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Croatia's exports up 20.6% in Jan-Feb 2017 

10.05.2017  11:08
Croatian commodity exports increased by 20.6% in the first two months of 2017 compared with the same period of 2016, while imports rose by 10.7%, according to data released by the National Bureau of Statistics (DZS) on Tuesday.

The DZS thus revised its initial estimates released last week when it projected that in the first two months of this year exports increased by 19.2% and imports by 7.4%.

According to the new, provisional data, in the first two months of 2017 Croatia exported HRK 15.64 billion worth of commodities and imported 23.6 billion.

The trade deficit was reduced by 4.6% to HRK 8 billion, while coverage of imports by exports reached 66.1%, an increase of 5.4 percentage points compared with February 2016.

Viewed in euros, exports recorded even stronger growth, of 22.7% to EUR 2.08 billion, while imports rose by 12.6% to EUR 3.15 billion. The trade deficit was EUR 1.06 billion, nearly 3% less than for the first two months of 2016.

Croatia's most important trading partners were EU countries, which accounted for 65% of exports and 80% of imports. Exports to EU countries reached EUR 1.35 billion, as much as 17.1% more than at the end of February 2016, while imports went up by 9.6% to EUR 2.5 billion.

In the first two months of 2017, Croatia mostly exported to Germany -- EUR 254.6 million worth of commodities, up 15.5% year on year, while imports from Europe's largest economy rose by 7.5% to EUR 491.2 million.

Croatian exports to Italy totalled EUR 263.67 million, an increase of 11.2% over 2016, while imports from Italy increased by 7.6% to EUR 410 million. Croatia's third strongest trading partner was Slovenia, to which it exported EUR 234.6 million worth of commodities, up 9.5%, and imported EUR 341.8 million, up 12.2%.

Croatia recorded the highest increase in exports to Hungary, of as much as 60.4% to EUR 82.75 million, while at the same time imports from this country rose by 18.8% to EUR 281.4 million.

Exports to Central European Free Trade Agreement (CEFTA) countries rose by 30.9% to EUR 335.9 million, while imports from these countries increased by 27.5% to EUR 195.8 million.

Broken down by activity, the highest increases in exports were registered by the oil production sector, of 83.3% to EUR 89.3 million, and the pharmaceutical industry, of 82% to EUR 220.7 million.

The largest decreases were recorded in exports of finished metal products (-13.1% to EUR 124.7 million), tobacco products (-12.9% to EUR 3.3 million) and textiles (-0.5% to EUR 25.6 million).

The highest increase in imports was observed in mining and quarrying ( 131.1% to EUR 170.8 million), and the largest decrease in production of other means of transport (-26%.8% to EUR 27.5 million).

Source: HINA