However, despite the significantly higher increase in exports in relation to imports, imports were still twice as high as exports and foreign trade deficit totalled 6.28 billion dollars. At the same time, the export-import ratio was at a low 47.9 percent, while last year it was 43.6 percent.
Data from the Central Bureau of Statistics indicate the continuation of the trend of more dynamic export growth of 29.9 percent in relation to the 18.1 percent import growth rate.
In the first nine months Croatia's exports totalled 5.78 billion dollars, while imports totalled 12.06 billion.
The faster growth of exports has slowed down the growth of deficit to nine percent in relation to the same period three years ago, analysts of the Croatian Chamber of the Economy say, adding that the average deficit growth rate between 2001 and 2003 was around 35 percent.
However, despite these movements, after this year's first nine months imports are still twice as high as exports so the deficit amounts to 6.28 billion dollars, which is 519 million more than in the same period last year.
This year's highest monthly exports, totalling 768 million dollars, were realised in September. Apart from the shipbuilding industry, this increase was the result of increased exports of oil products, chemicals, metal, and machines and equipment, the HGK said in its latest "Gospodarska kretanja" (Economic Developments) bulletin.
Imports in September, totalling 1.45 million dollars, were also relatively high, most of the imports being chemicals, machines and appliances.
In relation to the same month last year, exports in September rose by 56.8 percent, while imports increased by 18 percent, which resulted in a 7.7 percent drop in foreign trade deficit, which totalled 685 million kuna.
The highest increase in imports was recorded in the shipbuilding industry, the production of communications equipment, and oil and metal-processing industries.
The highest increase in imports was recorded in the import of metal, crude oil, natural gas, chemical products and communications equipment. The movements in the export and import of oil and oil products was considerably affected by the growth of oil prices in the world market.
Foreign trade expressed in dollars was also affected by a drop in the dollar-euro mean exchange rate, which in the first nine months was around 9.5 percent. That effect is significant considering the fact that some 75 percent of foreign trade is realised in dollars.
This is why foreign trade expressed in the kuna gives a more realistic picture. Exports expressed in the kuna increased by 16.9 percent, while imports rose by 6.3 percent, resulting in a 1.9 percent drop in foreign trade deficit.