On the list of the top ten countries in trade with Serbia, Russia occupies the fourth place, with only Germany, China, and Italy ahead of it. Serbian products continue to have secure buyers in Russia.
The export of domestic goods in the first nine months of last year increased by 13% compared to the same period in 2022, reaching close to a billion dollars ($924.5 million), an increase of almost 100 million.
At the beginning of this year, Serbian entrepreneurs will have another opportunity to negotiate new deals and increase sales in the Russian Federation. Fifteen companies, producers in the dairy, frozen and processed fruits and vegetables, mushrooms, including confectioneries, fresh juice, and pasta manufacturers, have applied to participate in the ‘Prodekspo’ fair in Moscow in 2024.
On the list of the top ten countries in trade with Serbia, Russia occupies the fourth place, with only Germany, China, and Italy ahead of it. The trade exchange between Serbia and Russia is characterized by mutual duty-free trade based on the Free Trade Agreement for about 99% of goods, the export of products with a higher degree of processing and added value, and the import primarily of energy and fertilizers, as well as the dynamic growth of Serbian exports and the number of companies engaged in export activities.”
The investment potential of Serbia and the investment of international companies due to duty-free placement of products on the market of the Russian Federation is not negligible.
Dejan Delić, the Director of the Representation of the Chamber of Commerce and Industry of Serbia in the Russian Federation, tells RT Balkan that, considering only the first ten leading Serbian exporters to the Russian Federation, nine companies are direct investments from the European Union in our country.
“Over the last decade, bilateral trade between Serbia and the Russian Federation has been characterized by dynamic changes in the conditions of foreign trade activities and business restrictions, restrictive trade measures, fluctuations in trade exchange results, active adaptation of the business community, and unabated interest from exporters,” says Dejan Delić.
Overall macroeconomic instability, difficult foreign exchange transfers with the Russian Federation, doubled logistics, transport, and freight costs, inflation, and exchange rate fluctuations have considerably complicated trade for domestic entrepreneurs. However, the export of most products to Russia continues to grow.
European Union sanctions and imposed trade restrictions have mostly affected the decline in the export of external pneumatic tires, packaging paper and cardboard, polyester, centrifugal and circulation pumps for heating systems, numerical grinding machines, hydraulic units, radio receivers, batteries, machines, and shafts.
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