• Analysis and Studies
• North Macedonia: a look at the market (1)

North Macedonia, which is a parliamentary republic, has a rich history: after centuries of being ruled by various empires and kingdoms (such as Macedonian, Byzantine, Ottoman empires), it became a republic within the Socialist Federal Republic of Yugoslavia in the 20th century, The disintegration of Yugoslavia led to North Macedonia's independence in 1991 but the country faced a prolonged name dispute with Greece, resolved in 2019 when it officially became the Republic of North Macedonia. Today, it is a NATO member and a candidate for European Union membership.

In 2022, North Macedonia was the 105^th in total exports with a trade of $9.52B and the 106^th in total imports with a trade of $13.1B.

North Macedonia has a high level of specialization in Reaction and Catalytic Products ($2.64B), Marble, Travertine and Alabaster ($50.7M), Buses ($228M), Raw Tobacco ($131M), and Lead Ore ($78.7M).

In 2022 the most exported products of North Macedonia were Reaction and Catalytic Products ($2.64B), Insulated Wire ($644M), Electricity ($553M), Motor vehicles; parts and accessories ($274M), and Seats ($268M), with Germany being the most significant destination (41.6%), ahead of Serbia (8.4%), Greece (7.18%), Bulgaria (4.65%), and Italy (3.23%).

North Macedonia exhibits a strong reliance on Germany, especially for high-value industrial products, while also maintaining varied trade relationships for other manufactured goods. This export pattern highlights North Macedonia's important position in the European automotive and industrial supply chains.

Additionally, it underscores regional trade dynamics with nearby countries; for example, a significant share of electricity exports is directed to Greece and Serbia, emphasizing cross-border energy trade in the Balkans.

1. Reaction and Catalytic Products (27.7%): 96.8% Germany, 1.79% United Kingdom, 0.73% Serbia
2. Insulated Wire (6.76%): 48.7% Germany, 16.3% Spain, 11.3% Slovakia, 5.31% Hungary, 1.9% Bulgaria, 1.79% Czechia, 1.18% Serbia, 1.09% Turkey, 0.98% Mexico
3. Electricity (5.81%): 77.3% Greece, 13.2% Serbia, 4.19% Luxembourg, 0.97% Hungary, 0.63% Bulgaria
4. Motor vehicles; parts and accessories (2.88%): 41.5% Germany, 25.8% Hungary, 8.67% Czechia, 5.08% Slovenia, 3.95% China, 2.67% United Kingdom, 1.62% United States, 1.53% Brazil, 1.28% Italy, 0.63% Serbia
5. Seats (2.81%): 28.6% Germany, 17% Slovakia, 12.3% Czechia, 8.87% Hungary, 7.65% United Kingdom, 2.06% Bulgaria, 1.25% Serbia, 0.42% Greece, 0.34% Australia 

Whereas the most imported product was Platinum with a trade of $1.44B, followed by Refined Petroleum ($1.2B), Electricity ($779M), Precious Metal Compounds ($510M), and Petroleum Gas ($348M), with United Kingdom being the major source (15.5%), ahead of Greece(13%), Germany (8.59%), Serbia (7.87%), and China (6.35%).

These data highlight a strong reliance on the United Kingdom for high-value materials, significant dependencies on Greece and Russia for energy supplies, and robust regional trade relationships particularly in the energy sector.

North Macedonia also strategically diversifies its import sources, including trade with China and Germany, to enhance economic stability and security.

1. Platinum (11%): 98.8% United Kingdom
2. Refined Petroleum (9.22%): 87% Greece, 8.08% Bulgaria, 0.91% Saudi Arabia, 0.84% Russia, 81% Serbia, 0.25% Germany
3. Electricity (5.96%): 33.2% Greece, 27.5% Bulgaria, 19.8% Serbia, 6.82% Luxembourg, 5.98% Hungary
4. Precious Metal Compounds (3.91%): 99.9% United Kingdom
5. Petroleum Gas (2.67%): 84.5% Russia, 4.76% Bulgaria, 3.11% Serbia, 1.61% Algeria, 1.28% Greece, 0.66% Kazakhstan

Between 2021 and 2022 the fastest growing exporter was Greece, with an increase of $430M, ahead of Germany ($112M) and Serbia ($100M).

1. Greece: from $253M to $683M
2. Germany: from $3.85B to $3.96B
3. Serbia: from $700M to $800M

Also for imports the country which saw a fastest growth was Greece, with an increase of $729M, followed by Russia ($229M) and China ($194M).

1. Greece: from $967M to $1.7B
2. Russia: from $157M to $386M
3. China: from $635M to $829M

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