BALKANS AND ECONOMIC COMPLEXITY

By Blerim Abedini, Institute for Security Studies and Development- North Macedonia (ISSDNM)

The Observatory of Economic Complexity is a tool that allows users to quickly compose a visual narrative about countries and the products they exchange. Since its creation in 2010, the development of The Observatory of Economic Complexity has been supported by The MIT Media Lab consortia. The product space is a network connecting products that are likely to be co-exported and can be used to predict the evolution of a country’s export structure.

Japan

The economy of Japan has an Economic Complexity Index (ECI) of 2.31 making it the 1st most complex country.

In 2017, Japan exported $694B and imported $632B. The top exports of Japan are Cars ($101B), Vehicle Parts ($34.9B), Integrated Circuits($26.5B), Machinery Having Individual Functions($22.6B) and Industrial Printers ($13.6B).

Its top imports are Crude Petroleum ($57.7B), Petroleum Gas ($37.1B), Broadcasting Equipment ($22.1B), Integrated Circuits ($21.8B) and Coal Briquettes ($19.5B).

 

Japan exports 349 products with revealed comparative advantage (meaning that its share of global exports is larger than what would be expected from the size of its export economy and from the size of a product’s global market).

North Macedonia

Macedonia is the 99th largest export economy in the world and the 70th most complex economy according to the Economic Complexity Index (ECI). In 2017, Macedonia exported $6.26B and imported $7.74B, resulting in a negative trade balance of $1.48B. In 2017 the GDP of Macedonia was $11.3 billion dollars. The top exports of Macedonia are Reaction and Catalytic Products ($1.31B), Centrifuges ($602M), Insulated Wire ($461M), Vehicle Parts ($236M) and Buses ($194M), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Platinum ($971M), Refined Petroleum($475M), Laboratory Ceramic Ware ($323M), Cars($194M) and Hot-Rolled Iron ($182M). The top export destinations of Macedonia are Germany ($2.7B), Serbia ($415M), Bulgaria($365M), the Czech Republic ($268M) and Greece($245M). The top import origins are Germany($960M), the United Kingdom ($795M), Greece($627M), Serbia ($578M) and China ($434M).

 

The economy of Macedonia has an Economic Complexity Index (ECI) of -0.29 making it the 70th most complex country. Macedonia exports 163 products with revealed comparative advantage.

Albania

In 2017, Albania exported $2.39B and imported $4.21B, resulting in a negative trade balance of $1.82B. In 2017 the GDP of Albania was $13B and its GDP per capita was $12.9k.

The top exports of Albania are Leather Footwear ($345M), Footwear Parts ($190M), Chromium Ore ($171M), Ferroalloys ($118M) and Crude Petroleum ($115M), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Cars ($231M), Refined Petroleum ($143M), Packaged Medicaments ($142M), ($104M) and Footwear Parts ($96.4M).

The top export destinations of Albania are Italy ($1.15B), China ($177M), Spain ($127M), France ($113M) and Germany ($111M). The top import origins are Italy ($1.28B), Turkey ($416M), Greece ($391M), Germany ($336M) and China ($311M).

 

The economy of Albania has an Economic Complexity Index (ECI) of -0.782 and exports 161 products with revealed comparative advantage. Albania is the 92nd most complex economy according to the Economic Complexity Index (ECI).

Greece

Greece is the 61st largest export economy in the world and the 55th most complex economy according to the Economic Complexity Index (ECI). In 2017, Greece exported $30.2B and imported $52.8B, resulting in a negative trade balance of $22.5B. In 2017 the GDP of Greece was $200B and its GDP per capita was $27.6k.

The top exports of Greece are Refined Petroleum ($8.16B), Packaged Medicaments ($1.3B), Aluminium Plating ($617M), Non-fillet Fresh Fish ($547M) and Pure Olive Oil ($515M), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Crude Petroleum ($7.76B), Refined Petroleum ($3.28B), Packaged Medicaments ($2.5B), Passenger and Cargo Ships ($1.53B) and Cars ($1.32B).

The top export destinations of Greece are Italy ($3B), Turkey ($2.08B), Germany ($2.08B), Cyprus ($1.74B) and Lebanon ($1.4B). The top import origins are Germany ($5.63B), Italy ($4.19B), Russia ($3.77B), Iraq ($3.25B) and China ($3.16B).

 

The economy of Greece has an Economic Complexity Index (ECI) of 0.126 making it the 55th most complex country. Greece exports 276 products with revealed comparative advantage.

Bulgaria

In 2017, Bulgaria exported $31B and imported $34.5B, resulting in a negative trade balance of $3.53B. In 2017 the GDP of Bulgaria was $58.2B and its GDP per capita was $20.9k.

The top exports of Bulgaria are Refined Petroleum ($2.04B), Refined Copper ($1.62B), Raw Copper ($1.21B), Wheat ($871M) and Packaged Medicaments ($812M), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Copper Ore ($3.05B), Crude Petroleum ($2.58B), Packaged Medicaments ($1.16B), Cars ($1.09B) and Refined Petroleum ($836M).

The top export destinations of Bulgaria are Germany ($4.37B), Turkey ($2.86B), Italy ($2.8B), Romania ($2.13B) and Greece ($1.81B). The top import origins are Germany ($3.9B), Russia ($3.59B), Romania ($2.28B), Turkey ($2.22B) and Italy ($2.21B).

Export destinations:

 

Bulgaria is the 59th largest export economy in the world and the 46th most complex economy according to the Economic Complexity Index (ECI).

Serbia

Serbia is the 71st largest export economy in the world and the 40th most complex economy according to the Economic Complexity Index (ECI).

The top exports of Serbia are Cars ($1.06B), Insulated Wire ($895M), Rubber Tires ($592M), Electric Motors ($391M) and Frozen Fruits and Nuts ($382M), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Crude Petroleum ($859M), Vehicle Parts ($718M), Packaged Medicaments ($669M), Refined Petroleum ($559M) and Cars ($539M).

The top export destinations of Serbia are Germany ($2.15B), Italy ($2.11B), Bosnia and Herzegovina ($1.24B), Russia ($1.03B) and Romania ($695M). The top import origins are Germany ($2.5B), Italy ($1.94B), China ($1.41B), Russia ($1.4B) and Hungary ($1.07B).

 

In 2017, Serbia exported $16.8B and imported $20.1B, resulting in a negative trade balance of $3.28B. In 2017 the GDP of Serbia was $41.4B and its GDP per capita was $15.4k.

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