A landlocked nation near the intersection of Central Europe and Southeastern Europe, the Republic of Serbia’s total import purchases totaled US$39.6 billion in 2023.

That dollar amount reflects a 49.3% increase from 5 years earlier in 2019 when Serbian exports were worth $26.5 billion.

From 2022 to 2023, the overall value of goods exported from Serbia flatlined via a -0.3% downturn starting from $39.8 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 modestly weaker local currency compared to 2019 makes its imports relatively less expensive when converted starting from Serbian dinars then purchasing with US dollars.

Domestically, Serbia’s inflation rate averaged 12.361% for consumer prices in 2023 up from an average 11.982% in 2022.

Serbia’s Best International Trade Suppliers

The latest available country-specific data shows that 62.9% of products imported into Serbia was furnished by exporters in: Germany (13.1% of the Serbian total), mainland China (12.1%), Italy (7.3%), Türkiye (4.7%), Russia (4.4%), Hungary (4.2%), Poland (3.2%), Romania (3%), France (2.9%), Austria (2.7%), Bosnia and Herzegovina (also 2.7%) and the Czech Republic (2.6%).

From a continental perspective, more than two-thirds (70%) of Serbia’s total imports by value in 2023 was purchased from fellow European countries. Trade partners in Asia fulfilled 26% of import purchases by Serbia.

Smaller percentages were supplied by exporters in North America (1.7%), Africa (1.5%), Latin America (0.7%) excluding Mexico but including the Caribbean, and Oceania (0.04%) led by Australia and New Zealand.

Given Serbia’s population of 6.64 million people (excludes Kosovo), its $39.6 billion in 2023 imports translates to roughly $6,000 in yearly product demand from every person in the landlocked Southeastern European country. That per-capita metric outpaces the average $5,800 for 2022.

Serbia’s Top 10 Imports

The following product groups represent the highest dollar value in Serbia’s import purchases during 2023. Also shown is the percentage share eac`h product category represents in terms of overall imports into Serbia.

1. Mineral fuels including oil: US$5.5 billion (13.8% of total imports)
2. Electrical machinery, equipment: $3.8 billion (9.5%)
3. Machinery including computers: $3.4 billion (8.5%)
4. Plastics, plastic articles: $2 billion (5.2%)
5. Vehicles: $1.9 billion (4.7%)
6. Pharmaceuticals: $1.5 billion (3.9%)
7. Articles of iron or steel: $1 billion (2.6%)
8. Iron, steel: $930.6 million (2.3%)
9. Aluminum: $812 million (2%)
10. Paper, paper items: $688.2 million (1.7%)

Serbia’s top 10 imports accounted for over half (54.3%) of the overall value of its product purchases from other countries.

Imported vehicles attracted the fastest growth in value among Serbia’s top 10 import categories, up 93.4% from 2022 to 2023.

In second place for improving import purchases were Serbia’s imports of electrical machinery and equipment (up 12%) ahead of Serbian purchases of items made from iron or steel (up 2.1%).

The severest year-over-year decline was the -17.7% slowdown for money spent on Serbia’s imports of paper both as materials and items made from paper.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.

Below, you will find the most valuable Serbian imports at the 4-digit Harmonized Tariff System (HTS) detailed code level. These detailed import products are organized under the following sections.

Serbia’s Top Imported Mineral Fuels Including Oil

In 2023, Serbian importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Crude oil: US$1.9 billion (down -15.5% from 2022)
2. Petroleum gases: $1.4 billion (down -19.6%)
3. Electrical energy: $847.3 million (up 104.6%)
4. Processed petroleum oils: $604.9 million (down -23%)
5. Lignite: $348.6 million (up 139.8%)
6. Coke, semi-coke: $218.4 million (down -37.2%)
7. Coal, solid fuels made from coal: $60.4 million (down -22.7%)
8. Petroleum oil residues: $41.2 million (down -23.1%)
9. Coal tar oils (high temperature distillation): $14.4 million (up 11.2%)
10. Peat: $6.8 million (down -20.1%)

Among these import subcategories, Serbian purchases of lignite (up 139.8%), electrical energy (up 104.6%) then high temperature distilled coal tar oils (up 11.2%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Serbian businesses and consumers.

