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SARAJEVO, AUGUST 8 /SRNA/ - The Foreign Trade Chamber of BiH states, in its analysis, that it is difficult to predict the extent to which the coronavirus epidemic will negatively affect the final business results of BiH textile and footwear companies this year, but the recovery will take a long time and the old way of business method will have to change.


"It is time for innovations in the ways of doing business, and those who understand that sooner will go through this crisis faster and easier, but also what follows us later", it was pointed out in the analysis of the Foreign Trade Chamber of BiH.

The export of the textile, clothing, leather and footwear industries from BiH in the first half of the year amounted to BAM 668,179,588 and is lower by BAM 125,748,759 or 15.84 percent compared to the same period last year, which is a consequence of the coronavirus epidemic in the world.

The value of imports was BAM 819,745,348 and the imports is lower by BAM 189,698,463 or 18.79 percent compared to the first six months of last year. The coverage of imports by exports is 81.51 percent in the first half of the year and it is higher by 2.86 percent compared to the same period in 2019.

Due to the consequences of the introduced measures, a number of companies had to close firms, mostly small and micro companies, of which there are the most. Some of the companies reorganized production and started producing protective equipment, some sent a number of workers on hold, and some on forced annual leave or unpaid absence.

There were also those companies that fired workers due to the loss of already contracted jobs, cancellation of orders, impossibility to procure raw materials for production or problems with transport, both in the import of raw materials and in the export of final products, the analysis indicates.

The Chamber notes that the companies started producing protective masks, suits, overalls, hats, face visors and similar. The significant part of that equipment was donated to hospitals and other public institutions. /end/bo