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$36.2 billion worth of exported products around the world in 2025.

That dollar amount reflects a 41.6% increase compared to $25.6 billion five years earlier during 2021.

From 2024 to 2025, the total value of Serbian exports accelerated via a 9.7% advance from $33 billion.

Based on the average exchange rate for 2025, the Serbian dinar depreciated by -4.1% against the US dollar since 2021 but appreciated by 4.4% from 2024 to 2025. Serbia’s weaker local currency versus 2021 makes its exports paid for in stronger US dollars modestly relatively less expensive for international buyers starting from American currency during 2025.

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 (15.6% of the global total), Italy (7%), Bosnia and Herzegovina (6.4%), mainland China (4.8%), Hungary (4.7%), Montenegro (4.5%), Romania (4.3%), Czech Republic (4.1%), Türkiye (3.6%), Bulgaria (3.5%), North Macedonia (3.3%) and Croatia (3.2%).

From a continental perspective, 83.6% of Serbia’s exports by value was delivered to fellow European countries while 12.1% was sold to importers in Asia. Serbia shipped another 2.4% worth of goods to customers in North America.

Tinier percentages went to buyers based in Africa (1.6%), 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 6.53 million people, its total US$36.2 billion in 2025 exports translates to roughly $5,550 for every resident in the southeastern European country. That per-capita dollar amount exceeds the average $4,750 for one year earlier in 2024.

Serbia’s Top 10 Exports

The following export product groups represent the highest dollar value in Serbian global shipments during 2025. Also shown is the percentage share each export category represents in terms of overall exports from Serbia.

1. Electrical machinery, equipment: US$5.5 billion (15.2% of total exports)
2. Machinery including computers: $3 billion (8.2%)
3. Vehicles: $2.4 billion (6.6%)
4. Copper: $1.9 billion (5.3%)
5. Rubber, rubber articles: $1.86 billion (5.1%)
6. Ores, slag, ash: $1.6 billion (4.5%)
7. Plastics, plastic articles: $1.41 billion (3.9%)
8. Mineral fuels including oil: $1.4 billion (3.9%)
9. Furniture, bedding, lighting, signs, prefabricated buildings: $1.2 billion (3.2%)
10. Fruits, nuts: $915.7 million (2.5%)

Serbia’s top 10 exports generated approaching three-fifths half (58.4%) of the overall value of Serbian shipments.

Vehicles represent the fastest grower among the top 10 export categories, up by 69.8% from 2024 to 2025.

In second place for improving export sales was rubber, including both as materials and items made from rubber, via a 22.9% gain.

Serbia’s shipments of fruits and nuts posted the third-fastest gain in value, up by 13.4%.

The lone decliner among Serbia’s top 10 export categories was ores, slag and ash, thanks to a -6.7% 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 (6.8% of Serbia’s global total). In second place are Serbian exports of refined copper plus unwrought alloys (4.3%) ahead of copper ores and concentrates (4.2%), new rubber tires (3.6%), cars (2.9%), automobile parts or accessories (2.8%), electrical energy (2.5%), electric motors and generators (2.2%), medication mixes in dosage (1.7%), then frozen fruits and nuts (also 1.7%).

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$1.3 billion (Up by 3% since 2024)
2. Copper: $1.1 billion (Down by -0.6%)
3. Rubber, rubber articles: $986.9 million (Up by 23.4%)
4. Electrical machinery, equipment: $894.8 million (Down by -28.9%)
5. Furniture, bedding, lighting, signs, prefab buildings: $698.1 million (Up by 17.3%)
6. Cereals: $388.7 million (Down by -41.1%)
7. Fruits, nuts: $350.5 million (Down by -17.5%)
8. Beverages, spirits, vinegar: $326.8 million (Up by 13.4%)
9. Railways, streetcars: $300.2 million (Up by 32%)
10. Soaps, washing preparations, lubricants, waxes: $247.2 million (Up by 83.1%)

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 2025, up by 18.6% from the -$9.24 billion in red ink for 2024.

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$3.4 billion (Down by -5.8% since 2023)
2. Pharmaceuticals: -$1.4 billion (Up by 16.4%)
3. Machinery including computers: -$1.1 billion (Down by -1.1%)
4. Plastics, plastic articles: -$892.7 million (Up by 4.6%)
5. Articles of iron or steel: -$365.3 million (Up by 25.2%)
6. Perfumes, cosmetics: -$345.6 million (Up by 0.4%)
7. Other chemical goods: -$344.6 million (Down by -4.7%)
8. Iron, steel: -$300.8 million (Up by 29.4%)
9. Optical, technical, medical apparatus: -$267.5 million (Up by 22.7%)
10. Gems, precious metals: -$240.9 million (Up by 162.1%)

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 2025 ($203.6 billion valued in Purchasing Power Parity US dollars). That 15.3% for exports to overall GDP in PPP for 2025 lags the 17.8% for 2024. 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 2025, down from an average 9.428% one year earlier for 2024 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 6, 2026

EXCHANGE-RATES.org, Serbian Dinar (RSD) To US Dollar (USD) Exchange Rate History. Accessed on April 6, 2026

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 6, 2026

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 6, 2026

International Trade Centre, Trade Map. Accessed on April 6, 2026

Investopedia, Net Exports Definition. Accessed on April 6, 2026

Wikipedia, Gross domestic product. Accessed on April 6, 2026

Wikipedia, List of Companies of Serbia. Accessed on April 6, 2026

Wikipedia, Purchasing power parity. Accessed on April 6, 2026

Wikipedia, Serbia. Accessed on April 6, 2026