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$31.1 billion worth of exported products around the world in 2024.

That dollar amount reflects a 60.5% acceleration compared to $19.4 billion five years earlier during 2020.

From 2023 to 2024, the total value of Serbian exports flatlined via a 1.1% advance from $30.8 billion.

Based on the average exchange rate for 2024, the Serbian dinar depreciated by -4.5% against the US dollar since 2020 but appreciated by 0.2% from 2023 to 2024. Serbia’s slightly weaker versus 2020 local currency makes its exports paid for in stronger US dollars modestly relatively less expensive for international buyers starting from American currency during 2024.

Best Trade Partners Buying Serbian Exports

The latest available country-specific data shows that 63.9% of products exported from Serbia were bought by importers in: Germany (14.5% of the global total), Bosnia/Herzegovina (6.7%), Italy (5.9%), mainland China (5.1%), Romania (4.74%), Hungary (also 4.74%), Montenegro (4.5%), Czech Republic (4.1%), Türkiye (3.6%), Bulgaria (3.43%), Croatia (3.36%) and North Macedonia (3.2%).

From a continental perspective, 83.3% of Serbia’s exports by value was delivered to fellow European countries while 12% was sold to importers in Asia. Serbia shipped another 2.5% worth of goods to customers in North America.

Tinier percentages went to buyers based in Africa (1.9%), Latin America (0.2%) excluding Mexico but including the Caribbean, then Oceania (0.1%) led by Australia and New Zealand.

Given Serbia’s population of 6.6 million people, its total $31.1 billion in 2024 exports translates to roughly $4,750 for every resident in the southeastern European country. That per-capita dollar amount exceeds the average $4,600 for one year earlier in 2023.

Serbia’s Top 10 Exports

The following export product groups represent the highest dollar value in Serbian global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Serbia.

1. Electrical machinery, equipment: US$4.9 billion (15.7% of total exports)
2. Machinery including computers: $2.5 billion (8.1%)
3. Copper: $1.7 billion (5.5%)
4. Rubber, rubber articles: $1.39 billion (4.5%)
5. Ores, slag, ash: $1.34 billion (4.3%)
6. Plastics, plastic articles: $1.28 billion (4.1%)
7. Mineral fuels including oil: $1.2 billion (4%)
8. Vehicles: $1 billion (3.3%)
9. Furniture, bedding, lighting , signs, prefab buildings: $991.3 million (3.2%)
10. Fruits, nuts: $805.6 million (2.6%)

Serbia’s top 10 exports generated over half (55.3%) of the overall value of Serbian shipments.

Copper was the fastest grower among the top 10 export categories, up by 103.1% from 2023 to 2024.

In second place for improving export sales was rubber, both as materials and items made from rubber, via a 7.3% advance.

Serbia’s shipments of fruits, nuts posted the remaining gain in value, up by 2.1%.

The leading decliner among Serbia’s top 10 export categories was mineral fuels including oil, recording a -34.2% year-over-year drop.

At the more detailed four-digit Harmonized Tariff System (HTS) code level, Serbia’s most valuable exported product was insulated wire and cable (6.7% of Serbia’s global total). In second place are Serbian exports of refined copper plus unwrought alloys (4.4%) ahead of copper ores and concentrates (4.4%), new rubber tires (3.1%), electric motors and generators (2.5%), electrical energy (2.3%), automobile parts or accessories (2%), frozen fruits and nuts (1.6%), seats excluding barber and dentist chairs (also 1.6%), then miscellaneous organic cleaning preparations (1.5%).

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. Copper: US$1.1 billion (Up by 307.8% since 2023)
2. Electrical machinery, equipment: $933.7 million (Down by -30.4%)
3. Ores, slag, ash: $853.2 million (Down by -25.2%)
4. Rubber, rubber articles: $681.6 million (Down by -4.9%)
5. Cereals: $623.3 million (Up by 70.4%)
6. Furniture, bedding, lighting, signs, prefab buildings: $565.6 million (Down by -13.4%)
7. Fruits, nuts: $429.6 million (Down by -6%)
8. Beverages, spirits, vinegar: $287.6 million (Down by -4.8%)
9. Tobacco, manufactured substitutes: $267.6 million (Down by -5.5%)
10. Railways, streetcars: $229.8 million (Down by -16.2%)

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

Products Causing Biggest Trade Deficits for Serbia

Serbia incurred an -US$11 billion trade deficit in 2024, up by 24.2% from the -$8.85 billion in red ink for 2023.

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 (Up by 0.8% since 2023)
2. Pharmaceuticals: -$1.22 billion (Up by 13.4%)
3. Machinery including computers: -$1.2 billion (Up by 65.7%)
4. Vehicles: -$976.5 million (Up by 44.2%)
5. Plastics, plastic articles: -$886.5 million (Up by 20%)
6. Other chemical goods: -$347.8 million (Down by -1.3%)
7. Aluminum: -$336.9 million (Up by 61.3%)
8. Perfumes, cosmetics: -$325.5 million (Up by 25.6%)
9. Articles of iron or steel: -$318.3 million (Up by 59.6%)
10. Meat: -$243.4 million (Up by 7.1%)

Serbia has negative net exports and therefore deep international trade deficits for products related to mineral fuels, historically for 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 15.3% of its overall Gross Domestic Product for 2024 ($203.6 billion valued in Purchasing Power Parity US dollars). That 15.3% for exports to overall GDP in PPP for 2024 lags the 17.8% for 2023. Those percentages suggest a relatively decreasing 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 8.575% in 2024, down from an average 9.428% one year earlier for 2023 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 August 11, 2025

EXCHANGE-RATES.org, Serbian Dinar (RSD) To US Dollar (USD) Exchange Rate History. Accessed on August 11, 2025

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 11, 2025

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on August 11, 2025

International Trade Centre, Trade Map. Accessed on August 11, 2025

Investopedia, Net Exports Definition. Accessed on August 11, 2025

Wikipedia, Gross domestic product. Accessed on August 11, 2025

Wikipedia, List of Companies of Serbia. Accessed on August 11, 2025

Wikipedia, Purchasing power parity. Accessed on August 11, 2025

Wikipedia, Serbia. Accessed on August 11, 2025