North Macedonia
Trade

The outbreak of the Yugoslav wars and the imposition of sanctions on Serbia and Montenegro caused great damage to the country's economy, with Serbia constituting 60% of its markets before the disintegration of Yugoslavia. When Greece imposed a trade embargo on the Republic in 1994–95, the economy was also affected. Some relief was afforded by the end of the Bosnian War in November 1995 and the lifting of the Greek embargo, but the Kosovo War of 1999 and the 2001 Albanian crisis caused further destabilisation.

Since the end of the Greek embargo, Greece has become the country's most important business partner. (See Greek investments in North Macedonia.) Many Greek companies have bought former state companies in North Macedonia, such as the oil refinery Okta, the baking company Zhito Luks, a marble mine in Prilep, textile facilities in Bitola, etc., and employ 20,000 people. The moving of business to North Macedonia in the oil sector has been caused by the rise of Greece in the oil markets.

Other key partners are Germany, Italy, the United States, Slovenia, Austria and Turkey.
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