Country risk of FYROM : International trade

FYROM is an open economy, highly integrated into the international trade, with a total trade-to-GDP ratio of over 100%. It became a member of WTO (World Trade Organization) in April 2003. Following a cooperation agreement with the EU, FYROM signed a Stabilization and Association Agreement in April 2001, which concedes the country duty-free access to European markets. Lastly, since 2006 the country is also a membor of the Central European Free Trade Agreement (CEFTA), generally considered as the antechamber of the EU.

Its main customers are Serbia (nearly 24% of exports), Germany (over 15%), Greece (over 10%), but also Italy and Bulgaria. FYROM main exports are clothing, textiles, iron, steel, shoes and tobacco.

Its main suppliers are Germany (10.3%), Russia (9.8%), Greece (8.7%), Serbia (8.1%) and Italy (7.2%). FYROM mainly imports hydrocarbons, iron and steel, machinery, and food.

Due to the effects of the crisis, the country’s trade deficit became deeper.  As a matter of fact, the money transfers from the population living abroad which partly financed this imbalance since these transfers were greatly reduced.