Office of the Commercial Attache -Embassy of Belgium
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Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2015 Belgrade, June 2015 Office of the Commercial Attache -Embassy of Belgium Our office represents the three regions of Belgium in Serbia and Montenegro and the three regional agencies specialized in foreign trade - Brussels Invest & Export (www.brussels-export.be ), Wallonia Foreign Trade and Investment Agency (www.awex.be ) and Flanders Investment and Trade (http://www.investinflanders.com/en/home/ ). Royal Embassy of the Kingdom of Belgium – Trade Representations www.brussels-in-serbia.com Beogradska 4 11000 Belgrade Serbia Phone ++ 381 11 308 55 70 Fax ++ 381 11 344 56 49 Email [email protected] Ms. Ann-Véronique Mortier Contents Investment and Trade Commissioner Economic Overview Serbia 2 Marijana Milosevic Tufegdzic Commercial Assistant Business News Serbia 6 Fairs -Serbia 11 This newsletter provides the latest business news from Serbia and from Montenegro, offers from Belgian companies as well as opportunities of Useful contacts -Serbia 13 these markets. Economic Overview Montenegro 14 Our intention is to provide you with updated market development news and opportunities, economic projections and demands that may ease your Business News - Montenegro 19 decision on the entrance to the Serbian and to the Montenegrin markets. Fairs and business networking gatherings are also provided with its dates Fairs –Montenegro 21 and places. Useful contacts-Montenegro 22 Useful contacts and links for more information are provided for your more profound analysis of the Serbian and Montenegrin markets’ trends. Our office remains at your disposal for all additional information. www.brussels-in-serbia.com Page 1 Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2015 SERBIA Key macroeconomic indicators Q1 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Real GDP growth (in %)1) 4.9 5.9 5.4 -3.1 0.6 1.4 -1.0 2.6 -1.8 -1.8 Consumer prices (in %, relative to the 2) 6.6 11.0 8.6 6.6 10.3 7.0 12.2 2.2 1.7 same month a year earlier) NBS foreign exchange reserves 9,020 9,634 8,162 10,602 10,002 12,058 10,915 11,189 9,907 (in EUR million) Exports (in EUR million)3) 6,948 8,110 9,583 8,043 9,515 11,145 11,469 13,937 14,451 3,527 - growth rate in % compared 30.4 - 18.2 -16.1 18.3 17.1 2.9 21.5 3.7 6.7 to a year earlier Imports (in EUR million)3) 11,970 15,468 18,267 13,099 14,244 16,487 16,992 17,782 18,096 4,432 - growth rate in % compared 24.5 - 18.1 -28.3 8.7 15.7 3.1 4.7 1.8 7.1 to a year earlier 3) Current account balance (in EUR million) -2,356 -5,474 -7,126 -2,032 -2,037 -3,656 -3,671 -2,098 -1,985 -450 as % of GDP -9.6 -18.6 -21.1 -6.6 -6.8 -10.9 -11.6 -6.1 -6.0 -6.2 Unemployment according to the Survey 20.9 18.1 13.6 16.1 19.2 23.0 23.9 22.1 18.9 19.2 (in %) Wages 260.0 347.1 400.5 337.4 330.1 372.5 364.5 388.6 379.3 344.0 (average for the period, in EUR) RS budget deficit/surplus -1.7 -1.6 -1.7 -3.2 -3.4 -4.0 -5.9 -5.2 -6.4 (in % of GDP)4) Consolidated fiscal result -1.5 -1.9 -2.6 -4.4 -4.6 -4.8 -6.8 -5.5 -6.7 (in % of GDP)4) RS public debt, (central government, in 35.9 29.9 28.3 32.8 41.8 45.4 56.2 59.6 71.0 % of GDP) RSD/USD exchange rate 67.03 58.39 55.76 67.47 77.91 73.34 88.12 85.17 88.54 108.15 (period average) RSD/USD exchange rate 59.98 53.73 62.90 66.73 79.28 80.87 86.18 83.13 99.46 111.42 (end of period) RSD/EUR exchange rate 84.11 79.96 81.44 93.95 103.04 101.95 113.13 113.14 117.31 121.50 (period average) RSD/EUR exchange rate 79.00 79.24 88.60 95.89 105.50 104.64 113.72 114.64 120.96 120.22 (end of period) MEMORANDUM: GDP (in EUR million) 5) 24,435 29,452 33,705 30,655 29,766 33,424 31,683 34,263 33,075 7,221 www.brussels-in-serbia.com Page 2 Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2015 Foreign Trade January-March 2015 The major foreign trade partners in exports in the January-March 2015 The overall external trade in the Republic of Serbia for the period January - March period were: 2015 fell 11.9% to $ 7483.7 million, compared to the same period 2014, while expressed in euros it amounted to €6641.3 million - which was an increase of 7.1% Italy ($ 618.1 million) compared to the same period 2014. Germany ($ 382.7 million) Bosnia and Herzegovina ($ 254.0 The value of exports was $ 3124.4 million, which was 13.5% decrease when million) compared to the same period last year, while the value of imports was $ 4359.3 Romania ($ 213.8 million million, which was 10.8% decrease from the same period last year. Decrease of Russian Federation ($ 149.7 million) exports and imports, as well as of the overall external trade, expressed in USD, has been caused by USD currency strengthening relative to RSD and also to EUR. According to the forecasts of the experts for currency