Serbia's exports to the Russian market in the first half of the current year amount to USD 471 million and are higher by 24.1% compared to the corresponding period of 2016 and expected to exceed a billion dollars by the end of 2017, the Chamber of Commerce of Serbia reported on September 12.
The products heading the list of Serbia's exports to the Russian market in the first half of 2017 are fresh apples, strawberries, cherries, sour cherries, stockings, paper and cardboard, medical drugs, pneumatic outer tires, centrifugal pumps and aluminum products.
Regarding the export of food products from Serbia, a growth was realized in the export of fruit (11%), dairy (6.5%), vegetables (10.5%), meat and meat products (by as much as 186%) and drinks (36%), said Dejan Delic, director of the CCIS office in Russia.
As added, imports from the Russian Federation in the January-June period grew by 1.6%. The import of goods amounted to USD 809.4 million, primarily consisting of raw petroleum, natural gas, aluminum, iron ore and refined copper wires. The total trade between Serbia and Russia amounted to nearly USD 1.3 billion in the first half of the year.
The press release also says that the Russian Federation is Serbia's third biggest trade partner and that the export of Serbian products to the Russian market is characterized by a starting, price and competitive advantage in comparison to other imported products thanks to a unique preferential trade agreement and duty-free export to the market of over 144 million residents.
The significance of the results of Serbian export to Russia is that much greater given the distance of over 2,200 kilometers, which doesn't limit the demand, despite the high transportation costs and the impact on the final price of a product, as Serbian products are valued and recognized as quality products with loyal customers. The trend, as businessmen estimate, should be maintained and the cooperation should be enhanced, as the potential has not yet been fully used, adds the CCIS press release.