Serbia2021 Economic Complexity : 0.74, Rank 36 of 131
2021 Product Exports | Imports: $26.8B | $36.1B, 70 of 226 | 64 of 226
2021 Per Capita Product Exports | Imports: $3.92k | $5.27k, 57 of 219 | 85 of 219
2020 Service Exports | Imports : $5.22B | $5.33B, 41 of 65 | 43 of 65
Overview In 2021, Serbia was the number 79 economy in the world in terms of GDP (current US$), the number 70 in total exports, the number 64 in total imports, the number 73 economy in terms of GDP per capita (current US$) and the number 36 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Serbia are Insulated Wire ($1.8B), Corn ($915M), Rubber Tires ($859M), Copper Ore ($855M), and Frozen Fruits and Nuts ($682M), exporting mostly to Germany ($3.27B), Italy ($2.23B), Bosnia and Herzegovina ($1.83B), Romania ($1.43B), and Hungary ($1.33B).
Imports The top imports of Serbia are Crude Petroleum ($1.35B), Electricity ($1.18B), Cars ($1.04B), Packaged Medicaments ($993M), and Broadcasting Equipment ($698M), importing mostly from Germany ($4.54B), China ($3.17B), Hungary ($2.52B), Italy ($2.46B), and Turkey ($2.02B).
Location Serbia borders Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Hungary, North Macedonia, Montenegro, and Romania by land.
The following section uses the most recent trade data from partners of Serbia.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2021): Insulated Wire, $1.8B
Top Destination (2021): Germany, $3.27B
In 2021, Serbia exported a total of $26.8B, making it the number 70 exporter in the world. During the last five reported years the exports of Serbia have changed by $11B from $15.8B in 2016 to $26.8B in 2021.
The most recent exports are led by Insulated Wire ($1.8B), Corn ($915M), Rubber Tires ($859M), Copper Ore ($855M), and Frozen Fruits and Nuts ($682M). The most common destination for the exports of Serbia are Germany ($3.27B), Italy ($2.23B), Bosnia and Herzegovina ($1.83B), Romania ($1.43B), and Hungary ($1.33B).
Serbia Exports Services (2020): $5.22B
Serbia Imports Services (2020): $5.33B
In 2020, Serbia exported $5.22B worth of services. The top services exported by Serbia in 2020 were Miscellaneous business, professional, and technical services ($1.87B), Personal travel ($1.23B), Other transport ($869M), Air transport ($231M), and Construction in the compiling economy ($151M).
The top services imported by Serbia in 2020 were Miscellaneous business, professional, and technical services ($1.42B), Other transport ($1.06B), Personal travel ($942M), Royalties and license fees ($347M), and Construction in the compiling economy ($238M).
Serbia has a high level of specialization in Frozen Fruits and Nuts (73.3), Roofing Tiles (37.4), Oil Seed Flower (22), Other Leather Articles (20.2), and Prepared Explosives (16.6). Specialization is measured using RCA, an index that takes the ratio between Serbia observed and expected exports in each product.
The highest complexity exports of Serbia according to the product complexity index (PCI) are Metal Finishing Machines (1.49), Self-Propelled Rail Transport (1.46), Metal Molds (1.46), Iron Chains (1.42), and Air Pumps (1.37). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Serbia according to the relatedness index, were Cement (0.35), Confectionery Sugar (0.35), Other Vegetables (0.34), Fish: dried, salted, smoked or in brine (0.34), and Fuel Wood (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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Serbia's economy has become relatively less complex, moving from the nullth to the 36th 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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