Discusses key economic indicators and trade statistics, which countries are dominant in the market, the U.S. market share, the political situation if relevant, the top reasons why U.S. companies should consider exporting to this country, and other issues that affect trade, e.g., terrorism, currency devaluations, trade agreements.
Last Published: 7/31/2019

The Republic of North Macedonia is an emerging market.  With a population of less than 2 million, this small, land-locked economy in South Eastern Europe has made great strides in reforming its economy over the past two decades, but remains one of Europe’s poorest countries.

  • Stable currency pegged to the euro
  • EU and NATO candidate
  • Open economy that welcomes foreign direct investment and trade
  • Sound macroeconomic fundamentals
  • English-speaking workforce
  • Ranked 10th best by the World Bank’s Doing Business 2019 report
  • Low taxes: 15 percent on corporate income
  • Unemployment rate of 20.7 percent; youth unemployment of 45 percent
  • Largest sources of FDI are Austria (13.6 percent of total), the United Kingdom (11.3 percent), Greece (10.1 percent), the Netherlands (0.0 percent), and Slovenia (6.9 percent)
  • Competitive wages (average monthly salary of $440 as of February 2019)
  • Fourth quarter 2018 GDP growth of 3.7 percent
  • Middle-income country with per capita income of $6,100 in 2018
  • Low inflation (1.5 percent in 2018)
  • Total 2018 trade (imports plus exports) of $15.96 billion, or 126.1 percent of GDP
  • Largest trading partners in 2018 were Germany (26.9 percent of total trade), Greece (6.2 percent), UK (6.2 percent), Serbia (5.6 percent), and Bulgaria (4.7 percent)
  • In 2018, the United States was North Macedonia’s 14th largest trading partner.  According to Government of North Macedonia statistics, U.S.-North Macedonia trade totaled $312 million in 2018, of which U.S. exports were $244 million.  According to U.S. government statistics, U.S.-North Macedonia 2018 trade totaled $395 million, of which U.S. exports were $41.4 million

Member of European Free Trade Agreement (EFTA) and Central European Free Trade Agreement (CEFTA); bilateral Free Trade Agreements with Turkey and Ukraine.

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.



Macedonia Trade Development and Promotion