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2023
Flag → Flag
Exports $633MRnk 56 / 220
2023
Flag → Flag
Top Product $76.6MRaw Tobacco
2023
Flag → Flag
Exports $301MRnk 28 / 184
2023
Flag → Flag
Top Product $43.5MFrozen Fruits and Nuts
2023
Flag
Economic Complexity (ECI) ECI 1.23Rnk 20 / 132
2023
Flag
Economic Complexity (ECI) ECI 0.76Rnk 35 / 132
2023
Flag  
GDP$645BCURRENT US$
Rnk 23 / 195
2013-2023
Flag
GDP GROWTH23%CURRENT US$
Rnk 132 / 195
2023
Flag
 GDP$81.3BCURRENT US$
Rnk 77 / 195
2013-2023
Flag
GDP GROWTH61.2%CURRENT US$
Rnk 53 / 195
2023
Flag
GDP PC $54,701CURRENT US$
Rnk 20 / 195
2013-2023
Flag
GDP PC GROWTH16.5%CURRENT US$
Rnk 113 / 195
2023
Flag
GDP PC$12,282CURRENT US$
Rnk 82 / 196
2013-2023
Flag
GDP PC GROWTH74.4%CURRENT US$
Rnk 20 / 195

About

Belgium-Serbia Trade: In 2023, Belgium exported $633M to Serbia. The main products that Belgium exported to Serbia were Raw Tobacco ($76.6M), Vaccines, blood, antisera, toxins and cultures ($54.5M), and Packaged Medicaments ($34.5M). Over the past 5 years the exports of Belgium to Serbia have increased at an annualized rate of 7.96%, from $432M in 2018 to $633M in 2023.

In 2023, Belgium did not export any services to Serbia.

Serbia-Belgium Trade: In 2023, Serbia exported $301M to Belgium. The main products that Serbia exported to Belgium were Frozen Fruits and Nuts ($43.5M), Insulated Wire ($34.7M), and Other Iron Products ($21.6M). Over the past 5 years the exports of Serbia to Belgium have increased at an annualized rate of 7.64%,  from $208M in 2018 to $301M in 2023.

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 2023,  Belgium ranked 20 in the Economic Complexity Index (ECI 1.23), and 13 in total exports ($437B). That same year, Serbia ranked 35 in the Economic Complexity Index (ECI 0.76), and 69 in total exports ($32.6B).

Latest Trends

October, 2024

About

Overview In October 2024, Belgium exported €45.4M and imported €25.1M from Serbia, resulting in a positive trade balance of €20.3M. Between October 2023 and October 2024 the exports of Belgium have decreased by €-15.4M (-25.3%) from €60.7M to €45.4M, while imports increased by €7.97M (46.7%) from €17.1M to €25.1M.

Trade In October 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 October 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 October 2024, the decrease in Belgium's year-by-year exports to Serbia was explained primarily by an decrease in product exports in Plastics & articles thereof (€-1.42M or -26.1%), Zinc articles (€-571k or -99.5%), and Chemical products n.e.s. (€-379k or -32.6%). In October 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 (October 2023 - October 2024)€-15.4M(-25.3%)
IMPORT GROWTH (October 2023 - October 2024)€7.97M(46.7%)

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

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Belgium exported $633M to Serbia. The main products exported from Belgium to Serbia were Raw Tobacco ($76.6M), Vaccines, blood, antisera, toxins and cultures ($54.5M), and Packaged Medicaments ($34.5M). During the last 5 years the exports of Belgium to Serbia have increased at an annualized rate of 7.96%, from $432M in 2018 to $633M in 2023.

In 2018, Serbia exported $301M to Belgium. The main products exported from Serbia to Belgium were Frozen Fruits and Nuts ($43.5M), Insulated Wire ($34.7M), and Other Iron Products ($21.6M). During the last 5 years the exports of Serbia to Belgium have increased at an annualized rate of 7.64%, from $208M in 2023 to $301M in 2018.

Exports from Belgium (Flag) to Serbia (Flag) (2023)

Exports from Serbia (Flag) to Belgium (Flag) (2023)

Market Competitiveness

Color
Belgium
Top DestinationFrance$85.6B
Serbia
Top DestinationGermany$4.76B

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 2023, countries that imported more from Belgium than Serbia included France ($85.6B), Netherlands ($67.3B), and Germany ($60.8B).

In 2023, countries that imported more from Serbia than Belgium included Bosnia and Herzegovina ($1.77B), Montenegro ($995M), and North Macedonia ($932M).

Difference in imports from Serbia (Flag) and Belgium (Flag) (2023)

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 2023, Belgium had a large net trade with Serbia in the exports of Chemical Products ($148M), Foodstuffs ($133M), and Plastics and Rubbers ($91M).

During 2018, Serbia had a large net trade with Belgium in the exports of Machines ($73.8M), Vegetable Products ($50.4M), and Metals ($37.3M).

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) (2023)

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