Sèrbia: Visió econòmica i política
Serbia is gradually becoming more open to international trade, which represents 114% of GDP (World Bank, latest data available). The Stabilization and Association Agreement between the EU and Serbia and the steady growth of foreign direct investment inflows have led to a constant increase in the volume of foreign trade. The country’s main exports in 2023 were electrical machines and apparatus (12.6%), power engines and motors (5.8%), metal ores and residues (5.5%), electricity (4.4%), other general-purpose machinery (4.1%); whereas imports were led by electrical machines and apparatus (6.8%), oil and oil derivatives (6.6%), road vehicles (4.5%), other general-purpose machinery (4.0%), medical and pharmaceutical products (4.0% - data Statistical Office of the Republic of Serbia).
In 2023, the country's main customers were Germany (15.1%), Bosnia and Herzegovina (6.9%), Italy (6.2%), Hungary (5.5%), and Romania (5%); with imports coming chiefly from Germany (13.1%), China (12.2%), Italy (7.3%), Turkey (4.7%), and the Russian Federation (4.3% - data Statistical Office). European Union member countries account for 59.7% of total external trade. By region, Serbia's largest export share came from Vojvodina (33.5%), followed by Beogradski region (24.2%), Šumadija and Western Serbia (20.7%), Southern and Eastern Serbia (19.4%), while about 2.3% was unclassified by territory (data Statistical Office).
Serbia has a structural trade deficit that amounted to 4.3% of GDP in 2023, according to the World Bank (from 6.4% one year earlier). A large portion of the deficit is due to investment-related imports. In 2023, exports of merchandise stood at USD 30.9 billion (-3.1% y-o-y), against USD 39.8 billion in imports (+21.7% y-o-y). In the same year, Serbia exported USD 14.1 billion worth of services, importing USD 10.8 billion (data WTO). According to figures from the Serbian statistical office, the trade deficit increased by 19.9% y-o-y in 2024, reaching EUR 9.865 billion (USD 10.234 billion) compared to the previous year. According to the statistics office, exports grew by 1.8% year-on-year to EUR 29.162 billion, while imports rose by 5.9% to EUR 39.028 billion.
| Foreign Trade Values | 2020 | 2021 | 2022 | 2023 | 2024 |
| Imports of Goods (million USD) | 26,233 | 33,797 | 41,148 | 39,838 | 42,245 |
| Exports of Goods (million USD) | 19,498 | 25,564 | 29,058 | 30,935 | 31,586 |
| Imports of Services (million USD) | 5,739 | 7,477 | 9,144 | 10,737 | 12,585 |
| Exports of Services (million USD) | 7,045 | 9,218 | 11,642 | 14,147 | 15,628 |
Source: World Trade Organisation (WTO) ; Latest available data
| Foreign Trade Indicators | 2020 | 2021 | 2022 | 2023 | 2024 |
| Foreign Trade (in % of GDP) | 100.3 | 112.3 | 131.9 | 114.5 | 111.5 |
| Trade Balance (million USD) | -5,941 | -7,094 | -9,913 | -7,160 | n/a |
| Trade Balance (Including Service) (million USD) | -4,677 | -5,441 | -7,490 | -3,806 | n/a |
| Imports of Goods and Services (Annual % Change) | -4.0 | 17.7 | 16.2 | -1.6 | 8.3 |
| Exports of Goods and Services (Annual % Change) | -4.6 | 20.4 | 17.0 | 2.7 | 3.2 |
| Imports of Goods and Services (in % of GDP) | 54.2 | 60.0 | 71.2 | 59.4 | 58.8 |
| Exports of Goods and Services (in % of GDP) | 46.1 | 52.3 | 60.7 | 55.1 | 52.7 |
Source: World Bank ; Latest available data
| Foreign Trade Forecasts | 2025 (e) | 2026 (e) | 2027 (e) | 2028 (e) | 2029 (e) |
|---|---|---|---|---|---|
| Volume of exports of goods and services (Annual % change) | 7.4 | 6.3 | 6.6 | 6.2 | 6.0 |
| Volume of imports of goods and services (Annual % change) | 6.5 | 6.2 | 6.5 | 5.8 | 5.8 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
| Main Customers (% of Exports) |
2024 |
| Germany | 15.5% |
| Bosnia and Herzegovina | 6.4% |
| China | 5.9% |
| Italy | 5.7% |
| Hungary | 4.7% |
| Romania | 4.6% |
| Montenegro | 4.3% |
| Czech Republic | 4.1% |
| Türkiye | 3.4% |
| Bulgaria | 3.3% |
| Croatia | 3.2% |
| North Macedonia | 3.1% |
| Poland | 3.0% |
| Russia | 2.9% |
| France | 2.8% |
| Austria | 2.5% |
| Slovakia | 2.3% |
| Slovenia | 2.3% |
| United States | 2.2% |
| Sweden | 1.7% |
| See More Countries | 61.9% |
| Main Suppliers (% of Imports) |
2024 |
| China | 13.1% |
| Germany | 13.1% |
| Italy | 7.1% |
| Türkiye | 5.3% |
| Hungary | 4.3% |
| Poland | 3.5% |
| Russia | 3.3% |
| Austria | 2.7% |
| France | 2.7% |
| Slovenia | 2.5% |
| Czech Republic | 2.5% |
| Bosnia and Herzegovina | 2.5% |
| Romania | 2.4% |
| Croatia | 2.3% |
| Netherlands | 2.2% |
| Bulgaria | 1.9% |
| Spain | 1.8% |
| Belgium | 1.8% |
| United States | 1.8% |
| Iraq | 1.5% |
| See More Countries | 57.0% |
Source: Comtrade, 2025. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2025. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
| 15.2 bn USD of services exported in 2024 | |
| 29.48% | |
| 25.43% | |
| Miscellaneous business,...Miscellaneous business, professional, and technical services | 23.62% |
| Research and developmentResearch and development | 1.81% |
| 20.21% | |
| 16.90% | |
| 3.37% | |
| 2.10% | |
| 1.44% | |
| 0.68% | |
| 0.35% | |
| 0.04% | |
| 12.5 bn USD of services imported in 2024 | |
| 32.88% | |
| 23.74% | |
| 21.37% | |
| Miscellaneous business,...Miscellaneous business, professional, and technical services | 20.36% |
| Research and developmentResearch and development | 1.02% |
| 7.82% | |
| 7.40% | |
| 2.10% | |
| 1.67% | |
| 1.20% | |
| 1.20% | |
| 0.62% | |
Source: United Nations Statistics Division, 2025. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: November 2025
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