As one of the Eastern European countries, Croatia has deepened its economic and trade cooperation with China. From January to November 2020, the bilateral import and export volume of goods between China and Croatia was US$1,554,897,021, a year-on-year increase of 11.7%. Regrettably, as a Chinese crane supplier that provides crane services to the world, Dongqi has not yet participated in the corresponding crane project in Croatia. But as time goes on, we communicate more and more with the world, and we believe that we will eventually gain the trust of Croatian customers with excellent quality and service. This article will discuss the Croatian overhead crane market trend in 2022 from the import and export scale of the crane market in Croatia in the past ten years
In 2020, after two years of growth, the Croatian Overhead Crane Market experienced a significant decline, with its value falling by -X% to X USD. Overall, consumption continues to show a marked contraction. The rate of growth was most pronounced in 2013, when market value increased by X% over the previous year. During the period under review, the market made an all-time high of $X in 2019 before falling sharply the following year.
In value terms, the production of overhead cranes in 2020 is estimated to have dropped significantly to $X at export prices. During the period under review, production recorded resilient growth. In 2008, the growth rate was the fastest, and the output increased by X% over the previous year. As a result, production reached a peak level of X dollars. From 2009 to 2020, the output growth rate remained at a low level.
In 2020, Croatian exports of overhead cranes contracted significantly to X units, down -X% compared to the previous year. Overall, exports face a sharp contraction. 2014 saw the fastest growth, with exports increasing by X% over the previous year. During the period under review, exports reached an all-time high of X units in 2007; however, from 2008 to 2020, exports failed to regain momentum.
Overhead crane exports surged to $X in 2020 by value. Overall, exports fell sharply. In 2012, the growth rate was the fastest, with an increase of X% year-on-year. During the period under review, exports peaked at $X in 2007; however, from 2008 to 2020, exports failed to regain momentum.
Bosnia and Herzegovina (X units) is the main destination for Croatian bridge crane exports, accounting for X% of total exports. In addition, exports of overhead cranes to Bosnia and Herzegovina are three times higher than exports to the second largest destination, Serbia (X units).
From 2007 to 2020, the average annual growth rate of exports to Bosnia and Herzegovina was -X%. In value terms, Bosnia and Herzegovina ($X) emerged as the main foreign market for Croatian bridge crane exports, accounting for X% of total exports. In second place is Serbia ($X) with X% of total exports. From 2007 to 2020, the value to Bosnia and Herzegovina has grown at an average annual rate of -X%.
In 2020, foreign supply of fixed-support overhead cranes fell -X% to X units for the first time since 2017, ending a two-year upward trend. Overall, imports continue to show sharp declines. The most significant growth rate occurred in 2019, when imports increased by X% year-on-year. Imports peaked at X units in 2007; however, from 2008 to 2020, imports have remained low.
Overhead crane imports fell sharply to $X in 2020 by value. Imports continued to show sharp declines during the review period. The fastest growth rate in 2013, an increase of X% year-on-year. During the period under review, imports peaked at $X in 2010; however, imports declined slightly from 2011 to 2020.
Denmark (unit X), Slovenia (unit X) and Bosnia and Herzegovina (unit X) are the main suppliers of overhead cranes imported to Croatia. Denmark saw the largest increase in purchases from 2007 to 2020, while other leaders saw a decline.
Bosnia and Herzegovina ($X) is Croatia's largest supplier of overhead cranes by value, accounting for X% of total imports. In second place is Denmark ($X) with X% of total imports.
From 2007 to 2020, Bosnia and Herzegovina experienced an average annual value growth of +X%. The average annual growth rates of imports by the remaining suppliers are as follows: Denmark (+X% per annum) and Slovenia (-X% per annum).
The latest forecast by the Central Bank of Croatia forecasts real GDP growth of 10.8% in 2021 and 4.1% in 2022. The central bank had previously forecast GDP growth of 8.5% in 2021. Central Bank Governor Vujicic said the economy is expected to expand by 11% in the fourth quarter due to higher exports of services and goods. Potential risks to economic growth next year include a worsening of the epidemic situation, disruptions to global supply chains, uncertainty and a decline in investment due to rising inflation. The positive factor is that the absorption of EU funds by Croatia is expected to be better than expected. Inflation will rise to 2.4% this year and is expected to remain at the same level in 2022.
The Croatian Ministry of Finance announced that Croatia has been approved to join the Asian Infrastructure Investment Bank (AIIB for short, AIIB for short), officially becoming the 88th member of the AIIB. In October this year, the Croatian parliament passed the "Act on the Approval of the AIIB Charter". The Croatian government subscribed 50 shares to the AIIB with a capital of 5 million US dollars, and designated the Ministry of Finance of Croatia as the official agency for communication with the AIIB.
The official membership of Croatia will help Croatian enterprises to participate in the bidding of projects financed by AIIB in Asia and other regions, enhance the international reputation of Croatian enterprises, and expand the trade and cooperation between Croatia and Asia and other regions.
The AIIB is an international development bank headquartered in Beijing that promotes sustainable economic growth, wealth creation and improved infrastructure connectivity in regions such as Asia. Up to now, the AIIB has 104 member units, including 19 EU member states.
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