A country in Southeastern Europe situated on the Balkan Peninsula, Bosnia and Herzegovina shipped US$9.7 billion worth of products around the globe in 2022.

That dollar amount results from a 34.8% increase compared to $7.2 billion five years earlier in 2018.

Year over year, the value of total exports from Bosnia and Herzegovina grew by 12.4% compared to $8.6 billion during 2021.

Based on the average exchange rate for 2022, the Bosnia-Herzegovina convertible mark depreciated by -12.2% against the US dollar since 2018 and fell by -12.4% from 2021 to 2022. Bosnia and Herzegovina’s weaker local currency 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% of products exported from Bosnia and Herzegovina were bought by importers in: Croatia (14.9% of its global total), Germany (14.8%), Italy (11.2%), Austria (9.5%), Slovenia (7.9%), Montenegro (3.2%), Netherlands (2.3%), France (2.2%), Hungary (2%), Poland (1.9%), Türkiye (1.7%) and Switzerland (1.4%).

From a continental perspective, 94.2% of Bosnia and Herzegovina’s exports by value was delivered to European countries while 3.7% was sold to importers in Asia. Bosnia/Herzegovina shipped another 1.3% worth of goods to North America.

Tinier percentages went to Africa (0.6%), Latin America (0.05%) excluding Mexico but including the Caribbean, and Oceania’s (0.04%) Australia and New Zealand only.

Given Bosnia and Herzegovina’s population of 3.47 million people, its total $9.7 billion in 2022 exports translates to roughly $2,800 for every resident in the Southeastern European nation. That dollar metric exceeds the average $2,500 per capita one year earlier during 2021.

Bosnia and Herzegovina’s Top 10 Exports

The following export product groups represent the highest dollar value in Bosniak and Herzegovinian global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Bosnia and Herzegovina.

1. Mineral fuels including oil: US$965.8 million (10% of total exports)
2. Aluminum: $853.9 million (8.8%)
3. Furniture, bedding, lighting, signs, prefabricated buildings: $754.6 million (7.8%)
4. Articles of iron or steel: $723.1 million (7.5%)
5. Electrical machinery, equipment: $701.2 million (7.2%)
6. Machinery including computers: $635 million (6.6%)
7. Wood: $633.1 million (6.5%)
8. Inorganic chemicals: $524.3 million (5.4%)
9. Footwear: $452.4 million (4.7%)
10. Plastics, plastic articles: $434 million (4.5%)

Bosnia and Herzegovina’s top 10 exports accounted for over two-thirds (69%) of the overall value of its global shipments.

Aluminum was the fastest grower among the top 10 export categories, up by 51.3% from 2021 to 2022.

In second place for improving export sales were inorganic chemicals via a 32.2% upturn.

Bosnia and Herzegovina’s shipments of mineral fuels including oil posted the third-fastest advance in value, up by 31.4%. That gain was propelled by higher revenues from exported electricity, coke and semi-coke, then processed petroleum oils.

The lone decliner among Bosnia/Herzegovina’s top 10 export categories was furniture, bedding, lighting, signs and prefabricated buildings. That product category was dragged down by a -0.03% year-over-year drop.

At the more granular four-digit Harmonized Tariff System (HTS) code level, Bosnia and Herzegovina’s most valuable export products are electrical energy (6.1% of the country’s global total), unwrought aluminum (4.9%), chairs or seats (3.5%), miscellaneous iron and steel structures (also 3.5%), insulated wire or cable (3.4%), sawn wood (2.9%), miscellaneous furniture (2.6%), coke and semi-coke (2.5%), insole and heel cushions (2%), then automobile parts or accessories (1.9%).

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.

1. Furniture, bedding, lighting, signs, prefab buildings: US$564.5 million (Down by -1.5% since 2021)
2. Inorganic chemicals: $426.9 million (Up by 21.9%)
3. Wood: $359.2 million (Up by 0.8%)
4. Articles of iron or steel: $311.3 million (Up by 39.2%)
5. Footwear: $236.9 million (Up by 1.9%)
6. Arms, ammunition: $120.8 million (Down by -9.4%)
7. Ores, slag, ash: $38.5 million (Down by -7.5%)
8. Umbrellas, walking-sticks: $17 million (Up by 22.7%)
9. Aluminum: $13.2 million (Down by -75.8%)
10. Explosives, pyrotechnics, matches: $11.3 million (Down by -8.1%)

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 -$5.7 billion trade deficit during 2022, expanding by 29.2% from -$4.4 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.

1. Mineral fuels including oil: -US$1.6 billion (Up by 92% since 2021)
2. Vehicles: -$567.3 million (Down by -2%)
3. Machinery including computers: -$467.4 million (Up by 5.1%)
4. Plastics, plastic articles: -$426.7 million (Up by 1.7%)
5. Pharmaceuticals: -$351 million (Down by -10.1%)
6. Iron, steel: -$276.6 million (Up by 288.3%)
7. Meat: -$206 million (Up by 14.7%)
8. Beverages, spirits, vinegar: -$203.2 million (Up by 9.3%)
9. Electrical machinery, equipment: -$189.4 million (Up by 63.8%)
10. Miscellaneous food preparations: -$189 million (Up by 3.5%)

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 15.1% of its overall Gross Domestic Product for 2022 ($64.1 billion valued in Purchasing Power Parity US dollars). That 15.1% for exports to overall GDP in PPP for 2022 compares to 15.5% 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 17.3% for 2022, down from an average 17.4% one year earlier in 2021.

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 April 22, 2023

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 22, 2023

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on April 22, 2023

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 22, 2023

International Trade Centre, Trade Map. Accessed on April 22, 2023

Investopedia, Net Exports Definition. Accessed on April 22, 2023

Wikipedia, Gross domestic product. Accessed on April 22, 2023

Wikipedia, Bosnia and Herzegovina. Accessed on April 22, 2023

Wikipedia, List of Companies of Bosnia and Herzegovina. Accessed on April 22, 2023

Wikipedia, Purchasing power parity. Accessed on April 22, 2023