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Price of sanctions to Russia - Serbian exporters lost millions of euros due to ruble decline
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Exporters to Russia have been suffering consequences due to ruble exchange rate fall which totals half the amount during the year.
Due to situation with Russia, Serbian companies as well which operate with that country have been generating losses. For some, ruble fall is the cause and for the others it is demand decrease. Dragoljub Vukadinovic, president of the Supervisory Board at Gornji Milanovac-based Metalac, says that due to ruble fall, they stopped selling goods at that market. They export when they receive advanced payment.
-Our annual sale in Russia was EUR 6 m but due to ruble exchange
rate we lost almost a million euros. The same goes for the situation in
Ukraine. – Vukadinovic says.
They are not planning ti close the company in Ukraine due to procedure they
were through to open it.
- Still, we will decrease the goods placement at the market by 40% - Vukadinovic says.
Sale of Sevojno-based Impol Seval is half the amount.
-Demand has decreased by 50%, and I am afraid higher decline will be in 2015. All exported products are too expensive – Ninko Tesic, GM at Impol Seval outlines for Blic.
Free trade agreement with Russia was an additional incentive for foreign investors’ arrival but it is not anymore.
