Sèrbia: Visió econòmica i política
Serbia is gradually becoming more open to international trade, which represents 104.9% of GDP (World Bank, latest data available). The Stabilisation 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. Serbia's negotiations with the WTO are in an advanced state. The country’s main exports are insulated electric conductors (7.2%), tyres (3.5%), maize and corn (3.4%), and electric motors and generators (2.5%); whereas imports are led by medicaments (4.1%), petroleum oils (3.2%), petroleum gases (1.9%), telephones, and motor vehicles (1.8% each).
The country's main customers are Germany (12.9%), Italy (8.4%), Bosnia-Herzegovina (7.1%), and Romania (6.5%). Its main suppliers are Germany (13.6%), China (12.5%), Italy (8.4%) and Russia (6%). Serbia is the largest Western Balkan trade partner of the European Union.
Serbia has a structural trade deficit that amounted to 8.3% of GDP in 2020, according to the World Bank. A large portion of the deficit is due to investment-related imports. Exports of merchandise were stable at USD 19.5 billion in 2020, the same as for imports which stood at USD 26.2 billion. In the same year, Serbia exported USD 7 billion worth of services, importing USD 5.7 billion. According to figures from the Serbian statistical office, in 2021 the country's exports grew by 31% to USD 25.563 billion, while imports went up by 29% to USD 33.797 billion. As a result, Serbia's foreign trade deficit went up 18% on the year to USD 8.233 billion in 2021.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 21,947 | 25,882 | 26,730 | 26,233 | 33,797 |
Exports of Goods (million USD) | 16,996 | 19,227 | 19,630 | 19,498 | 25,564 |
Imports of Services (million USD) | 4,799 | 5,909 | 6,569 | 5,758 | 7,528 |
Exports of Services (million USD) | 5,940 | 7,126 | 7,745 | 7,042 | 9,207 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 107.5 | 109.5 | 112.0 | 104.7 | 116.8 |
Trade Balance (million USD) | -4,533 | -5,983 | -6,289 | -5,941 | -6,992 |
Trade Balance (Including Service) (million USD) | -3,435 | -4,813 | -5,159 | -4,677 | -5,312 |
Imports of Goods and Services (Annual % Change) | 11.1 | 10.8 | 10.7 | -3.6 | 17.7 |
Exports of Goods and Services (Annual % Change) | 8.2 | 7.5 | 7.7 | -4.2 | 19.5 |
Imports of Goods and Services (in % of GDP) | 57.1 | 59.1 | 60.9 | 56.5 | 62.3 |
Exports of Goods and Services (in % of GDP) | 50.5 | 50.4 | 51.0 | 48.2 | 54.5 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 5.4 | 3.8 | 4.5 | 4.7 | 5.0 |
Volume of imports of goods and services (Annual % change) | 5.6 | 4.5 | 3.0 | 4.2 | 5.3 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Germany | 12.7% |
Italy | 8.5% |
Bosnia and Herzegovina | 7.2% |
Romania | 5.5% |
Hungary | 5.0% |
Russia | 3.9% |
Montenegro | 3.8% |
North Macedonia | 3.8% |
China | 3.7% |
Poland | 3.5% |
Czech Republic | 3.5% |
Bulgaria | 3.2% |
Slovenia | 3.2% |
Croatia | 3.1% |
Austria | 3.0% |
France | 2.8% |
Slovakia | 2.0% |
United States | 2.0% |
Netherlands | 1.7% |
United Kingdom | 1.7% |
See More Countries | 61.0% |
Main Suppliers (% of Imports) |
2021 |
Germany | 13.2% |
China | 12.3% |
Italy | 8.1% |
Russia | 5.3% |
Türkiye | 5.0% |
Hungary | 4.2% |
Poland | 3.3% |
Romania | 3.0% |
Bosnia and Herzegovina | 2.7% |
France | 2.6% |
Slovenia | 2.5% |
Austria | 2.5% |
Czech Republic | 2.3% |
Croatia | 2.3% |
Iraq | 2.2% |
Belgium | 2.2% |
Bulgaria | 2.1% |
Netherlands | 1.7% |
Spain | 1.6% |
United States | 1.4% |
See More Countries | 56.1% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. 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, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023
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