Serbia’s total merchandise trade experiences a 3.3% decline

In January 2024, Serbia witnessed a notable decrease in its total merchandise trade compared to the same period in the previous year. Here are the key figures:

• Trade Volume: The total merchandise trade volume stood at $5,266.1 million USD, indicating a 3.3% decline year-on-year. Similarly, when denominated in euros, the trade volume was €4,817.3 million, reflecting a 4.9% decrease compared to the previous year.
• Export and Import Dynamics: While exports saw a slight uptick, reaching $2,342.1 million USD (a 0.3% increase), imports experienced a significant decline, totaling $2,924.0 million USD, marking a 5.9% decrease from the previous year.
• Trade Deficit: The trade deficit narrowed, reaching $581.9 million USD, representing a substantial 24.6% decrease compared to the previous year. In euros, the deficit amounted to €532.7 million, reflecting a 25.3% decrease.
• Key Trading Partners: Germany, Italy, Hungary, Bosnia and Herzegovina, and the Czech Republic emerged as the primary trading partners for Serbia, both in terms of exports and imports.
• Regional Distribution: The Vojvodina Region contributed the most to exports, while the Belgrade Region dominated imports.
• Product Categories: Notable export sectors included electrical machinery, colored metals, and machinery, while imports were largely driven by crude oil, natural gas, and pharmaceutical products.
• Trade Coverage Ratio: The trade coverage ratio increased to 80.1%, indicating a more favorable trade balance compared to the previous year.
• Trade Trends: Despite the overall decline, Serbia experienced growth in specific export sectors, such as aircraft conductor sets and copper ore, while facing challenges in imports, notably in telecommunications equipment and electronics.
• Statistical Considerations: It’s essential to consider the regional distribution and product categorization methodology when interpreting trade data. Additionally, data for the Kosovo and Metohija Region were not available.

Serbia’s trade dynamics reflect both internal and external economic factors, impacting various sectors and contributing to the overall economic landscape.