MAT: Value of External Trade in Serbia Lowered in December for Ninth Consecutive Month

The value of external trade in Serbia in December last year dropped for the ninth month in a row, observed year-on-year, according to the new issue of the monthly publication Macroeconomic Analyses and Trends (MAT).

– The value of the goods export stagnated at the level which in the previous eight months had ranged from EUR 2.35 billion a month to EUR 2.4 billion, whereas the trend of goods import and deficit is moderately growing – point out the experts at MAT.

It is added that, following fourteen consecutive months, in October, November and December of 2023, the value of the index of the real turnover surpasses the average value of the real turnover from last year. The real value of the turnover of goods in retail in December reached the highest level since it had been measured that way, and the available series of data, as said, goes back to January 2005.

The gross domestic product (GDP) of Serbia in the fourth quarter of 2023 was higher 3.8% y-o-y, which matches the projected GDP growth of 2.5% on the level of the whole year.

In December 2023, industrial production increased 1.7% y-o-y and 2.5% in the whole year.

– That surpassed our expectations, because the industry, in the second half of the year, was mostly pushed by the activity of the manufacturing sector, which, despite the geopolitical shocks and external restrictions, once again displayed considerable adaptability and resilience – the experts pointed out.

They pointed out that the slowing down of the inflation produced positive effects on the y-o-y calculation of the real salaries, which increased 6.3% in November.

The inflation dropped both month-on-month and year-on-year in December 2023. In November and December 2023, a m-o-m inflation of 0.5% and 0.1% respectively was recorded, as well as a y-o-y inflation of 8% and 7.6%.

Ekonomski Institut a.d. Beograd

external trade

inflation

industrial production

goods turnover

GDP

gross domestic product

export

import

real turnover index