Flag Serbia

2019
Economic
Complexity
: 0.78, Rank 39 of 157

2019
Product
Exports | Imports
: $20.5B | $28B, 73 of 225 |  71 of 225

2019
Per Capita Product
Exports | Imports
: $2.95k | $4.04k, 79 of 219 |  91 of 219

2017
Service
Exports | Imports
: $4.26B | $4B, 73 of 139 | 74 of 139

Overview: In 2019 Serbia was the number 87 economy in the world in terms of GDP (current US$), the number 73 in total exports, the number 71 in total imports, the number 89 economy in terms of GDP per capita (current US$) and the number 39 most complex economy according to the Economic Complexity Index (ECI).

Exports: The top exports of Serbia are Insulated Wire ($1.49B), Rubber Tires ($745M), Corn ($740M), Cars ($592M), and Hot-Rolled Iron ($571M), exporting mostly to Germany ($2.52B), Italy ($2B), Bosnia and Herzegovina ($1.5B), Romania ($1.15B), and Russia ($1.01B).

Imports: The top imports of Serbia are Crude Petroleum ($1.14B), Cars ($887M), Packaged Medicaments ($795M), Petroleum Gas ($695M), and Refined Petroleum ($649M), importing mostly from Germany ($3.57B), Russia ($2.4B), Italy ($2.16B), Hungary ($1.79B), and China ($1.49B).

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

Yearly Exports

#permalink to section
Value
Depth

Top Export (2019): Insulated Wire, $1.49B

Top Destination (2019): Germany, $2.52B

In 2019, Serbia exported a total of $20.5B, making it the number 73 exporter in the world. During the last five reported years the exports of Serbia have changed by $4.78B from $15.7B in 2014 to $20.5B in 2019.

The most recent exports are led by Insulated Wire ($1.49B), Rubber Tires ($745M), Corn ($740M), Cars ($592M), and Hot-Rolled Iron ($571M). The most common destination for the exports of Serbia are Germany ($2.52B), Italy ($2B), Bosnia and Herzegovina ($1.5B), Romania ($1.15B), and Russia ($1.01B).

Explore Visualizations

Yearly Imports

#permalink to section
Value
Depth

Top Import (2019): Crude Petroleum, $1.14B

Top Origin (2019): Germany, $3.57B

In 2019 Serbia imported $28B, making it the number 71 trade destination in the world. During the last five reported years the imports of Serbia changed by $6.75B from $21.3B in 2014 to $28B in 2019.

The most recent imports of Serbia are led by Crude Petroleum ($1.14B), Cars ($887M), Packaged Medicaments ($795M), Petroleum Gas ($695M), and Refined Petroleum ($649M). The most common import partners for Serbia are Germany ($3.57B), Russia ($2.4B), Italy ($2.16B), Hungary ($1.79B), and China ($1.49B).

Explore Visualizations

Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

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).

Tariffs by Product

#permalink to section

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.

Explore Tariff Data

*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

#permalink to section

Economic Complexity Ranking

#permalink to section
Scale

During the last 13 years Serbia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨38th to the 39th⁩ 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.

Explore Rankings

Most Specialized Products by RCA Index

#permalink to section

Serbia has a high level of specialization in Frozen Fruits and Nuts (65), Roofing Tiles (43.5), Other Leather Articles (24.2), Gimp Yarn (23.5), and Lead Ore (18.7). 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

#permalink to section

The highest complexity exports of Serbia according to the product complexity index (PCI) are Sharpening, honing, lapping, grinding machine tools (1.77), Tools for working in the hand, non-electric motor (1.64), Printing and ancillary machinery (1.49), Chain and parts thereof, of iron or steel (1.44), and Pumps for liquids (1.41). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

#permalink to section

The top export opportunities for Serbia according to the relatedness index, are Locust beans, seaweed, sugar beet, cane, for food (0.35), Confectionery Sugar (0.35), Fermented Milk Products (0.35), Eggs (0.35), and Melons (0.35). 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

#permalink to section
Filter
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.