Sèrbia: Visió econòmica i política
Serbia is gradually becoming more open to international trade, which represents 139% 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 are electrical machines and apparatus (11.3%); metal ores and residues (6.9%); power engines and motors (5%); iron and steel (4.4%); and fruit and vegetables (4.2%); whereas imports are led by oil and oil derivatives (7.7%); electrical machines and apparatus (6.1%); natural gas (4.4%); electricity (4.1%); and medical and pharmaceutical products (3.9% - data Statistical Office of the Republic of Serbia, 2022).
The country's main customers are Germany (13.7%), Bosnia-Herzegovina (7.5%), Italy (7.2%), Hungary (5.4%), and Romania (4.4%). Its main suppliers are China (12.1%), Germany (7.4%), Russia (7.5%), Italy (6.6%) and Hungary (5.6% - data Statistical Office of the Republic of Serbia 2022). Serbia is the largest Western Balkan trade partner of the European Union. Observed by regions, the largest share in export of Serbia was noted in Vojvodine (33.6%), followed by Beogradski (23.3%), Šumadije and Zapadne Srbije (21.0%), and Južne and Istočne Srbije (19.9%).
Serbia has a structural trade deficit that amounted to 11% of GDP in 2022, according to the World Bank. A large portion of the deficit is due to investment-related imports. In 2022, exports of merchandise stood at USD 29 billion (+13.6% y-o-y), against USD 41.1 billion in imports (+21.7% y-o-y). In the same year, Serbia exported USD 11.6 billion worth of services, importing USD 9.1 billion (data WTO). According to figures from the Serbian statistical office, in 2023 the country's exports grew by 6.5% to USD 30.9 billion, while imports went down by 3.2% to USD 39.8 billion. The deficit amounted to USD 8.9 billion, which was a decrease of 26.4% in relation to the same period one year earlier.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 26,730 | 26,233 | 33,797 | 41,148 | 39,838 |
Exports of Goods (million USD) | 19,630 | 19,498 | 25,564 | 29,058 | 30,935 |
Imports of Services (million USD) | 6,625 | 5,822 | 7,553 | 9,170 | 10,882 |
Exports of Services (million USD) | 7,755 | 7,085 | 9,207 | 11,594 | 14,123 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 109.5 | 112.0 | 104.7 | 116.8 | 137.6 |
Trade Balance (million USD) | -5,983 | -6,289 | -5,941 | -7,094 | -9,901 |
Trade Balance (Including Service) (million USD) | -4,813 | -5,159 | -4,677 | -5,441 | -7,478 |
Imports of Goods and Services (Annual % Change) | 10.8 | 10.7 | -3.6 | 17.7 | 17.8 |
Exports of Goods and Services (Annual % Change) | 7.5 | 7.7 | -4.2 | 19.5 | 17.6 |
Imports of Goods and Services (in % of GDP) | 59.1 | 60.9 | 56.5 | 62.3 | 74.2 |
Exports of Goods and Services (in % of GDP) | 50.4 | 51.0 | 48.2 | 54.5 | 63.5 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 8.9 | 6.1 | 6.7 | 5.7 | 5.5 |
Volume of imports of goods and services (Annual % change) | 1.3 | 8.4 | 7.3 | 6.1 | 5.4 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
Germany | 15.1% |
Bosnia and Herzegovina | 6.9% |
Hungary | 5.5% |
Romania | 5.0% |
Montenegro | 4.3% |
China | 4.0% |
Russia | 3.9% |
Czech Republic | 3.8% |
Croatia | 3.6% |
Bulgaria | 3.4% |
North Macedonia | 3.3% |
Poland | 3.1% |
France | 2.7% |
Austria | 2.5% |
Slovenia | 2.5% |
Slovakia | 2.2% |
Türkiye | 1.9% |
United States | 1.8% |
Sweden | 1.6% |
United Kingdom | 1.5% |
See More Countries | 63.3% |
Main Suppliers (% of Imports) |
2023 |
Germany | 13.1% |
China | 12.2% |
Türkiye | 4.7% |
Russia | 4.3% |
Hungary | 4.2% |
Poland | 3.2% |
Romania | 3.0% |
France | 2.8% |
Bosnia and Herzegovina | 2.8% |
Austria | 2.7% |
Czech Republic | 2.6% |
Slovenia | 2.5% |
Croatia | 2.3% |
Bulgaria | 2.2% |
Iraq | 2.1% |
Netherlands | 2.0% |
Belgium | 1.9% |
Spain | 1.8% |
United States | 1.5% |
Greece | 1.3% |
See More Countries | 61.5% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: May 2024
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