exchange rates, USD will catch The major foreign trade partners in up to EUR and the two currencies will be about equal in the second half of 2015. imports in the same period were: Expressed in Euros, the value of exports amounted to € 2773.1 million, up 5.2%, Germany ($ 509.1 million) compared to the same period last year, while the value of imports rose 8.5% to Russian Federation ($ 484.4 million), €3868.2 million. Italy ($ 458.2 million) China ($ 385.5 million) The deficit amounted to $1234.9 million, which was a decrease of 3.0% from the Poland ($ 207.6 million) same period last year. The deficit expressed in Euros amounted to €1095.1 million, which was an increase of 18.0% compared to the same period last year. After EU, Serbian major partner are The export - import ratio equaled 71.7% and was lower if compared to the same the CEFTA countries, since the period last year when it was 73.9%. gained surplus in external trade amounted to $ 344.5 million, The most exported product groups were: resulting mainly from the exports of - road vehicles - $ 462.9 million agricultural products (cereals and - electrical machines and apparatus - $ 215.6 million produces thereof and various sorts - cereals and produces thereof - $ 198.6 million of drinks), as well as exports of - fruit and vegetables - $ 150.3 million footwear and various finished - non-ferrous metals - $137.8 million. These five sections accounted for 37.3% of the products. Regarding imports, items overall exports. mainly related to iron and steel, hard coal and briquettes, as well as The most imported product groups were electricity. Serbia’s exports in the - road vehicles $ 446.0 million mentioned period amounted to $ - natural gas $ 256.2 million 516.7 million, while the imports were - oil and oil derivatives $ 213.3 million $ 172.2 million. The export– import - electrical machines and apparatus $ 163.7 million ratio equaled 300.1 %. - medical and pharmaceutical products $ 143.7 million. These five sections accounted for 28.1% of the overall imports. www.brussels-in-serbia.com Page 3 Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2015 Export from Belgium to Serbia for the period of January – December 2014 rose 8.4% to €285.2 million, while the value of exports from Serbia to Belgium rose 24.7% to €160 million SERBIA BELGIUM (EXPORT – IMPORT January- March 2015) in € 000 Index 14/15 Export Import Export Import The most exported products to TOTAL (JANUARY –MARCH 2015 ) 36053 84611 85.6 108.7 Belgium from Serbia in the 0 LIVE STOCK AND FOOD period January-March of 2015 0 Live stock - 24 - 56.4 were 1 Meat and Meat preparations - 75 - 31.2 - 304 - 252.7 - 2 Fish and seafood 4 Grains and products 116 134 - 73.4 5 Vegetables and fruits 5817 1293 86.7 118.3 6 Sugar, sugar products and honey - 214 - 61.9 7 Coffee, tea, cocoa and spices - 342 - 77.5 8 Cattle feed (except wheat in granules) 126 522 37.5 157.8 9 Different products for feeding 574 477 125.5 153.4 1 BEVERAGES AND TOBACCO 11 Beverages 20 155 - 494.7 12 Tobacco and tobacco products 6570 5139 85.1 86.3 2 RAW MATERIALS EXCEPT FUELS 22 Oiling seeds and fruits 61 1 1.9 * 23 Raw caoutchouc - 350 - 43.4 24 Cork and wood 104 166 54.7 177.7 26 Textile fibers and droppings - 1591 - 294.3 27 Raw fertilizers and minerals 0 2 - 12.9 29 Animal and herbal raw materials 10 2528 153.5 96.9 3 MINERAL FUELS AND LUBRICANTS 32 Coal - 4 - 46.6 33 Oil and oil derivate 0 1120 - 112.6 34 Gas, natural and industrial - 0 - 4.3 4 ANIMAL AND HERBAL OILS AND GREASES 41 Animal and herbal oils and fats - 12 - 10.6 42 Animal and herbal oils and fats, solid 1 - - - 5 CHEMICAL PRODUCTS 51 Organic chemical products - 1163 - 87.3 www.brussels-in-serbia.com Page 4 Republic of Serbia and Republic of Montenegro – NEWSLETTER June 2015 5 96 - 40.5 52 Non-organic chemical products 53 Products for coloring - 523 - 78.6 54 Medical and pharmaceutical products 3327 6843 227.5 65.1 Etheric oils, perfumes, and toilet The most imported to Serbia from 55 products 454 713 352.1 77.4 Belgium in 01-03 2015 period were 56 Fertilizers (except raw ones) - 54 - 12.3 57 Plastic materials in primary shapes 184 7296 59.7 103.7 58 Plastic mass in other shapes 79 584 62.0 126.7 Chemical materials and products, 59 unmentioned 164 4746 166.3 70.5 61 Leather, products of leather and fur 586 3 - 228.4 62 Caoutchouc products 362 389 83.7 82.8 63 Products of cork and wood 979 146 69.2 133.0 Paper, cardboard and cellulose 64 products 352 319 153.7 52.7 65 Fibers, textiles, and textile products 3740 1833 105.5 83.1 66 Products of nonmetal minerals 7 312 21.8 89.7 67 Steel and iron 1793 1316 534.4 97.7 68 Non-ferrous metals 1725 798 250.1 285.9 69 Metal products, non-mentioned 1821 589 112.9 133.2 7 MACHINES AND TRANSPORT DEVICES 71 Driving machines and devices 7 635 9.1 * Special machines