In nine months of this year, Bosnia and Herzegovina recorded a significant increase in imports from Russia, which is a consequence of inflation and higher energy prices, while at the same time an increase was recorded in BiH exports to Ukraine.
Since the beginning of this year, the situation in Ukraine has influenced global movements and trends in the world, Europe, the region, and thus also in BiH.
According to the data of the Foreign Trade Chamber of BiH (FTC BiH), imports from Russia to BiH as of September this year amounted to 322 million KM, which is a significant increase compared to the same period last year when imports amounted to 182.1 million KM.
Therefore, there was an increase in imports by 139.9 million KM or 43.4 percent. Also, expressed in quantity, there was an increase in imports from Russia by 4.95 percent.
“The price growth of imports is several times higher than the quantitative growth, which clearly indicates the fact of inflation, which is dominantly related to energy products. Energy accounts for about 92 percent of imports from Russia or 296.5 million KM,” FENA learns from the FTC BiH.
The most important export products are still medicines and fruit (apples, pears and quinces), and together they make up about 36.3 million or 77.75 percent of the total export.
Exports from Bosnia and Herzegovina to Ukraine amounted to 11.1 million KM as of September and expressed in terms of quantity – 7,500 tons. Compared to the same period of the previous year, when exports amounted to 6.7 million KM, there was an increase in exports by about 4.4 million KM, and also in quantity, by about 6,000 tons.
The most important export items are peroxy-carbonates and ball bearings, and together they make up 7.3 million KM of exports or 65.7 percent.
Imports from Ukraine as of September amounted to 31.7 million KM, which is about 4.1 million KM more than in the same period last year. Expressed in quantity, imports decreased by 4.4 million tons of goods.
“The effect of inflation is clearly visible because imports have decreased in quantity, while the expressed value has increased. The most important imported products are sunflower seeds and sunflower seed oil, which account for 12.3 million KM of imports or 39 percent. Next are veneer sheets, processed wood and nuts,” stated the FTC BiH.