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: 7/19/2019

The Republic of 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.

  • EU and NATO candidate
  • Ranked 11th  best by the World Bank’s Doing Business 2018 report
  • Open economy that welcomes foreign direct investment and trade
  • Middle-income country with per capita income of $5,474 in 2017
  • Sound macroeconomic fundamentals
  • Stable currency pegged to the euro
  • Low inflation (1.4 percent in 2017)
  • GDP stagnated at zero percent in 2017
  • Unemployment rate of 21.6 percent; youth unemployment of 44.3 percent
  • Competitive wages (average monthly salary of $421 in 2017)
  • English-speaking workforce
  • Low taxes: 10 percent rate on personal and corporate income
  • Largest sources of FDI are Austria (12.4 percent of total), the Netherlands (11.4 percent), Germany (10.8 percent), Slovenia (10.0 percent), and Greece (8.3 percent)
  • Total 2017 trade (imports plus exports) of $13.4 billion, or 118.1 percent of GDP
  • Largest trading partners in 2017 were Germany (26.7 percent of total trade), UK (6.4 percent) Greece (6.1 percent), Serbia (6.0 percent), and Bulgaria (5.0 percent)
  • In 2017, the United States was Macedonia’s 16th largest trading partner.  U.S.- Macedonia trade totaled $232 million, of which U.S. exports were $176 million (Government of Macedonia statistics)  In 2017, U.S.-Macedonia trade totaled $297 million, of which U.S. exports were $41 million (U.S. Government statistics)
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