Country Report Macedonia
- ID: 2123793
- November 2015
- Region: Macedonia
- 28 Pages
- The Economist Intelligence Unit
The trade deficit stood at US$1.35bn in the first nine months of the year, a contraction from US$1.73bn in the year-earlier period.
Imports stood at US$4.65bn in January-September, down from US$5.43bn in the year-earlier period. Macedonia exported US$3.3bn of merchandise goods, down from US$3.7bn in the first nine months of last year. Exchange-rate movements, especially the strengthening of the US dollar against the denar and the euro, have had a significant impact on external trade values this year. In euro terms, imports were worth EUR4.18bn, an increase of 4.2% year on year, while exports rose to EUR2.96bn, an increase of 8.3%. The trade deficit was essentially stable at EUR1.21bn in the first nine months of 2015, compared with EUR1.27bn a year earlier.
Import growth has been curtailed by low international oil prices. In the first nine months of the year imports of mineral fuels and lubricants fell by 35.7% in US dollar terms. Such imports comprised 11% of total imports this year, down from 15% a year earlier. We expect full-year mineral fuels and lubricants imports to contract this year, before growth resumes next year as oil prices start to rise gradually.