Tuesday, April 01, 2008

Macedonia’s Trade Deficit Rises

Macedonia’s foreign trade deficit reached around $180 million in January, nearly 45% more than the same month last year, the State Statistical Office said Monday.

The data shows the main reason for this is increased demand for unrefined oil, vehicles and electricity.

The total export of goods in January were valued at nearly $270 million while imports were around $450 million.

This means the country’s exports are worth only 59% of imports.

During the same period, overall foreign trade rose by more than 32%, the Statistical Office added.

As socialist Yugoslav-era factories have been rejuvenated, Macedonia’s main export products in recent years have been nickel, iron, and steel.

The country has also been a traditional exporter of clothes, tobacco and wine.

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