Bosnia and Herzegovina is a small open economy in which foreign trade is extremely important for its economic development. Bosnia and Herzegovina is a signatory to numerous agreements on free trade CEFTA, EFTA, Interim Agreement on trade and trade issues between the European Community, on the one hand, and Bosnia and Herzegovina, on the other, member states, the agreement on free trade between Bosnia and Herzegovina and the Republic of Turkey, Islamic Republic of Iran, etc.
In the given economic circumstances, Bosnia and Herzegovina is becoming more attractive for buyers of goods in various ways.
Bosnia and Herzegovina recorded better results in the field of foreign trade in the first six months of 2022 than the year before. For a decade, exports increased by around five billion KM.
Also, the building of domestic capacities, the competitiveness of domestic companies put us in a position to rank among the priorities in supply chains, of course we are talking about what we have, and this resulted in over 3.2 billion KM in increased exports in the first 11 months of this year compared to the same period last year. The fact that over 72 percent of exports from Bosnia and Herzegovina go to EU countries best speaks of the competitiveness of Bosnia and Herzegovina. company. BiH products are first of all competitive from the aspect of quality, they are of high quality, and then they can impose themselves on the global market in terms of price, and certainly BiH can be proud of our metal sector, wood sector, because furniture from BiH regularly receives gold medals and plaques at fairs in Germany. Our leather, textile and footwear industries are recording constant growth, our processing capacities are fully oriented towards export.
The metal sector is traditionally the sector in which Bosnia and Herzegovina achieves the largest export to the world. The metal sector is most likely the most promising sector, but we should not ignore all other sectors, which are also very promising, such as the wood industry, furniture production where we are achieving better and better results, then textiles, leather, footwear, the food sector, the IT sector, dedicated industry, etc. These are companies that are spread throughout Bosnia and Herzegovina and that record serious results.