Serbia (SRB) and Russia (RUS) Trade | The Observatory of Economic Complexity

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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.

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.

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

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, 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 2018 to $1.19B in 2023.

In 2018, 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 2023 to $1.69B in 2018.

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

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

Latest Data

Trade between Serbia () and Russia ()

Serbia Exports

Date

Russia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Serbia
Top DestinationGermany$4.76B

Russia
Top DestinationChina$129B

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

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

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

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

Comparative Advantage Serbia - Russia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Serbia had a large net trade with Russia in the exports of Machines ($291M), Textiles ($164M), and Foodstuffs ($162M).

During 2018, Russia had a large net trade with Serbia in the exports of Mineral Products ($1.21B), Chemical Products ($270M), and Foodstuffs ($52.9M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Serbia Russia+$25.5MPackaged Medicaments

Top Product Potential Russia Serbia+$108MPetroleum Gas

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

Rus Year

Srb Year

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.

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.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

Year

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

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Historical Data

Bilateral Trade by Products

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

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

Latest Data

Trade between Serbia () and Russia ()

Serbia Exports

Russia Exports

Market Competitiveness

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

Comparative Advantage Serbia - Russia

Potential Exports

Potential Exports

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Bilateral Service Trade

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

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