With a growth rate of 71% during the previous three years, the ICT industry has had the fastest development. The industry benefits from skilled, affordable, and cost-effective labor, strong telecommunications infrastructure, low corporate taxes, high-quality software and IT services, and affordable technical and business expertise.
The Macedonian economy has enormous potential for growth and development, and the majority of businesses that specialize in “Software and IT services” are export-oriented and have a sizable added value. ICT exports make up 3.3% of the nation’s overall exports in 2019 in terms of value.
The bulk of newly established economically active firms is focused on foreign markets, which is supported by estimates for 2021, which state that exports will account for 76% of total revenues.
Numerous major ICT companies including Microsoft, Cisco, Oracle, Dell, Compaq, Hewlett Packard, IBM, Sun Microsystems, Apple, and Lotus have branch offices, distributors, dealers, resellers, solution providers, and business partners in North Macedonia.
As a vital export good for the nation, wine is exported by the Republic of North Macedonia. Wine comes in second place to tobacco in terms of export value.
North Macedonia, a landlocked nation in the Balkan Peninsula, has a unique climate with influences from both the Mediterranean and the continent that makes it perfect for growing wine. It is also full of lakes and rivers.
The roadsides virtually overflow with lush vines and numerous wineries in the Vardar River Valley area of the country’s center. Certain recount the lengthy history of wine over the many centuries that it has been a part of these locales. The nation’s folklore and culture are deeply ingrained with references to wine, which can be found in numerous folk songs, tales, legends, and rituals. The wine was a crucial component of customs and rites, according to all the 19th- and early 20th-century chroniclers of Macedonian folk stories.
Macedonian wineries are export-focused, with rising sales of bottled wines and a shift away from the nation’s historical reputation as a source of bulk wine. However, they also control a sizable portion of the domestic market, leaving little room for imported wines from well-known international wine regions. About 85% of the country’s bottled-grade wine exports go to the Balkans, Russia, China, the US, and Germany (though some bulk wine is still shipped there). This makes wine the second-most significant export of the nation.
When it comes to exports, the automotive sector is crucial to the Macedonian economy. The supply chains of the European automotive sector include automobile firms to a great extent. These are businesses that account for a sizable portion of the nation’s exports and are primarily focused on exports.
Before the epidemic, the automotive industry had been growing and was to be blamed for boosting exports, generating new jobs, and luring investors. Due to these auto component manufacturers, the Macedonian economy has become increasingly integrated into global supply chains, but they have also changed the export structure, favoring high-value items. The country exported automotive parts for €130M in 2019, a 5.6% rise from the previous year’s 2018. The State Statistical Office’s most recent statistics show that automobile companies contributed 65% of all exports to the nation in January 2021.
The Republic of North Macedonia produces basic metals using sophisticated technical and technological production processes, contemporary machinery, and technologies employed by numerous well-known firms worldwide. As a result, the industry becomes very vital and strategic for the national economy.
The most popular items exported by the nation include ferronickel, ferrosilicon, silicomanganese, hot-rolled, cold-rolled, and coated sheets, rolling wire, pipes, castings, and molded goods. The majority of the production (80%) is shipped to the US and EU nations, with the remaining 20% going to Taiwan, South East Europe, and other nations.