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2023
Economic Complexity
Trade 0.76Rank 35 of 132
2021
Economic Complexity
Technology -0.23Rank 56 of 96
2022
Economic Complexity
Research 0.045Rank 56 of 140
2023
Product
Exports | Imports $32.6B | $38.9B69 of 226 |  65 of 226
2023
Per Capita Product
Exports | Imports $4.92k | $5.87k64 of 220 |  41 of 220

About

Overview In 2023, Serbia was the number 77 economy in the world in terms of GDP (current US$), the number 69 in total exports, the number 65 in total imports, the number 82 economy in terms of GDP per capita (current US$) and the number 35 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Serbia are Insulated Wire ($2.32B), Electricity ($1.88B), Copper Ore ($1.52B), Electric Motors ($990M), and Rubber Tires ($863M), exporting mostly to Germany ($4.76B), Hungary ($2.26B), Bosnia and Herzegovina ($1.77B), Italy ($1.72B), and Romania ($1.59B).

Imports The top imports of Serbia are Crude Petroleum ($1.89B), Petroleum Gas ($1.39B), Packaged Medicaments ($1.29B), Cars ($1.17B), and Electricity ($1.04B), importing mostly from Germany ($4.6B), China ($3.96B), Italy ($2.64B), Turkey ($2.01B), and Hungary ($1.83B).

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

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

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.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Insulated Wire$2.32B
Top Destination (2023)Germany$4.76B

In 2023, Serbia exported a total of $32.6B, making it the number 69 exporter in the world. During the last five reported years the exports of Serbia have changed by $12.1B from $20.5B in 2018 to $32.6B in 2023.

The most recent exports are led by Insulated Wire ($2.32B), Electricity ($1.88B), Copper Ore ($1.52B), Electric Motors ($990M), and Rubber Tires ($863M). The most common destination for the exports of Serbia are Germany ($4.76B), Hungary ($2.26B), Bosnia and Herzegovina ($1.77B), Italy ($1.72B), and Romania ($1.59B).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
Germany$607M (+ 14.6%)
Romania$312M (+ 24.4%)
Czechia$269M (+ 27.1%)
Fastest Growing Import Markets (2022 - 2023)
Norway$367M (+ 379%)
Kazakhstan$343M (+ 2.18k%)
Germany$335M (+ 7.86%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

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).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Trade)0.76Rank 35 of 132
Economic Complexity (Technology)-0.23Rank 56 of 96
Economic Complexity (Research)0.045Rank 56 of 140

Most Specialized Products by RCA Index

Serbia has a high level of specialization in Roofing Tiles (57.1), Frozen Fruits and Nuts (46.9), Propellant Powders (33.7), Other Leather Articles (31.1), and Gimp Yarn (18.9). Specialization is measured using RCA, an index that takes the ratio between Serbia observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Serbia according to the relatedness index, were Cement (0.35), Other Vegetables (0.35), Confectionery Sugar (0.35), Glass Bottles (0.34), and Buckwheat (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.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of Serbia. These are products that tend to be co-exported with the products that Serbia exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

Filter
Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Serbia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨nullth to the 35th⁩ 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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ECI (Trade) Ranking by Country

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