Bosnia and Herzegovina’s Surprising Export Performance : Back to the Past in a New Veil but Will It Last?

Kaminski, Bartlomiej; Ng, Francis

Bosnia and Herzegovina’s Surprising Export Performance : Back to the Past in a New Veil but Will It Last?

Autores

Descripción

Bosnia and Herzegovina's industrial restructuring, as seen through the lenses of foreign trade performance and its sustainability, has taken off. Bosnia and Herzegovina s exports have displayed strong dynamics outstripping the pace of growth of exports in almost each year over 1997-2007 combined with the shift to higher value added exportables. Although its performance during the period 1996-2000 following the end of war in late 1995 was not surprising, given relatively low foreign direct investment inflows and weaknesses in the investment climate, its subsequent export performance has come as a surprise. Industrial restructuring, as revealed in the pattern of exports, consisted in rebuilding and modernizing the pre-independence industrial base built around wood products, metalworking, clothing, and automotive products. Although exports still remain relatively low in terms of both per capita and gross domestic product in comparison with other Balkan economies, there has been significant change in their composition, indicating a growing presence of more processed manufactures and the participation of local firms in global networks of production and distribution, mostly as independent suppliers. Firms with foreign participation have been one of the levers of export upgrading and expansion. The dominance of joint ventures as a mode of entry of foreign capital is worrisome for two reasons: first, domestic firms may not have access to the most recent technologies and knowhow; and second, it is always indicative of weaknesses of a domestic economic regime. This also raises concerns about the future sustainability of export performance.

Palabras clave

AGRICULTURAL EQUIPMENT, AGRICULTURAL PRODUCTS, AGRICULTURE, APPAREL, BASE YEAR, BUSINESS CLIMATE, BUSINESS ENVIRONMENT, CENTRAL BANK, CENTRAL PLANNING, COMPARATIVE ADVANTAGE, COMPETITIVE ADVANTAGE, COMPETITIVE MARKET, COMPETITIVENESS, CONSUMER GOODS, COST OF ENTRY, COUNTRY OF ORIGIN, CUSTOMS, CUSTOMS DUTIES, DEVELOPED COUNTRIES, DEVELOPING COUNTRIES, DIRECT ACCESS, DIVERSIFICATION, DOMESTIC MARKETS, DOMESTIC PRODUCTION, ECONOMIC DEVELOPMENT, ECONOMIC POLICY, ECONOMIC REFORMS, ECONOMIC RELATIONS, ECONOMIC RESEARCH, EXPORT BASKET, EXPORT BASKETS, EXPORT DYNAMICS, EXPORT EARNINGS, EXPORT GROWTH, EXPORT MARKET, EXPORT ORIENTATION, EXPORT PERFORMANCE, EXPORT SHARE, EXPORT SPECIALIZATION, EXPORT VALUE, EXPORTS, FACTOR ENDOWMENTS, FACTORS OF PRODUCTION, FATS, FINANCIAL SECTOR, FOREIGN CAPITAL, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN FIRMS, FOREIGN INVESTMENT, FOREIGN OWNERS, FOREIGN OWNERSHIP, FOREIGN TRADE, FOREIGN TRADE POLICY, FOREST RESOURCES, FREE TRADE, FREE TRADE AGREEMENTS, GDP, GLOBAL MARKETS, GOVERNANCE INDICATORS, GROSS DOMESTIC PRODUCT, GROWTH RATE, GROWTH RATES, HUMAN CAPITAL, IMPORT DATA, IMPORT STATISTICS, IMPORTS, INDUSTRIAL RESTRUCTURING, INDUSTRIAL SECTOR, INDUSTRY TRADE, INFORMATION TECHNOLOGY, INSURANCE, INTANGIBLE, INTERMEDIATE GOODS, INTERNATIONAL TRADE, INVESTMENT CLIMATE, INVESTMENT DECISIONS, JOINT VENTURE, JOINT VENTURES, LEVEL OF PROCESSING, LIBERALIZATION, LIVING STANDARDS, LOGGING, MANUFACTURING INDUSTRY, MARKET SHARE, MIGA, MISMANAGEMENT, MULTINATIONAL CORPORATIONS, NATIONAL ECONOMY, NATURAL RESOURCE, NATURAL RESOURCES, NET EXPORTER, NET EXPORTERS, NET EXPORTS, OUTPUT, OUTSOURCING, PATTERN OF SPECIALIZATION, PENSION, PREFERENTIAL ACCESS, PREFERENTIAL PARTNERS, PRIVATIZATION, PRODUCERS, PROPERTY RIGHTS, REAL ESTATE, REGIONAL INTEGRATION, SHARE OF CAPITAL, SINGLE MARKET, SKILLED WORKERS, SUGAR, TARIFF POLICY, TECHNOLOGY TRANSFER, TELECOMMUNICATIONS, TERMS OF TRADE, TRADABLE GOODS, TRADE AGREEMENT, TRADE AGREEMENTS, TRADE BALANCE, TRADE CLASSIFICATION, TRADE DATA, TRADE FLOWS, TRADE PATTERNS, TRADE PERFORMANCE, TRADE POLICY, TRADE VALUE, TRADING BLOCS, TRANSFER OF TECHNOLOGY, TRANSFER TECHNOLOGY, TRANSITION COUNTRIES, TRANSITION ECONOMIES, UNSKILLED LABOR, VALUE ADDED, VALUE OF EXPORTS, VOLATILITY, WAGES, WHOLESALE TRADE, WORLD MARKETS, WORLD PRICES, WORLD TRADE