Export in Bosnia and Herzegovina – An Overview of the Country’s Top Exports
Bosnia and Herzegovina is a country located in the Balkans region of Europe, and it has a diverse and growing economy. The country’s export sector is an important driver of its economic growth, and it has been steadily increasing over the past few years. In this article, we will explore the country’s top exports and the factors that contribute to its export success.
Bosnia and Herzegovina’s top exports include metals, wood and wood products, textiles and clothing, and machinery and transport equipment. The country is also a significant exporter of food and live animals, as well as mineral fuels and oils. In 2020, the total value of Bosnia and Herzegovina’s exports amounted to approximately $6.3 billion, an increase of 1.7% from the previous year.
The country’s favorable geographical location, as well as its business-friendly environment, has contributed to its success in the export sector. Bosnia and Herzegovina is strategically located at the crossroads of Europe and the Middle East, and it has access to major markets in Europe, Asia, and the Middle East. The country is also a member of the Central European Free Trade Agreement (CEFTA) and has a network of free trade agreements with other countries, including Turkey and the United States.
In addition to its favorable location, Bosnia and Herzegovina has a business-friendly environment that supports export growth. The country has simplified its export procedures, reduced trade barriers, and introduced incentives to encourage export-oriented industries. The government has also established export promotion agencies to help businesses with export-related activities, such as market research, trade fairs, and exhibitions.
The COVID-19 pandemic had a significant impact on Bosnia and Herzegovina’s export sector, as it did with many other countries. The country’s exports experienced a decline in 2020 due to the pandemic, with a decrease of 11.3% compared to the previous year. However, the country’s export sector is expected to recover in the coming years, as the global economy begins to bounce back.
In conclusion, export is an essential component of Bosnia and Herzegovina’s economy, with significant contributions from its top exports of metals, wood and wood products, textiles and clothing, and machinery and transport equipment. The country’s strategic location, business-friendly environment, and network of free trade agreements have contributed to its export success. Despite the challenges brought about by the pandemic, Bosnia and Herzegovina’s export sector remains a vital part of its economic growth and is expected to continue to grow in the future.
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