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Slovenia’s presence in the Western Balkans remains strong
NLB's bank in Serbia. Photo: NLB Komercijalna banka

The countries of the Western Balkans are among the most important markets for Slovenia’s exporters and remain the number one location for Slovenia’s investors.

That the markets of the Western Balkans remain the main target of Slovenian investors is almost an understatement. Almost three quarters (73 percent to be precise) of Slovenian capital invested abroad went to the countries of ex-Yugoslavia, mostly to Croatia (35%) and Serbia (20%). Key areas: financial and insurance activities, energy, real estate, and manufacturing. The largest Slovenian bank NLB has a strong presence in all countries of the region (except for Croatia) with market shares of 10 percent or more. Zavarovalnica Triglav has a similar position in regional insurance markets. Energy companies are investing in sustainable sources in the region and building digital intelligent smart systems. 

The Balkan states also remain important trade partners: almost 13 percent of Slovenian exports go to the Western Balkans with a significant surplus: the Balkan share of Slovenia’s imports is only 8 percent

The similar disproportion could be observed in investments: Slovenian investments in the region reach almost 8 billion euros, while the investments of Western Balkan countries remain at around 1.6 billion with most of the capital coming from Croatia. Croatian investors control the largest Slovenian retail group Mercator and are strongly present in the food and beverages industry. The total value of the trade between Slovenia and ex-Yugoslav countries reached nearly 11.5 billion euros last year. It's worth noting that prior to the existence of Yugoslavia, Slovenia was a key part of the Austro-Hungarian Empire, and trade with the successors of that empire exceeded 20 billion euros in 2023. Despite this observation, there is little doubt: 33 years after the dissolution of Yugoslavia the economic ties remain strong.

Exports Value in million EUR Share of total in % Rank
Croatia 4,253 7.7 4
Serbia 1,265 2.3 8
Bosnia and Herzegovina 992 1.8 12
North Macedonia 254 0.5 25
Kosovo 181 0.3 29
Montenegro 130 0.2 36
Source: Statistical Office of Slovenia, 2023 data
Imports Value in million EUR Share of total in % Rank
Croatia 2,843 5.0 6
Serbia 784 1.4 17
Bosnia and Herzegovina 741 1.3 18
North Macedonia 173 0.3 33
Montenegro 6 0.0 72
Kosovo 5 0.0 79
Source: Statistical Office of Slovenia, 2023 data

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