REGIONAL COOPERATION AND ECONOMIC INTEGRATION
REGIONAL COOPERATION AND ECONOMIC INTEGRATION
REGIONAL COOPERATION AND ECONOMIC INTEGRATION
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PART II:<br />
Total Croatian export to the CEFTA members reached 3.3 billion USD in 2008. In<br />
comparison with 2007, when total export to CEFTA was around 2.8 billion USD, this<br />
is an increase of about 20.8 percent. On the other hand, total Croatian import from the<br />
CEFTA members in 2008 was around 1.5 billion USD. The import rose 18.8 percent in<br />
comparison with 2007, when it amounted to 1.3 billion USD. Croatia has the largest surplus<br />
in merchandise trade with Bosnia and Herzegovina. In 2008 it amounted to 1.4 billion<br />
USD. From 2002 to 2008, total surplus was 5.9 billion USD. Bosnia and Herzegovina is<br />
for Croatia the second most important merchandise export destination, first being Italy<br />
-from 2001 to 2008 total export to Italy amounted to 15 billion USD, whereas total export<br />
to Bosnia and Herzegovina was around 9.8 billion USD. Croatia ranks as first among trade<br />
partners concerning both exports and imports from and to Bosnia and Herzegovina (in<br />
period 2001-2008, Croatian shares in Bosnia and Herzegovina’s exports and imports were<br />
17.9 and 17 percent, respectively). According to Croatian Chamber of Economy data, the<br />
most important Croatian export product to Bosnia and Herzegovina in 2008 is crude oil and<br />
oils derived from bitumen minerals (30 percent of export) and the most important Bosnian<br />
and Herzegovinian exports are crude aluminum (18.5 percent of exports to Croatia) and<br />
electric energy (7.3 percent). Another significant surplus in merchandise trade is realized<br />
in trade with Serbia. In 2008 it amounted to 350 million USD. Crude oil and oils derived<br />
from bitumen minerals and polymers ethylene in primary forms are major Croatian export<br />
products to Serbia in 2008, whereas flat-rolled iron products or non-alloy steel and electric<br />
power are the most frequent commodity imported from Serbia. The surplus in merchandise<br />
trade is also realized in trade with Montenegro and Albania. In 2008, Croatian export to<br />
Montenegro (187 million USD) was 26.4 times higher than Montenegrin export to Croatia (7<br />
million USD). Among CEFTA members, the smallest import to Croatia was from Albania.<br />
In 2008 it amounted to 4.8 million USD and Croatian export was around 44.8 million<br />
USD, thus making a surplus in merchandise trade with Albania of 39.6 million USD. The<br />
major Croatian export products to Albania in 2008 are articles of iron and steel (excluding<br />
prefabricated articles) and stranded wire, cables, plaited bands and the like, while major<br />
Albanian exports to Croatia are footwear with outer soles of rubber and plastics, corn<br />
and plants and parts of plants (including seeds and fruits). The only two counties that<br />
record surplus in merchandise trade with Croatia in 2008 are Macedonia and Moldova.<br />
The deficit with Macedonia was 135 million USD, while the deficit with Moldova was<br />
significantly smaller and it amounted to 6.7 million USD. In 2008 a half of Macedonian<br />
exports to Croatia were iron or steel flat-rolled products. On the other hand, major export<br />
products from Croatia to Macedonia include electrical machinery, equipment and parts<br />
thereof (7.8%), edible products (6.2%) and soaps and cleaning preparations (6.2%).Unlike<br />
the “old” CEFTA, which was composed of developed transition countries, now members<br />
of the EU, the “new” CEFTA gathers countries of Western Balkans plus Moldova. “New”<br />
CEFTA has proved to be a successful experiment for Croatian companies, since it has<br />
opened a market with around 28 million potential consumers to them. Statistics show a<br />
steady growth of foreign trade with CEFTA member states. As already mentioned above,<br />
the most significant merchandise trade of Croatia is realized with Serbia and Bosnia and<br />
Herzegovina. Trade with other members of CEFTA is still relatively small. Apart from the<br />
regime of free trade, one of the possible explanations for such good results in merchandise<br />
trade with “new” CEFTA is a much smaller competition on the markets of this integration,<br />
compared to the markets of Western Europe. Nevertheless, experts point out that all this<br />
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