Sourcing products at lower rates is a key ambition for most businesses wanting to raise sustainability and profitability. While most still look towards Asia and Latin America for potential marketplaces, Eastern Europe sourcing is definitely something to look at. Western European business owners do not need to consider sourcing from far-away places, as what they need is closer to home. Sourcing from Eastern Europe can lead to improved business outcomes and sharply reduce logistical and regulatory issues.

Top Eastern European Sourcing Markets

Poland –

Poland is a major global sourcing destination in the Eastern Europe zone, and a country with more than $200 billion in exports. Since the early 1990s, the country has witnessed tremendous infrastructural and economic growth, despite the global financial crisis blip of 2008-2009. With booming service and industry sectors and an abundance of competent suppliers, it is worthy of consideration. It is also rich in natural resources such as sulfur, silver, coal, lead, copper, natural gas and amber. Poland’s main industries include chemicals, shipbuilding, machinery manufacturing, textiles, food processing, beverages, iron, and steel. The country is a hotbed for investments from western European nations.

Czech Republic –

Czech Republic is another country that tops the list of key Eastern Europe procurement and sourcing destinations. This EU member state features a thriving economy and is also a major exporter, enjoying favorable trade relations with Germany, the United States, Russia, Italy, France, Netherlands, Poland, France, and Slovakia. The main strengths of the Czech Republic are its convenient location, and the abundance of skilled labor and high-quality infrastructure. The country’s main industries include manufacturing, glass, motor vehicles, and metallurgy. It is also rich in several natural resources such as kaolin, timber, graphite and coal, and agricultural produce including hops, wheat, sugar beet, fruit, and potatoes.

Hungary –

Hungary is gaining prominence as a sourcing hotspot due to its economic and infrastructural growth. The country has several key trading partners including Germany, UK, Austria, France, Italy, Slovakia, Poland, and Romania. It is also known for a bustling industry sector and has enough resources to support voluminous souring operations. Hungary’s principal exports include chemicals, iron, steel, automobiles, metalwork, and processed food items. It is also rich in natural gas, bauxite, and coal. The best approach for exploring sourcing and procurement opportunities in Hungary is getting in touch with experts from a globally renowned sourcing agency.

Slovakia –

The small nation of Slovakia can yield substantial sourcing results for businesses of all sizes. Since gaining EU membership in 2004, the country has witnessed considerable economic growth. This move also gave a strong boost to Slovakia’s automotive and electronics sectors. Currently, it is considered as a suitable and low-risk market for sourcing investments. Slovakia’s key exports include machinery, minerals, base metals, automobiles, electrical gadgets, and chemicals. It has strong trade ties with Germany, France, Poland, and the Czech Republic. The main mineral resources of this country include iron ore, copper, coal and manganese ore. Slovakia also produces agriculture produce like fruit, sugar beet, grains, potato, and hops.

Romania –

Romania is another prospective destination for the Eastern Europe sourcing ambitions of businesses across industry verticals. The country, which became a European Union member state in 2007 is a largely industrial marketplace with a fast-growing economy. Key exports of Romania include industrial equipment, machinery, textiles, minerals, fuel, agricultural produce, metals, metalwork, footwear, and textiles. Robust industrial infrastructure and ample skilled labor resources work in favor of this Eastern European nation. The core industries of Romania include food processing, electric machinery, construction materials, automobile assembly, and petroleum refining. The country’s main export destinations include Germany, France, Italy, Hungary, and Turkey.

Bulgaria –

Bulgaria has risen from the dying embers of communism to become a modern economy, owing to significant industrial development over the decades. Like Romania, it also became a member state of the European Union in 2007, which led to further growth of economic strength. Bulgaria is a leading European exporter across categories such as equipment, steel, iron, machinery, clothing, footwear, and fuel. Principal export destinations for Bulgarian products and resources include Germany, France, Italy, Greece, Turkey, and Romania. It is a nation with abundant natural resources such as timber, coal, zinc, bauxite, lead, and copper. The main industries of Bulgaria include food processing, automobile assembly, electric machinery, petroleum refining, construction materials, and chemicals.

Baltic Countries –

The Baltic countries, Estonia, Lithuania and Latvia, are also worthy of consideration when it comes to Eastern European marketplaces. Estonia is a key exporter of food items, machines, plastic, equipment, metal products, wood products, timber, and textiles. It exports mainly to Russia, Germany, Finland, Sweden, Latvia, and Lithuania. Latvia mainly exports timber, wood products, food items, machinery, equipment, metal and metal items, and textiles. It mainly trades with Poland, Germany, Russia, Sweden, Estonia, and Lithuania, and also produces many agricultural items. Lithuania, another Eastern Europe procurement and sourcing destination in the Baltic, is a standout exporter of amber, peat and other minerals. It exports machinery, plastic, chemicals, textiles, and equipment. Exports of Lithuania are worth more than its Balkan neighbors, and principal export partners include Netherlands, Germany, Russia, Latvia, Belarus, and Poland.

Former Yugoslavia –

The countries that once made up erstwhile Yugoslavia also offer sourcing prospects for first-world investors. Making investments in Croatia, Serbia, Bosnia, and Herzegovina, Serbia, Macedonia, and Montenegro is possible if you are associated with a reputed sourcing company. Croatia is a major exporter of transport equipment, textiles, machinery, fuels, chemicals, and food items. Bosnia and Herzegovina are rich in resources such as Iron ore, coal, lead, zinc, timber, manganese, and bauxite. Serbia’s key exports include automobiles, iron, steel, electric appliances, wheat, fruits, vegetables, rubber items, non-ferrous metals, clothes, and metal products. Macedonia exports mainly textiles, tobacco, beverages, and processed iron, while Montenegro is known for aluminum, steel, consumer goods, food items, and tobacco.

If you are interested in Eastern European sourcing and procurement solutions, get in touch with a renowned global sourcing company. Sourcing experts can show you the right way to make fruitful investments.

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