That dollar amount results from a 40.3% increase compared to $6.6 billion 5 years earlier in 2019.
Year over year, the value of total exports from Bosnia and Herzegovina fell by -4.6% compared to $9.7 billion starting from 2022.
Based on the average exchange rate for 2023, the Bosnia-Herzegovina convertible mark depreciated by -3.6% against the US dollar since 2019 but rose 2.7% from 2022 to 2023. Bosnia and Herzegovina’s weaker local currency versus 2019 made its exports paid for in stronger US dollars relatively less expensive for international buyers.
Bosnia and Herzegovina’s Major Trading Partners
The latest available country-specific data shows that 73.3% of products exported from Bosnia and Herzegovina was bought by importers in: Germany (16% of the Bosnian/Herzegovinian total), Croatia (15.3%), Austria (10.3%), Italy (8.7%), Slovenia (8.1%), Montenegro (4.1%), Netherlands (2.5%), France (2%), Hungary (1.7%), Türkiye (1.6%), Switzerland (1.5%) and Poland (1.4%).
From a continental perspective, 94.0% of Bosnia and Herzegovina’s exports by value was delivered to European countries while 3.7% was sold to importers in Asia. Bosnia and Herzegovina shipped another 1.7% worth of goods to buyers in North America.
Tinier percentages went to Africa (0.5%), Latin America (0.11%) excluding Mexico but including the Caribbean, then Oceania’s Australia and New Zealand only (0.05%).
Given Bosnia and Herzegovina’s population of 3.5 million people, its total $9.23 billion in 2023 exports translates to roughly $2,700 for every resident in the Southeastern European nation. That dollar metric lags the average $2,800 per capita one year earlier during 2022.
Bosnia and Herzegovina’s Top 10 Exports
The following export product groups represent the highest dollar value in Bosniak and Herzegovinian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Bosnia and Herzegovina.
- Mineral fuels including oil: US$878.8 million (9.5% of total exports)
- Electrical machinery, equipment: $785.9 million (8.5%)
- Machinery including computers: $728.2 million (7.9%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $722.1 million (7.8%)
- Articles of iron or steel: $677.9 million (7.3%)
- Wood: $541.6 million (5.9%)
- Aluminum: $474.1 million (5.1%)
- Inorganic chemicals: $463.6 million (5%)
- Footwear: $450.2 million (4.9%)
- Plastics, plastic articles: $429.9 million (4.7%)
Bosnia and Herzegovina’s top 10 export product categories generated roughly two-thirds (66.7%) of the overall value of its global shipments.
Machinery including computers represent the fastest grower among the top 10 export categories, up by 14.7% from 2022 to 2023.
The other growth export product category was electrical machinery and equipment via a 12.1% advance.
The leading decliner among Bosnia and Herzegovina’s top 10 export categories was aluminum, recording a -44.5% year-over-year reduction.
At the more granular four-digit Harmonized Tariff System (HTS) code level, Bosnia and Herzegovina’s most valuable export products are electrical energy (6.3% of the country’s global total), insulated wire or cable (4%), miscellaneous iron and steel structures (3.6%), chairs or seats (3.5%), miscellaneous furniture (2.7%), automobile parts or accessories (2.5%), sawn wood (2.4%), carbonates and percarbonates (2.3%), insole and heel cushions (also 2.3%), then plastic builders’ items (2%).
Products Behind Bosnia and Herzegovina’s Best Trade Surpluses
The following types of Bosniak and Herzegovinian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Furniture, bedding, lighting, signs, prefab buildings: US$513.9 million (Down by -9% since 2022)
- Inorganic chemicals: $408.6 million (Down by -4.3%)
- Wood: $297.8 million (Down by -17.1%)
- Articles of iron or steel: $239.2 million (Down by -23.2%)
- Footwear: $238 million (Up by 0.5%)
- Arms, ammunition: $162.5 million (Up by 34.5%)
- Ores, slag, ash: $43.5 million (Up by 12.8%)
- Umbrellas, walking-sticks: $18.6 million (Up by 9.1%)
- Explosives, pyrotechnics, matches: $17.6 million (Up by 55.8%)
- Clothing, accessories (not knit or crochet): $15.2 million (Up by 357.7%)
Bosnia and Herzegovina generated highly positive net exports in the international trade of furniture and prefabricated buildings. In turn, these cashflows indicate Bosnia and Herzegovina’s strong competitive advantages under the furniture, bedding, lighting, signs and prefabricated buildings product category.
