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$28.5 billion worth of products around the world in 2022.

That dollar amount reflects a 48.7% gain compared to $19.2 billion during 2018.

From 2021 to 2022, the total value of Serbian exports rose 11.4% from $25.6 billion.

Based on the average exchange rate for 2022, the Serbian dinar depreciated by -11.5% against the US dollar since 2018 and fell by -12.3% from 2021 to 2022. Serbia’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers during 2022.

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 (13.9% of the Serbian total), Italy (7.4%), Bosnia and Herzegovina (7.3%), Hungary (5.1%), Romania (4.4%), Russia (4.19%), mainland China (4.18%), Montenegro (3.8%), Croatia (3.6%), North Macedonia (3.5%), Poland (3.4%) and Bulgaria (3.2%).

From a continental perspective, 87.1% of Serbia’s exports by value was delivered to fellow European countries while 8.8% was sold to importers in Asia. Serbia shipped another 2.2% worth of goods to North America.

Smaller percentages went to Africa (1.4%), Latin America (0.4%) excluding Mexico but including the Caribbean, then Oceania (0.1%) led by Australia.

Given Serbia’s population of 6.84 million people, its total $28.5 billion in 2022 exports translates to roughly $4,200 for every resident in the southeastern European country. That per-capita dollar amount exceeds the average $3,700 for one year earlier in 2021.

Serbia’s Top 10 Exports

The following export product groups represent the highest dollar value in Serbian global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Serbia.

1. Electrical machinery, equipment: US$4.3 billion (15.2% of total exports)
2. Machinery including computers: $2.2 billion (7.6%)
3. Ores, slag, ash: $1.9 billion (6.7%)
4. Plastics, plastic articles: $1.4 billion (4.9%)
5. Rubber, rubber articles: $1.2 billion (4.3%)
6. Iron, steel: $1.2 billion (4.2%)
7. Mineral fuels including oil: $1.1 billion (3.8%)
8. Vehicles: $902.7 million (3.2%)
9. Fruits, nuts: $892.1 million (3.1%)
10. Furniture, bedding, lighting , signs, prefab buildings: $882.2 million (3.1%)

Serbia’s top 10 exports accounted for well over half (56%) of the overall value of its global shipments.

Ores, slag and ash was the fastest grower among the top 10 export categories, up by 101.5% from 2021 to 2022. That product category was propelled by higher revenues from international sales of Serbian copper ores and concentrates.

In second place for improving export sales was mineral fuels including oil via a 43.5% advance.

Serbia’s shipments of machinery including computers posted the third-fastest gain in value, up by 19.2%.

The leading decliner among Serbia’s top 10 export categories was fruits and nuts, pulled down by a -8.5% drop year over year.

At the more detailed four-digit Harmonized Tariff System (HTS) code level, Serbia’s most valuable exported good is insulated wire and cable (6.6% of Serbia’s global total). In second place are Serbian exports of copper ores and concentrates (6.3%), trailed by new rubber tires (3.2%), electric motors and generators (2.7%), frozen fruits and nuts (2.1%), hot-rolled iron or non-alloy steel products (2.1%), refined petroleum oils (also 2.1%), automobile parts or accessories (1.8%), miscellaneous organic cleaning preparations (1.7%), then corn (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. Ores, slag, ash: US$1.6 billion (Up by 261.1% since 2021)
2. Electrical machinery, equipment: $960.1 million (Up by 95.2%)
3. Cereals: $655.9 million (Down by -24.9%)
4. Rubber, rubber articles: $613.9 million (Up by 0.4%)
5. Fruits, nuts: $580.9 million (Down by -8.7%)
6. Furniture, bedding, lighting, signs, prefabricated buildings: $507.6 million (Up by 12.7%)
7. Soaps, washing preparations, lubricants, waxes: $225.4 million (Up by 38.7%)
8. Beverages, spirits, vinegar: $217.5 million (Up by 31.9%)
9. Knit or crochet clothing, accessories: $216.4 million (Up by 25.9%)
10. Food industry waste, animal fodder: $207.1 million (Up by 45.7%)

Serbia has highly positive net exports in the international trade of copper ores and concentrates. In turn, these cashflows indicate Serbia’s strong competitive advantages under the ores, slag and ash product category.

Products Causing Biggest Trade Deficits for Serbia

Serbia incurred a -$11.2 billion trade deficit in 2022, up by 36.4% from the -$8.2 billion in red ink for 2021.

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$4.9 billion (Up by 109.4% since 2021)
2. Machinery including computers: -$1.21 billion (Down by -21.3%)
3. Pharmaceuticals: -$1.17 billion (Up by 1.2%)
4. Plastics, plastic articles: -$848.6 million (Up by 15.2%)
5. Vehicles: -$703.6 million (Down by -4.8%)
6. Aircraft, spacecraft: -$343 million (Up by 150.9%)
7. Other chemical goods: -$339.1 million (Up by 4.2%)
8. Aluminum: -$252.7 million (Up by 18%)
9. Fertilizers: -$251.3 million (Up by 380.5%)
10. Optical, technical, medical apparatus: -$217.8 million (Down by -38.6%)

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 17.4% of its overall Gross Domestic Product for 2022 ($163.7 billion valued in Purchasing Power Parity US dollars). That 17.4% for exports to overall GDP in PPP for 2022 matches the 17.4% for 2021. Those percentages suggest a relatively stable 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 9.396% in 2022, down from an average 11.008% one year earlier for 2021 according to the International Monetary Fund.

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 17, 2023

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 17, 2023

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on April 17, 2023

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 17, 2023

International Trade Centre, Trade Map. Accessed on April 17, 2023

Investopedia, Net Exports Definition. Accessed on April 17, 2023

Wikipedia, Gross domestic product. Accessed on April 17, 2023

Wikipedia, List of Companies of Serbia. Accessed on April 17, 2023

Wikipedia, Purchasing power parity. Accessed on April 17, 2023

Wikipedia, Serbia. Accessed on April 17, 2023