Flag Serbia

Econ Complexity (2018): 0.69, Rank 38 of 137

Product Exports (2018): $19.7B, Rank 74 of 222

Exports Per Capita (2018): $2.82k, Rank 165 of 219

Product Imports (2018): $26.6B, Rank 70 of 221

Imports Per Capita (2018): $3.81k, Rank 176 of 219

Service Exports (2017): $4.26B, Rank 73 of 139

Service Imports (2017): $4B, Rank 74 of 139

GDP (2018): $50.6B, CURRENT US$
Rank 85 of 196

GDP growth (2008 - 2018): -3.06%, CURRENT US$
Rank 174 of 196

GDP PC (2018): $7,247, CURRENT US$
Rank 92 of 196

GDP PC GROWTH (2008 - 2018): 2.05%, CURRENT US$
Rank 138 of 196

Overview: This page contains the latest international trade data for Serbia, including service trade data, and tariffs. In 2018 Serbia was the number 85 economy in the world in terms of GDP (current US$), the number 74 in total exports, the number 70 in total imports, and the number 38 most complex economy according to the Economic Complexity Index (ECI). In 2018, Serbia exported $19.7B and imported $26.6B, resulting in a negative trade balance of -$6.94B. In 2018, Serbia's exports per capita were $2.82k and its imports per capita were $3.81k.

Trade: The top exports of Serbia are Insulated Wire ($1.31B), Cars ($897M), Rubber Tires ($732M), Hot-Rolled Iron ($609M), and Electric Motors ($441M). The top imports of Serbia are Crude Petroleum ($1.43B), Packaged Medicaments ($1.15B), Cars ($857M), Petroleum Gas ($646M), and Refined Petroleum ($566M).

Destinations: Serbia exports mostly to Italy ($2.37B), Germany ($2.31B), Bosnia and Herzegovina ($1.51B), Romania ($1.14B), and Russia ($1.05B), and imports mostly from Germany ($3.44B), Italy ($2.14B), Russia ($1.92B), Hungary ($1.62B), and China ($1.22B).

Location: Serbia borders Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Hungary, North Macedonia, Montenegro, and Romania by land.

Yearly Exports

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Depth

Top Export (2018): Insulated Wire, $1.31B

Top Destination (2018): Italy, $2.37B

In 2018 Serbia exported a total of $19.7B, making it the number 74 exporter in the world. During the last five reported years the exports of Serbia have changed by $4.57B from $15.1B in 2013 to $19.7B in 2018.

The most recent exports are led by Insulated Wire ($1.31B), Cars ($897M), Rubber Tires ($732M), Hot-Rolled Iron ($609M), and Electric Motors ($441M). The most common destination for the exports of Serbia are Italy ($2.37B), Germany ($2.31B), Bosnia and Herzegovina ($1.51B), Romania ($1.14B), and Russia ($1.05B).

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Yearly Imports

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Value
Depth

Top Import (2018): Crude Petroleum, $1.43B

Top Origin (2018): Germany, $3.44B

In 2018 Serbia imported $26.6B, making it the number 70 trade destination in the world. During the last five reported years the imports of Serbia changed by $5.9B from $20.7B in 2013 to $26.6B in 2018.

The most recent imports of Serbia are led by Crude Petroleum ($1.43B), Packaged Medicaments ($1.15B), Cars ($857M), Petroleum Gas ($646M), and Refined Petroleum ($566M). The most common import partners for Serbia are Germany ($3.44B), Italy ($2.14B), Russia ($1.92B), Hungary ($1.62B), and China ($1.22B).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Serbia Exports Services (2017): $4.26B

Serbia Imports Services (2017): $4B

In 2017, Serbia exported $4.26B worth of services. The top services exported by Serbia in 2017 were Personal travel ($1.16B), Miscellaneous business, professional, and technical services ($1.14B), Other transport ($788M), Air transport ($368M), and Merchanting and other trade-related services ($172M).

The top services imported by Serbia in 2017 were Personal travel ($1.01B), Miscellaneous business, professional, and technical services ($817M), Other transport ($776M), Air transport ($276M), and Royalties and license fees ($211M).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Serbia. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Serbia are Alcoholic liqueurs nes (30%) and Beer made from malt (30%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Serbia are:
136: Most Favoured Nation duty rate treatement
160: Preferential tariff for Albania
170: Preferential tariff for Belarus
172: Preferential tariff for Bosnia and Herzegovina
220: Preferential tariff for European Union countries (SAA) Stabilisation and Association Agreement
238: Preferential tariff for Iceland
248: Preferential tariff for Kazakhstan
258: Preferential tariff for Liechtenstein
263: Preferential tariff for Macedonia, Former Yugoslav Republic of
272: Preferential tariff for Montenegro
281: Preferential tariff for Norway
292: Preferential tariff for Russian federation
306: Preferential tariff for Switzerland
318: Preferential tariff for the republic of Moldova
322: Preferential tariff for Turkey

Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 13 years Serbia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨35th to the 38th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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Most Specialized Products by RCA Index

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Serbia has a high level of specialization in Frozen Fruits and Nuts (70.1), Roofing Tiles (41.6), Gimp Yarn (22.3), Knit Socks and Hosiery (19.5), and Sunflower Seeds (15.1). Specialization is measured using RCA, an index that takes the ratio between Serbia observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Serbia according to the product complexity index (PCI) are Tools for working in the hand, non-electric motor (1.65), Sharpening, honing, lapping, grinding machine tools (1.64), Self-adhesive plates, sheets, film etc of plastic (1.55), Machinery, non-domestic, involving heating or cooling (1.43), and Moulds for metals (except ingot), plastic, rubber, etc (1.42). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Serbia according to the relatedness index, are Confectionery Sugar (0.34), Non-Knit Active Wear (0.34), Scrap Waste (0.34), Plaster Articles (0.34), and Small Iron Containers (0.34). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Serbia is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.