Oil and fat exports from Bosnia and Herzegovina recorded a major drop last year, which could make a great impact on local companies, Biznis Info news portal reports.
Last year, the exported fat and oil of animal and plant origin amounted to 113.9 million BAM, while only a year earlier, the exports of the same were 170.1 million BAM.
The largest drop in exports was recorded for the ones in Turkey. Last year, exports to the country amounted to 89.7 million BAM, and a year earlier 146.4 million BAM, BiznisInfo writes on the data of the Foreign Trade Chamber of BiH. So, it is obvious that a drastic fall in exports to the Turkish market is the cause of problems in this industry, especially because the value of Turkish lira dropped drastically, which made goods in the market uncompetitive.
The negative impact had also an unpublished administrative decree from Turkey that “practically stopped for a longer period exports of significant BiH goods to that market, including oil.”
Last year, oil and fat exports to Kosovo fell from 5.1 million to 1.8 million BAM. The loss was slightly compensated by export growth in Austria, from 4.1 to 10.2 million BAM.