in Serbia in this year has not been characterized as worsened compared to 2022, but it is bad that the expectations of business people from the next year are not good.
The results of the survey say that only seven percent of those surveyed expect the business climate to improve in the next year, whereas 44% believe that the state of the economy will remain unchanged and the same percentage of the subjects believe that it will worsen.
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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As the National Statistics Office said on Wednesday, Georgian external trade turnover posted a 14.7 percent year-on-year increase and amounted to $19.62 billion in January-November.
A rise by 11.1 percent was shown by the value of exports (totally $5.58 billion). A growth by 16.3 percent was reached by imports (totally $14.04 billion) in the reporting period.
43.1 percent was hit by the share of trade turnover, and trade deficit, a measure of the negative balance of trade in which imports exceed exports, reached $8.45 billion.
According to Vakhtang Tsintsadze, the Deputy Economy Minister, the volume of exports had exceeded the annual indicators of 2022.
He also said that state programs and policy steps taken by the state over the recent years to [increase] the competitiveness of small and medium-sized businesses and diversify foreign trade markets made it possible to observe positive trends in external trade.
“Record-high” figures in external trade were registered in the first 11 months of 2023.

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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A memorandum of understanding (MoU) was signed on Monday by Serbia’s central bank and China’s central bank to establish yuan clearing arrangements in Serbia.
According to the statement of the central bank, intensive cooperation between the two central banks in the execution of transactions in Chinese yuan by banks in Serbia is regulated by the MoU.
NBS noted that cross-border transactions in Chinese yuan by companies and financial institutions in China and Serbia will be promoted and trade and investments will be facilitated by the establishment of a clearing arrangement in Serbia.
NBS governor Jorgovanka Tabakovic said that NBS put the Chinese yuan on the list of currencies which can be traded on the domestic foreign exchange market in January 2015, being an institution that closely monitors the needs of the domestic economy and market and creates stimulating conditions for efficient business operations. Chinese yuan is necessary for the Serbian financial markets due to strong growth of trade between the countries, as well as high investment inflows.
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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