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2022
Flag → Flag
Exports $553MRnk 61 / 222
2022
Flag → Flag
Top Product $52.3MVaccines, blood, antisera, toxins and cultures
2022
Flag → Flag
Exports $311MRnk 26 / 174
2022
Flag → Flag
Top Product $55.5MFrozen Fruits and Nuts
2022
Flag
Economic Complexity (ECI) ECI 1.25Rnk 19 / 133
2022
Flag
Economic Complexity (ECI) ECI 0.75Rnk 36 / 133
2022
Flag  
GDP$579BCURRENT US$
Rnk 25 / 186
2012-2022
Flag
GDP GROWTH16.6%CURRENT US$
Rnk 131 / 186
2022
Flag
 GDP$63.5BCURRENT US$
Rnk 84 / 186
2012-2022
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GDP GROWTH46.6%CURRENT US$
Rnk 71 / 186
2022
Flag
GDP PC $49,583CURRENT US$
Rnk 19 / 186
2012-2022
Flag
GDP PC GROWTH11%CURRENT US$
Rnk 112 / 186
2022
Flag
GDP PC$9,394CURRENT US$
Rnk 80 / 186
2012-2022
Flag
GDP PC GROWTH56.1%CURRENT US$
Rnk 32 / 186

About

Belgium-Serbia Trade: In 2022, Belgium exported $553M to Serbia. The main products that Belgium exported to Serbia were Vaccines, blood, antisera, toxins and cultures ($52.3M), Ethylene Polymers ($32.3M), and Packaged Medicaments ($32.1M). Over the past 5 years the exports of Belgium to Serbia have increased at an annualized rate of 11.3%, from $324M in 2017 to $553M in 2022.

In 2022, Belgium did not export any services to Serbia.

Serbia-Belgium Trade: In 2022, Serbia exported $311M to Belgium. The main products that Serbia exported to Belgium were Frozen Fruits and Nuts ($55.5M), Insulated Wire ($28.5M), and Packing Bags ($21.9M). Over the past 5 years the exports of Serbia to Belgium have increased at an annualized rate of 9.5%,  from $197M in 2017 to $311M in 2022.

In 2019, Serbia exported services to Belgium worth $213M, with Transportation ($96.3M), Other business services ($67.2M), and Travel ($19M) being the largest in terms of value.

Comparison: In 2022,  Belgium ranked 19 in the Economic Complexity Index (ECI 1.25), and 13 in total exports ($475B). That same year, Serbia ranked 36 in the Economic Complexity Index (ECI 0.75), and 70 in total exports ($30.3B).

Latest Trends

August, 2024

About

Overview In August 2024, Belgium exported €35.5M and imported €17.8M from Serbia, resulting in a positive trade balance of €17.7M. Between August 2023 and August 2024 the exports of Belgium have increased by €1.84M (5.47%) from €33.7M to €35.5M, while imports increased by €725k (4.25%) from €17.1M to €17.8M.

Trade In August 2024, the top exports of Belgium to Serbia were Pharmaceutical products (€17.9M), Plastics & articles thereof (€4.03M), Electrical machinery and electronics (€3.62M), Machinery, mechanical appliances, & parts (€3.45M), and Oils seeds, oleaginous fruits, grains, straw... (€2.1M). In August 2024 the top imports of Belgium from Serbia were Electrical machinery and electronics (€3.88M), Edible fruits, nuts & fruit peels (€2.56M), Iron/Steel Articles (€1.69M), Used clothes & textile articles (€1.48M), and Furniture, bedding, lamps, & prefab buildings (€1.41M).

Growth In August 2024, the increase in Belgium's year-by-year exports to Serbia was explained primarily by an increase in product exports in Pharmaceutical products (€16.7M or 1.31k%), Electrical machinery and electronics (€1.27M or 54%), and Soap, cleaners, candles, dental, modelling pastes (€1.15M or 990%). In August 2024, the increase in Belgium's year-by-year imports  from Serbia was explained primarily by an increase in product imports  in Electrical machinery and electronics (€1.56M or 66.9%), Pharmaceutical products (€444k or 53.8%), and Edible fruits, nuts & fruit peels (€348k or 15.7%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (August 2023 - August 2024)€1.84M(5.47%)
IMPORT GROWTH (August 2023 - August 2024)€725k(4.25%)

This section shows exports and imports data at subnational level for Belgium. Click any date in the line plot or any product to explore the exports or imports behavior of Belgium over time.

To check Serbia and Belgium trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Serbia and Belgium Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Belgium exported $553M to Serbia. The main products exported from Belgium to Serbia were Vaccines, blood, antisera, toxins and cultures ($52.3M), Ethylene Polymers ($32.3M), and Packaged Medicaments ($32.1M). During the last 5 years the exports of Belgium to Serbia have increased at an annualized rate of 11.3%, from $324M in 2017 to $553M in 2022.

In 2017, Serbia exported $311M to Belgium. The main products exported from Serbia to Belgium were Frozen Fruits and Nuts ($55.5M), Insulated Wire ($28.5M), and Packing Bags ($21.9M). During the last 5 years the exports of Serbia to Belgium have increased at an annualized rate of 9.5%, from $197M in 2022 to $311M in 2017.

Exports from Belgium (Flag) to Serbia (Flag) (2022)

Exports from Serbia (Flag) to Belgium (Flag) (2022)

Market Competitiveness

Color
Belgium
Top DestinationGermany$91.9B
Serbia
Top DestinationGermany$4B

This map shows whether countries import more from Belgium or Serbia. Each country is colored based on the difference in imports they receive from Belgium and Serbia or the difference in the growth in imports.

In 2022, countries that imported more from Belgium than Serbia included Germany ($91.9B), France ($71.1B), and Netherlands ($65.7B).

In 2022, countries that imported more from Serbia than Belgium included Bosnia and Herzegovina ($2.14B), Montenegro ($1.15B), and North Macedonia ($1.03B).

Difference in imports from Serbia (Flag) and Belgium (Flag) (2022)

Comparative Advantage Belgium - Serbia

Flow
Scale

This chart compares trade between Belgium and Serbia by product, considering products traded by both, Belgium and Serbia.

During 2022, Belgium had a large net trade with Serbia in the exports of Chemical Products ($146M), Plastics and Rubbers ($97.8M), and Machines ($81M).

During 2017, Serbia had a large net trade with Belgium in the exports of Vegetable Products ($66.7M), Machines ($57.9M), and Textiles ($31.5M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Belgium Serbia+$24.5MPackaged Medicaments
Top Product Potential Serbia Belgium+$16.7MInsulated Wire

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

In 2019, Serbia exported services to Belgium worth $213M, with Transportation ($96.3M), Other business services ($67.2M), and Travel ($19M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Serbia (Flag) to Belgium (Flag) (2019)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Belgium and Serbia. This means that a dot/product with the flag of Belgium indicates it has a comparative advantage over Serbia. Similarly, a dot/product with the flag of Serbia indicates it has a comparative advantage over Belgium.

Product Space of Belgium (Flag) and Serbia (Flag) (2022)

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