Economic relations between Serbia and Turkey have been steadily improving, a trend that will be highlighted during Turkish President Recep Tayyip Erdogan’s visit to Serbia. Both countries engage in various industries, including textiles, metals, automotive, construction and finance.
Trade between Serbia and Turkey has nearly reached €2.3 billion, and projections indicate this figure will surpass that amount in 2024. Exports from Serbia have risen over 70%, while imports have increased almost 20%. Currently, Turkey ranks 14th among 185 countries Serbia exports to and 4th among 219 countries for imports. However, the trade deficit remains significant.
“The trade deficit with Turkey has reached almost €750 million in the first eight months of this year,” notes Bojan Stanić from the Serbian Chamber of Commerce. Despite this, Serbian exports have grown, driven mainly by increased shipments of copper and various agricultural products. Serbia primarily imports raw materials, components for processing, and textiles and furniture from Turkey. There is also potential for growth in information technology, where Serbia has a competitive edge in exports.
Currently, around 850 Turkish companies operate in Serbia, employing approximately 7,500 workers. Major infrastructure projects, such as the Moravian Corridor and the Belgrade-Sarajevo highway, are also underway, with Turkish firms as contractors. The Turkish company Tašjapi is working on the Sremska Rača-Kuzmin section of the E-761 highway, while an American-Turkish consortium, Bechtel-Enka, is handling the Moravian Corridor.
Tourism cooperation has also flourished, with Turkish citizens being among the most frequent visitors to Serbia over the past decade, alongside Chinese tourists.
