The most important foreign trade partners of our country are the countries of the European Union. Of the total exports, about 73 percent are directed to that market, which is a confirmation of the inevitable integration into the eurozone economy.
The EU countries are the most important market for export companies and support for the BiH economy. The majority of exports are directed to the European market.
“In China, we went from 25 million to some 50 million exports and we have growth in Turkey, but this is negligible compared to the EU market,” said the President of the VTKBiH, Ahmet Egrlić.
The EU has been our most important market for years. The coverage of imports by exports with Germany is 96 percent despite the decline in exports. Traditionally, one industry is at the forefront.
“As for the most important sector for us, we cannot talk about just one thing here, of course, there are traditional things here that are made and exported to our German market, and we are talking about all industries and sectors. What Germany needs are car parts and other metal parts, minerals,” emphasizes Alfred Grannas, the Ambassador of Germany to BiH.
“Car imports have increased, which speaks to the recovery of our demand and consumer power in BiH,” says Amila Močević, expert associate for macroeconomics at the VTKBiH.
BiH companies in German ownership are the most important exporters to that market, according to the assessment of the Foreign Trade Chamber. For two decades, many, mainly from the Tešanj area, have secured their existence by working there, but they appeal for further improvement of the business environment.
“I think there are many opportunities and chances in the coming period, but we must also create a positive business environment in BiH so that our companies can be as successful as possible in the EU markets,” said Mahmut Galijašević, director of the company.
“There are currently around 550 German companies operating in BiH, which speaks of a significant presence of direct investments. The reasons for this are geographical proximity, competitive energy and labor costs, but also a qualified workforce,” said Azra Ramić, deputy director of the German economy representative office in BiH.
The potential of the diaspora is much greater than that used. However, the EU market remains dominant, followed by the CEFTA market, which proves the regional dependence of economies.
“It is crucial that we focus primarily on the EU market and the CEFTA market, with which we achieved over 90 percent of our total trade in the first 10 months. What is problematic in these markets is that we have achieved a significant deficit of over 4.6 billion KM in these markets,” says Alem Merdić, Vice-Dean for Research at the Faculty of Economics in Zenica.
Creating sectoral policies will contribute to reducing the foreign trade deficit and increasing the added value of products, which will strengthen the competitiveness of BiH export companies in the global market.