Products Causing Bosnia and Herzegovina’s Worst Trade Deficits
Bosnia and Herzegovina incurred an overall -US$6.1 billion trade deficit during 2023, expanding by 7.3% from -$5.7 billion in red ink one year earlier.
Below are exports from Bosnia and Herzegovina that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Bosnia and Herzegovina’s goods trail Bosniak and Herzegovinian importer spending on foreign products.
- Mineral fuels including oil: -US$1.2 billion (Down by -26.7% since 2022)
- Vehicles: -$826.4 million (Up by 45.7%)
- Machinery including computers: -$595.4 million (Up by 27.4%)
- Pharmaceuticals: -$385.5 million (Up by 9.8%)
- Plastics, plastic articles: -$361.9 million (Down by -15.2%)
- Electrical machinery, equipment: -$279.5 million (Up by 47.6%)
- Meat: -$261.8 million (Up by 27.1%)
- Iron, steel: -$256 million (Down by -7.4%)
- Beverages, spirits, vinegar: -$248.3 million (Up by 22.2%)
- Miscellaneous food preparations: -$208.4 million (Up by 10.3%)
Bosnia and Herzegovina posted highly negative net exports and therefore deep international trade deficits for mineral fuels-related products notably petroleum oils, coal and petroleum gases.
These cashflow deficiencies clearly indicate Bosnia and Herzegovina’s competitive disadvantages in the international mineral fuels market, but also represent key opportunities for Bosnia and Herzegovina to improve its position in the global economy through focused innovations.
Bosniak and Herzegovinian Export Companies
Not one Bosniak and Herzegovinian corporation ranks among Forbes Global 2000.
Wikipedia does list exporters from Bosnia and Herzegovina. Selected examples are shown below.
- Agrokomerc (food)
- Aluminij d.d. Mostar (aluminum)
- Energopetrol (oil, gas)
- Sarajevska pivara (beer, soft drinks, water)
- Telekom Srpske (internet services)
In macroeconomic terms, Bosnia and Herzegovina’s total exported goods represent 13% of its overall Gross Domestic Product for 2023 ($70.8 billion valued in Purchasing Power Parity US dollars). That 13% for exports to overall GDP in PPP for 2023 compares to 15.1% one year earlier. Those percentages indicate a relatively decreasing reliance on products sold on international markets for Bosnia and Herzegovina’s total economic performance, albeit based on a short timeframe.
The Bosnia-Herzegovina unemployment rate averaged 13.2% for 2023, down from an average 15.386% one year earlier in 2022.
Bosnia and Herzegovina’s capital city is Sarajevo.
See also Germany’s Top Trading Partners, Croatia’s Top 10 Exports, France’s Top 10 Exports and European Union’s Top 10 Exports
Research Sources:
Central Intelligence Agency, Country Profiles, The World Factbook. Accessed on November 19, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 19, 2024
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on November 19, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on November 19, 2024
International Trade Centre, Trade Map. Accessed on November 19, 2024
Investopedia, Net Exports Definition. Accessed on November 19, 2024
Wikipedia, Gross domestic product. Accessed on November 19, 2024
Wikipedia, Bosnia and Herzegovina. Accessed on November 19, 2024
Wikipedia, List of Companies of Bosnia and Herzegovina. Accessed on November 19, 2024
Wikipedia, Purchasing power parity. Accessed on November 19, 2024