In 2023, Serbia saw its exports reach a total value of 28.6 billion euros, marking a 3.7 percent annual increase, while imports declined by 5.5 percent to 36.86 billion euros during the same period, according to the Republic Statistical Office.
The country’s trade deficit, measured in euros, narrowed to 8.2 billion euros, down by 27.9 percent compared to the previous year. Export coverage of imports rose to 77.7 percent from 70.6 percent in the previous year, reflecting improved trade balance dynamics.
Regionally, the Vojvodina region contributed the most to Serbia’s exports, accounting for 33.5 percent, followed by Belgrade with 24.2 percent, Šumadija and Western Serbia with 20.7 percent, and Southern and Eastern Serbia with 19.4 percent. Approximately 2.3 percent of exports were unallocated by region.
Imports were predominantly driven by the Belgrade region at 43.3 percent, followed by Vojvodina at 33.1 percent, Šumadija and Western Serbia at 13.3 percent, and Southern and Eastern Serbia at 8.3 percent. Around 2.0 percent of imports were not classified by territory.
Exports and imports are categorized based on the location of the goods’ owners at the time of customs declaration, influencing regional data interpretation. For example, significant imports of oil and gas are attributed to Vojvodina and Belgrade regions due to their energy supply contributions across Serbia.
In terms of product types in exports, goods for reproduction dominated at 61.7 percent, followed by consumer goods at 25.8 percent, and equipment at 12.4 percent. Imports mirrored this structure, with goods for reproduction comprising 55.9 percent, consumer goods at 19.9 percent, and equipment at 12.3 percent.
Serbia’s largest trade volumes were with countries under free trade agreements, with EU member states accounting for 59.7 percent of total trade. CEFTA countries followed as significant partners, where Serbia maintained a trade surplus driven by exports of electricity, cereals, beverages, oil products, and vehicles. Export coverage of imports from CEFTA countries stood at 260.3 percent. In euro terms, exports amounted to 4.4 billion euros, while imports totaled 1.69 billion euros.
