2023
Exports
$387MWorld Rnk 77 / 214
Flag Rnk 15 / 1165
2023
PRODUCT COMPLEXITY IN Refined Petroleum
-0.94Rnk 813 / 1025
2023
Imports
$697MWorld Rnk 127 / 226
Flag Rnk 6 / 1188
2023
ECONOMIC COMPLEXITY of Serbia
0.76Rnk 35 / 132

About

Exports In 2023, Serbia exported $387M in Refined Petroleum, making it the 77th largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 15th most exported product in Serbia. The main destination of Refined Petroleum exports from Serbia are: Bosnia and Herzegovina ($182M), Bulgaria ($48.5M), Hungary ($25.9M), Croatia ($22.2M), and North Macedonia ($13.3M).

The fastest growing export markets for Refined Petroleum of Serbia between 2022 and 2023 were Bulgaria ($9.85M), Saudi Arabia ($6.34M), and North Macedonia ($6.1M).

Imports In 2023, Serbia imported $697M in Refined Petroleum, becoming the 127th largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 6th most imported product in Serbia. Serbia imports Refined Petroleum primarily from: Hungary ($166M), Romania ($90.2M), North Macedonia ($84.1M), Bulgaria ($79.9M), and Croatia ($36.4M).

The fastest growing import markets in Refined Petroleum for Serbia between 2022 and 2023 were India ($27.9M), Hungary ($25.7M), and Croatia ($8.69M).

Latest Trends

Jan 2025

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Refined Petroleum. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$387M
IMPORTS (2023)$697M
NET TRADE (2023)-$310M

In 2023, Serbia exported $387M in Refined Petroleum. The main destinations of Serbia exports on Refined Petroleum were Bosnia and Herzegovina ($182M), Bulgaria ($48.5M), Hungary ($25.9M), Croatia ($22.2M), and North Macedonia ($13.3M).

In 2023, Serbia imported $697M in Refined Petroleum, mainly from Hungary ($166M), Romania ($90.2M), North Macedonia ($84.1M), Bulgaria ($79.9M), and Croatia ($36.4M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR Serbia WERE (2022 - 2023):
Bulgaria$9.85M (25.5%)
Saudi Arabia$6.34M (1%)
North Macedonia$6.1M (85%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY Serbia WERE (2022 - 2023):
Bosnia and Herzegovina-$63.4M (-25.8%)
Romania-$51.2M (-94.9%)
Slovakia-$24.9M (-70.9%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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Flow
Type
In 2023, Serbia's main exporting competitors in Refined Petroleum were:
In 2023, Serbia's main importing competitors in Refined Petroleum were:

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Trade Value of Refined Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALUnited States+ $33.8M
TOP IMPORT POTENTIALRussia+ $85.4M

Refined Petroleum’s highest export potential is United States. With an export gap of $33.8M.   Refined Petroleum’s highest import potential is Russia with an import gap of $85.4M.

See methodology.

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