Serbia’s Top Imported Electronics Products

In 2023, Serbian importers spent the most on the following 10 subcategories of electric products including consumer electronics.

1. Insulated wire/cable: US$569.6 million (up 7.4% from 2022)
2. Phone devices including smartphones: $510.4 million (down -4.4%)
3. Electric motor parts: $347.9 million (up 47.9%)
4. Lower-voltage switches, fuses: $314.1 million (up 11.5%)
5. Electrical converters/power units: $246.3 million (up 8.2%)
6. Electrical/optical circuit boards, panels: $167.6 million (up 9.6%)
7. Solar power diodes/semi-conductors: $135 million (up 4.1%)
8. Integrated circuits/microassemblies: $132.2 million (up 9%)
9. Insulating fitting: $124.2 million (up 13.2%)
10. Electric circuit parts, fuses, switches: $112.9 million (up 5.7%)

Among these import subcategories, Serbian purchases of electric motor parts (up 47.9%), insulating fitting (up 13.2%) then lower-voltage switches and fuses (up 11.5%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of electronics-related imports among Serbian businesses and consumers.

Serbia’s Top Imported Machinery Products Including Computers

In 2023, Serbian importers spent the most on the following 10 subcategories of machinery including computers.

1. Computers, optical readers: US$245.2 million (down -4.8% from 2022)
2. Miscellaneous machinery: $187 million (up 48.3%)
3. Turbo-jets: $159.7 million (up 71.1%)
4. Centrifuges, filters and purifiers: $150 million (down -12.4%)
5. Liquid pumps and elevators: $144.5 million (down -4.9%)
6. Taps, valves, similar appliances: $140.8 million (up 0.5%)
7. Transmission shafts, gears, clutches: $135.6 million (up 22.9%)
8. Refrigerators, freezers: $131.3 million (up 0.05%)
9. Rubber/plastic article making machines: $126.9 million (down -18.6%)
10. Air or vacuum pumps: $126.9 million (up 0.5%)

Among these import subcategories, Serbian purchases of turbo-jets (up 71.1%), miscellaneous machinery (up 48.3%) then transmission shafts, gears and clutches (up 22.9%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery-related imports among Serbian businesses and consumers.

Serbia’s Top Imported Plastics Including Products Made from Plastic

In 2023, Serbian importers spent the most on the following 10 subcategories of plastics and articles made from plastic.

1. Miscellaneous plastic items: US$259.5 million (up 15.4% from 2022)
2. Plastic packing goods, lids, caps: $239.4 million (up 7.2%)
3. Plastic plates, sheets, film, tape, strips: $199.7 million (down -6.4%)
4. Ethylene polymers: $189 million (down -20%)
5. Polyacetal/ether/carbonates: $159.1 million (down -25.8%)
6. Plastic tubes, pipes, fittings: $147 million (up 7.5%)
7. Plastic plates, sheets, film, tape, strips: $129.2 million (up 1.9%)
8. Propylene/olefin polymers: $112.5 million (down -19.7%)
9. Styrene polymers: $92.2 million (down -30.1%)
10. Self-adhesive plastic in rolls: $64.2 million (up 14%)

Among these import subcategories, Serbian purchases of miscellaneous plastic items (up 15.4%), self-adhesive plastic in rolls (up 14%) then plastic tubes, pipes and fittings (up 7.5%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of plastics-related imports among Serbian businesses and consumers.
 

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 Exports

Research Sources:
Central Intelligence Agency, The World Factbook Europe: Serbia. Accessed on November 19, 2024

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on November 19, 2024

International Trade Centre, Trade Map. Accessed on November 19, 2024

Investopedia, Net Exports Definition. Accessed on November 19, 2024

Wikipedia, Serbia. Accessed on November 19, 2024