With a population of about 3.5 million, Bosnia & Herzegovina is a small country in a difficult economic situation. BiH showed slow economic growth in recent years, but the Corona pandemic plunged the country into the biggest recession of the last 25 years. According to the IMF, GDP shrank by -5.5 % in 2020. The country has been facing important economic reforms for years, but they are politically blocked.
The country aspires to join the European Union and already applied for membership in 2016. However, before starting accession negotiations, the EU Commission identified 14 key areas, including in the areas of justice and public administration, in which the country must make progress beforehand.
In terms of BiH’s trade, the EU is the most important trading partner, accounting for 65% of total trade. Switzerland is in 13th place in bilateral trade exchange, with still great potential. Exports to Switzerland in 2020 were EUR 136.4 million (+11% compared to 2019) and imports from Switzerland were EUR 107.3 million (-52% compared to 2018). The most important export goods to Switzerland are primarily electricity, wood and wood products, ores, metals and metal products, and textiles. The main imports from Switzerland are machinery and electrical goods, followed by metals and metal goods, chemical products and pharmaceuticals.
RELEVANT INFORAMTIONS AND CONTACTS
Market informations Switzerland Global Enterprise: Economic report SECO, Business Guide, Legal provision
Country responsible Bosnia & Herzegovina at SEC: Irena Belcheva