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2022
Flag → Flag
Exports $104MRnk 58 / 209
2022
Flag → Flag
Top Product $32.8MCleaning Products
2022
Flag → Flag
Exports $45.3MRnk 46 / 174
2022
Flag → Flag
Top Product $5.07MFrozen Fruits and Nuts
2022
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Economic Complexity (ECI) ECI 0.54Rnk 43 / 133
2022
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Economic Complexity (ECI) ECI 0.75Rnk 36 / 133
2022
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GDP$579BCURRENT US$
Rnk 24 / 186
2012-2022
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GDP GROWTH13%CURRENT US$
Rnk 141 / 186
2022
Flag
 GDP$63.5BCURRENT US$
Rnk 84 / 186
2012-2022
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GDP GROWTH46.6%CURRENT US$
Rnk 71 / 186
2022
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GDP PC $106,149CURRENT US$
Rnk 3 / 186
2012-2022
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GDP PC GROWTH3.89%CURRENT US$
Rnk 131 / 186
2022
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GDP PC$9,394CURRENT US$
Rnk 80 / 186
2012-2022
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GDP PC GROWTH56.1%CURRENT US$
Rnk 32 / 186

About

Norway-Serbia Trade: In 2022, Norway exported $104M to Serbia. The main products that Norway exported to Serbia were Cleaning Products ($32.8M), Cars ($19.2M), and Raw Nickel ($9.74M). Over the past 5 years the exports of Norway to Serbia have increased at an annualized rate of 20.4%, from $41.1M in 2017 to $104M in 2022.

In 2022, Norway did not export any services to Serbia.

Serbia-Norway Trade: In 2022, Serbia exported $45.3M to Norway. The main products that Serbia exported to Norway were Frozen Fruits and Nuts ($5.07M), Honey ($3.02M), and Motor vehicles; parts and accessories (8701 to 8705) ($2.05M). Over the past 5 years the exports of Serbia to Norway have increased at an annualized rate of 3.41%,  from $29.3M in 2017 to $45.3M in 2022.

In 2019, Serbia exported services to Norway worth $31.3M, with Other business services ($12.3M), Travel ($5.6M), and Communications services ($5.6M) being the largest in terms of value.

Comparison: In 2022,  Norway ranked 43 in the Economic Complexity Index (ECI 0.54), and 28 in total exports ($285B). That same year, Serbia ranked 36 in the Economic Complexity Index (ECI 0.75), and 70 in total exports ($30.3B).

Latest Trends

October, 2024

About

Overview In October 2024, Norway exported NOK94.8M and imported NOK47.7M from Serbia, resulting in a positive trade balance of NOK47.1M. Between October 2023 and October 2024 the exports of Norway have increased by NOK2.75M (2.98%) from NOK92M to NOK94.8M, while imports decreased by NOK-705k (-1.46%) from NOK48.4M to NOK47.7M.

Trade In October 2024, the top exports of Norway to Serbia were Road vehicles (including air-cushion vehicles) (NOK23.7M), Essential oils and resinoids and perfume... (NOK10.8M), Fish (not marine mammals), crustaceans, molluscs... (NOK9.29M), Plastics in primary forms (NOK5.16M), and Feeding stuff for animals (not including... (NOK2.15M). In October 2024 the top imports of Norway from Serbia were Electrical machinery, apparatus and appliances, n.e.s.,... (NOK5.88M), Vegetables and fruit (NOK5.6M), Manufactures of metals, n.e.s. (NOK4.2M), General industrial machinery and equipment, n.e.s.,... (NOK4.04M), and Articles of apparel and clothing accessories (NOK3.67M).

Growth In October 2024, the increase in Norway's year-by-year exports to Serbia was explained primarily by an increase in product exports in Road vehicles (including air-cushion vehicles) (NOK18.9M or 389%), Feeding stuff for animals (not including... (NOK1.01M or 89.1%), and Fish (not marine mammals), crustaceans, molluscs... (NOK343k or 3.83%). In October 2024, the decrease in Norway's year-by-year imports  from Serbia was explained primarily by an decrease in product imports  in Telecommunications and sound-recording and reproducing apparatus... (NOK-1.88M or -90.3%), Plastics in non-primary forms (NOK-1.36M or -77.8%), and Electrical machinery, apparatus and appliances, n.e.s.,... (NOK-1M or -14.6%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (October 2023 - October 2024)NOK2.75M(2.98%)
IMPORT GROWTH (October 2023 - October 2024)NOK-705k(-1.46%)

This section shows exports and imports data at subnational level for Norway. Click any date in the line plot or any product to explore the exports or imports behavior of Norway over time.

To check Serbia and Norway trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Serbia and Norway Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Norway exported $104M to Serbia. The main products exported from Norway to Serbia were Cleaning Products ($32.8M), Cars ($19.2M), and Raw Nickel ($9.74M). During the last 5 years the exports of Norway to Serbia have increased at an annualized rate of 20.4%, from $41.1M in 2017 to $104M in 2022.

In 2017, Serbia exported $45.3M to Norway. The main products exported from Serbia to Norway were Frozen Fruits and Nuts ($5.07M), Honey ($3.02M), and Motor vehicles; parts and accessories (8701 to 8705) ($2.05M). During the last 5 years the exports of Serbia to Norway have increased at an annualized rate of 3.41%, from $29.3M in 2022 to $45.3M in 2017.

Exports from Norway (Flag) to Serbia (Flag) (2022)

Exports from Serbia (Flag) to Norway (Flag) (2022)

Market Competitiveness

Color
Norway
Top DestinationGermany$78.1B
Serbia
Top DestinationGermany$4B

This map shows whether countries import more from Norway or Serbia. Each country is colored based on the difference in imports they receive from Norway and Serbia or the difference in the growth in imports.

In 2022, countries that imported more from Norway than Serbia included Germany ($78.1B), United Kingdom ($59.1B), and France ($25.9B).

In 2022, countries that imported more from Serbia than Norway included Bosnia and Herzegovina ($2.14B), Hungary ($1.69B), and Croatia ($1.25B).

Difference in imports from Serbia (Flag) and Norway (Flag) (2022)

Comparative Advantage Norway - Serbia

Flow
Scale

This chart compares trade between Norway and Serbia by product, considering products traded by both, Norway and Serbia.

During 2022, Norway had a large net trade with Serbia in the exports of Chemical Products ($34.1M), Transportation ($20.6M), and Animal Products ($17.1M).

During 2017, Serbia had a large net trade with Norway in the exports of Machines ($9.37M), Vegetable Products ($5.68M), and Textiles ($5.22M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Norway Serbia+$2.09MRaw Aluminium
Top Product Potential Serbia Norway+$3.97MRefined Petroleum

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

In 2019, Serbia exported services to Norway worth $31.3M, with Other business services ($12.3M), Travel ($5.6M), and Communications services ($5.6M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Serbia (Flag) to Norway (Flag) (2019)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Norway and Serbia. This means that a dot/product with the flag of Norway indicates it has a comparative advantage over Serbia. Similarly, a dot/product with the flag of Serbia indicates it has a comparative advantage over Norway.

Product Space of Norway (Flag) and Serbia (Flag) (2022)

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