Serbia-Russia trade boosted by 22 percent

The total value of the exchange of goods and services between Serbia and Russia came close to USD 3.3 billion in 2011 and is up by 22 percent against the previous year, President of the Serbian Chamber of Commerce (SCC) Milos Bugarin said in Moscow.

Serbia's exports grew about 49 percent, reaching the nominal value of USD 795.7 million, while imports rose about 16 percent to nearly USD 2.5 billion, Bugarin said at Prodexpo food exhibition, in which Serbian companies participate thanks to the support of the SCC.

Serbia's trade deficit with Russia amounts to USD 1.7 billion, but without fuels that account for 70 percent of Serbia's imports, the exchange of goods and services between the two countries would be in balance, said Bugarin.

A total of 648 Serbian companies export their products to the Russian market, while 565 import goods and services from that country.