Croatia has recorded a 5.3% increase in exports in the first five months of this year compared to the same period last year, reaching a value of 10.2 billion euros. Exports to EU countries rose by 5.9%, while exports to non-EU countries increased by 4.1%. However, imports only grew by 0.5%, reaching 18.2 billion euros, resulting in a foreign trade deficit of 8 billion euros. The coverage of imports by exports stands at just 56.1%, meaning Croatia still imports significantly more than it exports.
These figures show that although exports are on the rise, imports still dominate, which could be a problem for the country’s economy. Interestingly, imports from EU member states fell by 2.7%, while imports from non-EU countries surged by 13.2%. This points to shifts in trade flows and potential challenges for domestic production.
Despite positive export trends, the foreign trade deficit remains a major challenge. Croatia needs to find ways to boost the competitiveness of its products on the international market and reduce its dependence on imports. Whether this situation will change in the coming months remains to be seen, but it is clear that the economy is not yet balanced.
Got thoughts on these numbers? Think this is just the start of big changes? Drop a comment and share your take on Croatia’s economy today!
