Serbia's foreign trade balance in the first 11 months of 2010 neared USD 24 billion, a 8.1 percent growth compared to the same period one year earlier mostly stemming from a rise in exports.

Serbia exported USD 8.8 billion to foreign markets, 16.3 percent more than in 2009, while import dropped by 3.9 percent, shows an analysis of the Marketing Research Institute (IZIT).

Exports grew thanks to a stimulating exchange rate, reopening of some major production capacities and a surge in the prices of agricultural products, metals and non-metals in the world market.

In 2010, the sharp edge of the world economic crisis dulled and export demand grew, creating more work for Serbia's existing production capacities.

The export structure was dominated by intermediary products at 65.4 percent - 27.8 percent more than a year earlier - which came as a result of rising export demand and raw material prices.

Import was dominated by raw and processed materials, while import of equipment was down as much as 28.1 percent.

IZIT reminds that the rise in export reduced the foreign trade deficit from USD 6.9 billion to USD 6.3 billion or 9.7 percent, also improving the import-export ratio.