A landlocked nation in southeastern Europe that has secure access to the Black Sea via the international waterway Danube, the Republic of Serbia shipped US$30.8 billion worth of exported products around the world in 2023.

That dollar amount reflects a 57.4% gain compared to $19.6 billion five years earlier during 2019.

From 2022 to 2023, the total value of Serbian exports rose 7.7% from $28.6 billion.

Based on the average exchange rate for 2023, the Serbian dinar depreciated by -3% against the US dollar since 2019 but appreciated by 2.9% from 2022 to 2023. Serbia’s slightly weaker after 2019 local currency makes its exports paid for in stronger US dollars modestly relatively less expensive for international buyers during 2023.

Best Trade Partners Buying Serbian Exports

The latest available country-specific data shows that 64.9% of products exported from Serbia were bought by importers in: Germany (15.2% of the global total), Bosnia and Herzegovina (6.9%), Italy (6.2%), Hungary (5.5%), Romania (5%), Montenegro (4.3%), Russia (3.9%), Czech Republic (3.81%), mainland China (3.77%), Croatia (3.6%), Bulgaria (3.4%) and North Macedonia (3.3%).

From a continental perspective, 86% of Serbia’s exports by value was delivered to fellow European countries while 9.5% was sold to importers in Asia. Serbia shipped another 2.3% worth of goods to North America.

Tinier percentages went to Africa (1.6%), Latin America (0.4%) excluding Mexico but including the Caribbean, then Oceania (0.2%) led by Australia.

Given Serbia’s population of 6.64 million people, its total $30.8 billion in 2023 exports translates to roughly $4,600 for every resident in the southeastern European country. That per-capita dollar amount exceeds the average $4,200 for one year earlier in 2022.

Serbia’s Top 10 Exports

The following export product groups represent the highest dollar value in Serbian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Serbia.

1. Electrical machinery, equipment: US$5.1 billion (16.6% of total exports)
2. Machinery including computers: $2.7 billion (8.6%)
3. Mineral fuels including oil: $1.9 billion (6.1%)
4. Ores, slag, ash: $1.44 billion (4.7%)
5. Plastics, plastic articles: $1.31 billion (4.2%)
6. Rubber, rubber articles: $1.29 billion (4.2%)
7. Vehicles: $1.2 billion (3.9%)
8. Furniture, bedding, lighting, signs, prefabricated buildings: $1 billion (3.3%)
9. Copper: $839.2 million (2.7%)
10. Articles of iron or steel: $818.5 million (2.7%)

Serbia’s top 10 exports generated over half (57%) of the overall value of Serbian shipments.

Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 74.4% from 2022 to 2023.

In second place for improving export sales was copper via a 68.8% advance.

Serbia’s shipments of vehicles posted the third-fastest gain in value, up by 32.2%.

The leading decliner among Serbia’s top 10 export categories was ores, slag and ash weighed down by a -24.8% drop year over year.

At the more detailed four-digit Harmonized Tariff System (HTS) code level, Serbia’s most valuable exported product is insulated wire and cable (7% of Serbia’s global total). In second place are Serbian exports of electrical energy (4.44%) ahead of copper ores and concentrates (4.38%), electric motors and generators (3.1%), new rubber tires (2.9%), automobile parts or accessories (2.5%), frozen fruits and nuts (1.68%), refined copper plus unwrought alloys (1.59%), seats excluding barber and dentist chairs (1.59%), then processed petroleum oils (1.47%).

