Serbia flag Serbia: Economic and Political Overview

Foreign trade figures of Serbia

Foreign Trade in Figures

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 20192020202120222023
Imports of Goods (million USD) 26,73026,23333,79741,14839,838
Exports of Goods (million USD) 19,63019,49825,56429,05830,935
Imports of Services (million USD) 6,6255,8227,5539,17010,882
Exports of Services (million USD) 7,7557,0859,20711,59414,123

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 107.6100.3112.3131.9114.5
Trade Balance (million USD) -6,289-5,941-7,094-9,913-7,134
Trade Balance (Including Service) (million USD) -5,159-4,677-5,441-7,490-3,873
Imports of Goods and Services (Annual % Change) 9.8-4.017.716.2-1.6
Exports of Goods and Services (Annual % Change) 7.3-4.620.417.02.7
Imports of Goods and Services (in % of GDP) 58.654.260.071.259.4
Exports of Goods and Services (in % of GDP) 49.046.152.360.755.1

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 6.16.85.75.65.4
Volume of imports of goods and services (Annual % change) 8.97.16.15.45.3

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
In international trade, Serbia shows a preference for relations with the EU and the United States. Nevertheless, the Serbian government also wants to develop privileged relations with its neighbors as proved by the bilateral treaties signed with Bulgaria and Romania. A free trade agreement has been signed as well with Belarus (2009) and Russia(2001).
 

Main Partner Countries

Main Customers
(% of Exports)
2023
Germany 15.1%
Bosnia and Herzegovina 6.9%
Italy 6.2%
Hungary 5.5%
Romania 5.0%
See More Countries 61.4%
Main Suppliers
(% of Imports)
2023
Germany 13.1%
China 12.2%
Italy 7.3%
Türkiye 4.7%
Hungary 4.2%
See More Countries 58.5%

Source: Comtrade, 2025. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

30.9 bn USD of products exported in 2023
Insulated "incl. enamelled or anodised" wire,...Insulated "incl. enamelled or anodised" wire, cable "incl. coaxial cable" and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors 7.0%
Copper ores and concentratesCopper ores and concentrates 4.7%
Electrical energyElectrical energy 4.4%
Electric motors and generators (excl. generating...Electric motors and generators (excl. generating sets) 3.1%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber 2.9%
See More Products 77.9%
39.8 bn USD of products imported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 4.9%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.5%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.2%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.2%
Electrical energyElectrical energy 2.1%
See More Products 84.2%

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.

 

Main Services

14.1 bn USD of services exported in 2023
26.27%
25.60%
19.56%
17.87%
3.04%
2.19%
1.87%
1.45%
1.03%
0.67%
0.38%
0.05%
10.9 bn USD of services imported in 2023
30.63%
25.54%
22.00%
8.17%
6.34%
1.84%
1.64%
1.28%
1.15%
0.61%
0.55%
0.26%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: May 2025