Russia (RUS) and Serbia (SRB) Trade

2023

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Exports $1.69BRnk 36 / 137

2023

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About

Russia-Serbia Trade: In 2023, Russia exported $1.69B to Serbia. The main products that Russia exported to Serbia were Petroleum Gas ($1.19B), Nitrogenous Fertilizers ($125M), and Mixed Mineral or Chemical Fertilizers ($88.4M). Over the past 5 years the exports of Russia to Serbia have decreased at an annualized rate of 3.17%, from $1.99B in 2018 to $1.69B in 2023.

In 2020, Russia exported services to Serbia worth $240M, with Construction services ($104M), Other business services ($82.9M), and Transportation ($20.3M) being the largest in terms of value.

Serbia-Russia Trade: In 2023, Serbia exported $1.19B to Russia. The main products that Serbia exported to Russia were Refrigerators ($126M), Knit Socks and Hosiery ($87.2M), and Animal Food ($78.5M). Over the past 5 years the exports of Serbia to Russia have increased at an annualized rate of 2.44%, from $1.06B in 2018 to $1.19B in 2023.

In 2019, Serbia exported services to Russia worth $237M, with Construction services ($86.2M), Transportation ($54.9M), and Other business services ($53.7M) being the largest in terms of value.

Comparison: In 2023, Russia ranked 50 in the Economic Complexity Index (ECI 0.3), and 18 in total exports ($394B). That same year, Serbia ranked 35 in the Economic Complexity Index (ECI 0.76), and 69 in total exports ($32.6B).

Latest Trends

January, 2022

About

Overview In January 2022, Russia exported $131M and imported $69.6M from Serbia, resulting in a positive trade balance of $61.9M. Between January 2021 and January 2022 the exports of Russia have increased by $61.5M (87.9%) from $69.9M to $131M, while imports increased by $7.96M (12.9%) from $61.6M to $69.6M.

Trade In January 2022, the top exports of Russia to Serbia were Commodities not elsewhere specified ($38.9M), Iron Ore ($4.15M), Processed Tobacco ($2.76M), Nitrogenous Fertilizers ($2.42M), and Synthetic Rubber ($1.82M). In January 2022 the top imports of Russia from Serbia were Apples and Pears ($12.1M), Rubber Tires ($8.28M), Soybeans ($3.58M), Knit Socks and Hosiery ($2.85M), and Cheese ($1.9M).

Origins In January 2022 the exports of Russia were mainly from MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($97.6M), KURSK REGION ($4.46M), LENINGRAD REGION ($3.91M), KRASNOYARSK TERRITORY ($3.24M), and MOSCOW REGION ($2.64M), while imports destinations were mainly MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($28.6M), MOSCOW REGION ($12.9M), KALININGRAD REGION ($4.51M), ST. PETERSBURG ($4.21M), and KRASNODAR TERRITORY ($3.28M).

Growth In January 2022, the increase in Russia's year-by-year exports to Serbia was explained primarily by an increase in product exports in Iron Ore ($2.4M or 137%), Other Measuring Instruments ($1.32M or 106k%), and Raw Lead ($562k or 448%). In January 2022, the increase in Russia's year-by-year imports from Serbia was explained primarily by an increase in product imports in Lifting Machinery ($1.46M or 17.8k%), Cleaning Products ($916k or 124%), and Rubber Tires ($871k or 11.8%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (January 2021 - January 2022)$61.5M(87.9%)

IMPORT GROWTH (January 2021 - January 2022)$7.96M(12.9%)

MAIN EXPORTER (January 2022)MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION$97.6M

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

To check Serbia and Russia 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 2023, Russia exported $1.69B to Serbia. The main products exported from Russia to Serbia were Petroleum Gas ($1.19B), Nitrogenous Fertilizers ($125M), and Mixed Mineral or Chemical Fertilizers ($88.4M). During the last 5 years the exports of Russia to Serbia have decreased at an annualized rate of 3.17%, from $1.99B in 2018 to $1.69B in 2023.

In 2018, Serbia exported $1.19B to Russia. The main products exported from Serbia to Russia were Refrigerators ($126M), Knit Socks and Hosiery ($87.2M), and Animal Food ($78.5M). During the last 5 years the exports of Serbia to Russia have increased at an annualized rate of 2.44%, from $1.06B in 2023 to $1.19B in 2018.

Exports from Russia () to Serbia () (2023)

Exports from Serbia () to Russia () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Russia
Top DestinationChina$129B

Serbia
Top DestinationGermany$4.76B

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

In 2023, countries that imported more from Russia than Serbia included China ($129B), India ($66.1B), and Turkey ($31B).

In 2023, countries that imported more from Serbia than Russia included Bosnia and Herzegovina ($1.77B), Romania ($1.59B), and Croatia ($1.18B).

Difference in imports from Serbia () and Russia () (2023)

Comparative Advantage Russia - Serbia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Russia had a large net trade with Serbia in the exports of Mineral Products ($1.21B), Chemical Products ($270M), and Foodstuffs ($52.9M).

During 2018, Serbia had a large net trade with Russia in the exports of Machines ($291M), Textiles ($164M), and Foodstuffs ($162M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Russia Serbia+$108MPetroleum Gas

Top Product Potential Serbia Russia+$25.5MPackaged Medicaments

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

Srb Year

Rus Year

In 2020, Russia exported services to Serbia worth $240M, with Construction services ($104M), Other business services ($82.9M), and Transportation ($20.3M) being the largest in terms of value.

In 2019, Serbia exported services to Russia worth $237M, with Construction services ($86.2M), Transportation ($54.9M), and Other business services ($53.7M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Russia () to Serbia () (2020)

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

Service Trade

Economic Complexity

Competitive Landscape

Year

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

Product Space of Russia () and Serbia () (2023)

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