GDP drops by 1.1 percent in Q2, trade deficit down

GDP drops by 1.1 percent in Q2, trade deficit down

At the same time, it was announced that Serbia's foreign trade deficit registered a year-on-year decline of 13.7 percent to USD 2.73 billion in the period from January to June, while the import/export ratio increased to 73.5 percent from the last year's 67.2 percent.

In the first half of 2014, Serbia's foreign trade totaled USD 17.85 billion, reflecting a year-on-year rise of 10.7 percent.

Serbia exported the goods worth USD 7.56 billion in total, which is an increase of 16.6 percent, and imported the goods worth USD 10.29 billion, or 6.7 percent more than in the same period of 2013.

As regards exports, Serbia's main trading partners were Italy, Germany, Bosnia-Herzegovina, the Russian Federation and Romania, and when it comes to imports - Germany, Italy, the Russian Federation, China and Poland.

Serbia had "the most vibrant trade with the countries with which it has free trade agreements," the report noted.