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Serbia’s export, industrial production increase in Q1

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Serbia’s exports increased by 22% in the first quarter relative to the same period last year and industrial production is recovering, Tanjug reported citing a release by the Ministry of Finance and Economy. According to the ministry, exports in March reached the historical record of €857 million on the monthly level, while imports stagnated. Thanks to the exports of Fiat Automobili Srbija and the exports of automotive parts produced in over 150 plants in Serbia, the automotive industry has become the fastest growing industrial branch with the stake of as many as 20% in Serbia’s total exports, the release states. According to the data from the Belgrade-based Statistical Office, industrial production began recovering in the first quarter of 2013 and recorded a 5.2% increase. Despite the production in automotive industry, considerable growth was also recorded in the production of petroleum derivatives, chemical, pharmaceutical, tobacco, textile industry and furniture production, it said.

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