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: 9/22/2017

The Republic of Macedonia is an emerging market.  With a population of roughly 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 10th best by the World Bank’s Doing Business 2017 report
  • Open economy that welcomes foreign direct investment and trade
  • Middle-income country with per capita income of USD 5,256 in 2016
  • Sound macroeconomic fundamentals
  • Stable currency pegged to the euro
  • Low inflation (-0.2 percent in 2016)
  • GDP growth of 2.4 percent in 2016
  • Unemployment rate of 23.7 percent; youth unemployment about 50 percent
  • Competitive wages (average monthly salary of USD 365 in 2016)
  • English-speaking workforce
  • Low taxes: 10 percent rate on personal and corporate income
  • Largest sources of FDI are Austria (12.6 percent of total), Slovenia (9.6 percent), Germany (9.6 percent), the Netherlands (7.8 percent), and Greece (7.4 percent)
  • Total 2016 trade (imports plus exports) of USD 11.5 billion, or 105.8 percent of GDP
  • Largest trading partners in 2016 were Germany (26.7 percent of total trade), UK (6.8 percent), Serbia (6.3 percent), Greece (5.7 percent), and Italy (4.9 percent)
  • In 2016, the United States was Macedonia’s 13th largest trading partner.  U.S.- Macedonia trade totaled USD 201 million, of which U.S. exports were USD 150 million (Government of Macedonia statistics).  In 2016, U.S.-Macedonia trade totaled USD 276.5 million, of which U.S. exports were USD 45.8 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