Norway (NOR) and Serbia (SRB) Trade | The Observatory of Economic Complexity

About

Norway-Serbia In 2022, Norway exported $104M to Serbia. The main products that Norway exported to Serbia are Cleaning Products ($32.8M), Cars ($19.2M), and Raw Nickel ($9.74M). During the last 16 years the exports of Norway to Serbia have increased at an annualized rate of 11.2%, from $19.1M in 2006 to $104M in 2022.

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

Serbia-Norway In 2022, Serbia exported $45.3M to Norway. The main products that Serbia exported to Norway were Frozen Fruits and Nuts ($5.07M), Honey ($3.02M), and Motor vehicles; parts and accessories (8701 to 8705) ($2.05M). During the last 16 years the exports of Serbia to Norway have increased at an annualized rate of 11.9%, from $7.51M in 2006 to $45.3M in 2022.

In 2019, Serbia exported services to Norway worth $31.3M, with Other business services ($12.3M), Travel ($5.6M), and Communications services ($5.6M) being the largest in terms of value.

Comparison In 2022, Norway ranked 41 in the Economic Complexity Index (ECI 0.58), and 28 in total exports ($285B). That same year, Serbia ranked 35 in the Economic Complexity Index (ECI 0.75), and 70 in total exports ($30.3B).

Latest Trends

February, 2024

About

Overview In February 2024, Norway exported NOK39.1M and imported NOK47.2M from Serbia, resulting in a negative trade balance of NOK8.04M. Between February 2023 and February 2024 the exports of Norway have decreased by NOK-33.4M (-46.1%) from NOK72.6M to NOK39.1M, while imports increased by NOK3.72M (8.55%) from NOK43.5M to NOK47.2M.

Trade In February 2024, the top exports of Norway to Serbia were Road vehicles (including air-cushion vehicles) (NOK23.7M), Essential oils and resinoids and perfume... (NOK10.8M), Fish (not marine mammals), crustaceans, molluscs... (NOK9.29M), Plastics in primary forms (NOK5.16M), and Feeding stuff for animals (not including... (NOK2.15M). In February 2024 the top imports of Norway from Serbia were Electrical machinery, apparatus and appliances, n.e.s.,... (NOK5.88M), Vegetables and fruit (NOK5.6M), Manufactures of metals, n.e.s. (NOK4.2M), General industrial machinery and equipment, n.e.s.,... (NOK4.04M), and Articles of apparel and clothing accessories (NOK3.67M).

Growth In February 2024, the decrease in Norway's year-by-year exports to Serbia was explained primarily by an decrease in product exports in Essential oils and resinoids and perfume... (NOK-12.1M or -52.8%), Paper, paperboard and articles of paper... (NOK-1.22M or -87.1%), and Chemical materials and products, n.e.s. (NOK-687k or -24.4%). In February 2024, the increase in Norway's year-by-year imports from Serbia was explained primarily by an increase in product imports in Prefabricated buildings; sanitary, plumbing, heating and... (NOK2.17M or 1.75k%), Vegetables and fruit (NOK1.93M or 52.8%), and Road vehicles (including air-cushion vehicles) (NOK1.05M or 90.5%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)NOK-33.4M(-46.1%)

IMPORT GROWTH (February 2023 - February 2024)NOK3.72M(8.55%)

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

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

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Norway exported $104M to Serbia. The main products exported from Norway to Serbia were Cleaning Products ($32.8M), Cars ($19.2M), and Raw Nickel ($9.74M). During the last 16 years the exports of Norway to Serbia have increased at an annualized rate of 11.2%, from $19.1M in 2006 to $104M in 2022.

In 2022, Serbia exported $45.3M to Norway. The main products exported from Serbia to Norway were Frozen Fruits and Nuts ($5.07M), Honey ($3.02M), and Motor vehicles; parts and accessories (8701 to 8705) ($2.05M). During the last 16 years the exports of Serbia to Norway have increased at an annualized rate of 11.9%, from $7.51M in 2006 to $45.3M in 2022.

Exports from Norway () to Serbia () (2022)

Exports from Serbia () to Norway () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Norway
Top DestinationGermany$78.1B

Serbia
Top DestinationGermany$4B

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

In 2021, countries that imported more from Norway than Serbia were Germany ($78.1B), United Kingdom ($59.1B), and France ($25.9B).

In 2021, countries that imported more from Serbia than Norway were Bosnia and Herzegovina ($2.14B), Hungary ($1.69B), and Croatia ($1.25B).

Difference in imports from Serbia () and Norway () (2022)

Comparative Advantage Norway - Serbia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Norway had a large net trade with Serbia in the exports of Chemical Products ($34.1M), Transportation ($20.6M), and Animal Products ($17.1M).

During 2022, Serbia had a large net trade with Norway in the exports of Machines ($9.37M), Vegetable Products ($5.68M), and Textiles ($5.22M).

Service Trade

Bilateral Service Trade

Srb Year

In 2019, Serbia exported services to Norway worth $31.3M, with Other business services ($12.3M), Travel ($5.6M), and Communications services ($5.6M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Serbia () to Norway () (2019)

Economic Complexity

Competitive Landscape

Year

This visualization show the product space at the HS4 level colored from blue to yellow. This mean that the more blue a dot/product is, the more Norway has comparative advantage over Serbia. Similarly, the more yellow a dot/product is, the more Serbia has comparative advantage over Norway.

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Latest Trends

About

Latest Trade

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Historical Data

Bilateral Trade by Products

Exports from Norway () to Serbia () (2022)

Exports from Serbia () to Norway () (2022)

Market Competitiveness

Difference in imports from Serbia () and Norway () (2022)

Comparative Advantage Norway - Serbia

Service Trade

Bilateral Service Trade

Services Exports from Serbia () to Norway () (2019)

Economic Complexity

Competitive Landscape

Product Space of Norway () and Serbia () (2022)

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