Overview In 2020, Serbia was the number 86 economy in the world in terms of GDP (current US$), the number 68 in total exports, the number 65 in total imports, the number 81 economy in terms of GDP per capita (current US$) and the number 37 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Serbia are Insulated Wire ($1.42B), Corn ($915M), Rubber Tires ($679M), Electric Motors ($530M), and Frozen Fruits and Nuts ($478M), exporting mostly to Germany ($2.55B), Italy ($1.71B), Bosnia and Herzegovina ($1.37B), Romania ($1.29B), and Russia ($976M).

Imports The top imports of Serbia are Packaged Medicaments ($1.01B), Crude Petroleum ($853M), Cars ($823M), Broadcasting Equipment ($659M), and Insulated Wire ($506M), importing mostly from Germany ($3.63B), China ($2.23B), Italy ($1.95B), Hungary ($1.91B), and Turkey ($1.39B).

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

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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.

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Historical Data

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Top Export (2020): Insulated Wire, $1.42B

Top Destination (2020): Germany, $3.63B

In 2020, Serbia exported a total of $20.6B, making it the number 68 exporter in the world. During the last five reported years the exports of Serbia have changed by $6.26B from $14.3B in 2015 to $20.6B in 2020.

The most recent exports are led by Insulated Wire ($1.42B), Corn ($915M), Rubber Tires ($679M), Electric Motors ($530M), and Frozen Fruits and Nuts ($478M). The most common destination for the exports of Serbia are Germany ($2.55B), Italy ($1.71B), Bosnia and Herzegovina ($1.37B), Romania ($1.29B), and Russia ($976M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

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).

Economic Complexity

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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 (67.2), Roofing Tiles (36.9), Gimp Yarn (23.3), Other Leather Articles (23.2), and Corn (19.5). Specialization is measured using RCA, an index that takes the ratio between Serbia observed and expected exports in each product.

Export Opportunities by Relatedness

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The top export opportunities for Serbia according to the relatedness index, are Raw Iron Bars (0.36), Cement (0.35), Locust beans, seaweed, sugar beet, cane, for food (0.34), Confectionery Sugar (0.34), and Processed Cereals (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.

Relatedness Space

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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.

Diversification Frontier

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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.

Economic Complexity Ranking

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During the last 20 years Serbia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨nullth to the 37th⁩ 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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