Products Generating Greatest Trade Surpluses for Serbia

The following types of Serbian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Electrical machinery, equipment: US$1.3 billion (Up by 38.5% since 2022)
2. Ores, slag, ash: $1.1 billion (Down by -30.1%)
3. Rubber, rubber articles: $716.2 million (Up by 16.7%)
4. Furniture, bedding, lighting, signs, prefabricated buildings: $653 million (Up by 28.1%)
5. Fruits, nuts: $457.4 million (Down by -21.6%)
6. Cereals: $366.2 million (Down by -44.3%)
7. Beverages, spirits, vinegar: $302.4 million (Up by 38%)
8. Tobacco, manufactured substitutes: $283.3 million (Up by 57.2%)
9. Railways, streetcars: $274.1 million (Up by 48.5%)
10. Knit or crochet clothing, accessories: $272.5 million (Up by 26.1%)

Serbia has highly positive net exports in the international trade of insulated wire or cable and electric motors or generators. In turn, these cashflows indicate Serbia’s strong competitive advantages under the electrical machinery and equipment product category.

Products Causing Biggest Trade Deficits for Serbia

Serbia incurred a -US$8.8 billion trade deficit in 2023, down by -20.9% from the -$11.2 billion in red ink for 2022.

Below are exports from Serbia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Serbia’s goods trail Serbian importer spending on foreign products.

1. Mineral fuels including oil: -US$3.6 billion (Down by -25.1% since 2022)
2. Pharmaceuticals: -$1.1 billion (Down by -8.3%)
3. Plastics, plastic articles: -$738.6 million (Down by -12.6%)
4. Machinery including computers: -$725.1 million (Down by -40.1%)
5. Vehicles: -$678.2 million (Down by -3.8%)
6. Other chemical goods: -$352.5 million (Up by 4%)
7. Perfumes, cosmetics: -$259.1 million (Up by 19.6%)
8. Meat: -$227 million (Up by 41%)
9. Aluminum: -$208.6 million (Down by -17.6%)
10. Organic chemicals: -$202.5 million (Up by 12.3%)

Serbia has negative net exports and therefore deep international trade deficits for products related to mineral fuels notably crude and refined petroleum oils, petroleum gases and coke or semi-coke.

These cashflow deficiencies clearly indicate Serbia’s competitive disadvantages in the international energy market, but also represent key opportunities for Serbia to improve its position in the global economy through focused innovations.

Serbian Export Companies

Given that Serbia is an emerging economy, it should come as no surprise that not one Serbian corporation appears on the Forbes Global 2000 list.

Wikipedia does outline some smaller-scale Serbian export companies. Selected examples are shown below.

• Estonia Piano Factory (pianos)
• Liviko (vodka, other alcoholic beverages)
• Narva Oil Plant (shale oil)
• Rakvere Lihakombinaat (meat products)
• Rexer Ltd (automobiles)
• Saku Brewery (beer, cider, soft drinks, water)
• Tartu Mill AS (grains)
• Tondi Elektroonika (hearing aids)

 
In macroeconomic terms, Serbia’s total exported goods represent 17.8% of its overall Gross Domestic Product for 2023 ($173.1 billion valued in Purchasing Power Parity US dollars). That 17.8% for exports to overall GDP in PPP for 2023 exceeds the 17.4% for 2022. Those percentages suggest a relatively increasing reliance on products sold on international markets for Serbia’s total economic performance, albeit based on a short timeframe.

Another key indicator of a country’s economic performance is its unemployment rate. Serbia’s unemployment rate averaged 9.076% in 2023, down from an average 9.396% one year earlier for 2022 according to International Monetary Fund metrics.

Serbia’s capital city is Belgrade.

See also Russia’s Top 10 Exports, Russia’s Top 10 Imports, Russia Top Trading Partners, Top Russian Trade Balances and Serbia’s Top 10 Imports

Research Sources:
Central Intelligence Agency, The World Factbook Europe: Serbia. Accessed on April 1, 2024

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 1, 2024

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on April 1, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 1, 2024

International Trade Centre, Trade Map. Accessed on April 1, 2024

Investopedia, Net Exports Definition. Accessed on April 1, 2024

Wikipedia, Gross domestic product. Accessed on April 1, 2024

Wikipedia, List of Companies of Serbia. Accessed on April 1, 2024

Wikipedia, Purchasing power parity. Accessed on April 1, 2024

Wikipedia, Serbia. Accessed on April 1, 2024