Imports of Gold, Watches, and Perfumes in BiH surpassed 107 Million BAM

Sun Oct 27 2024

We import finished jewelry from Italy and sell scrap gold to Turkey, as indicated by import and export data from the Indirect Taxation Authority of Bosnia and Herzegovina (ITA BiH). When it comes to perfumes, BiH citizens prefer European products from France and Spain, while their top choice for watches is China.

We import jewelry, export scrap gold

Both the import and export of gold and other precious materials in BiH have maintained last year’s levels, according to data from the ITA BiH.

Namely, in the first nine months of this year, gold worth 52 million BAM (including duties) was imported, while just over 32 million BAM was exported. A similar trend was recorded last year, with around 56 million BAM worth of precious materials imported and nearly 34 million BAM exported.

The largest share of imports – over 32 million BAM – consists of jewelry made from precious materials or metals coated with platinum or other precious metals. On the export side, scrap or waste from precious materials dominated, with a total value exceeding 20 million BAM. This trend has been consistent in recent years.

Watch market worth 17 million BAM

The watch market in BiH exceeded 17 million BAM this year. A total of about 65 tons of watches were imported, valued at over 13.5 million BAM, with duties amounting to 3.5 million BAM.

Of the total, about 800.000 BAM was spent on watches and stopwatches housed in precious materials or plated with precious metals such as gold.

China is by far the largest supplier of watches to BiH, followed by Switzerland, a European leader in watch production, and then Hong Kong, according to ITA BiH data.

Perfumes are mainly imported from Europe, with the highest-priced ones coming from France.

The perfume market is significantly larger, reaching a value of 38.5 million BAM, including duties, in the first nine months of 2024.

This year’s perfume imports surpassed last year’s by eight million BAM in both value and volume. As perfumes are measured by weight like other goods, 778 tons were imported in the first nine months of this year, compared to 609 tons last year.

European countries dominate the perfume market. France leads in value, while Spain tops the list in volume. Specifically, 70 tons of perfume from France were worth over 10 million BAM, while more than 120 tons from Spain cost about 7 million BAM.

The smallest recorded import was from Portugal: 260 grams of an unidentified perfume, valued at just under 3 BAM, with duties of 0.86 BAM paid.

Source: https://sarajevotimes.com