The total foreign trade of goods for Serbia for the period January-November 2023 amounts to:
64,785.4 million USD – an increase of 0.9% compared to the same period the previous year,
60,004.6 million EUR – a decrease of 1.6% compared to the same period the previous year.
Goods with a value of 28,527.7 million USD were exported, representing a growth of 7.2% compared to the same period the previous year. Imports amounted to 36,257.7 million USD, which is 3.6% less than in the same period the previous year.
Exported goods, expressed in EUR, had a value of 26,424.6 million, showing an increase of 4.5% compared to the same period the previous year. The value of imported goods was 33,580.0 million, representing a decrease of 5.8% compared to the same period the previous year.
The deficit amounts to 7,729.9 million USD, representing a decrease of 29.6% compared to the same period the previous year.
Expressed in EUR, the deficit is 7,155.3 million, which is a reduction of 31.0% compared to the same period the previous year.
In the export during the period of November 2023, the main foreign trade partners of Serbia were:
Germany (4,005.6 million EUR)
Bosnia and Herzegovina (1,823.2 million EUR)
Italy (1,646.2 million EUR)
Hungary (1,437.9 million EUR)
Romania (1,313.6 million EUR)
Montenegro (1,123.5 million EUR)
China (1,058.6 million EUR)
Russian Federation (1,025.8 million EUR)
Czech Republic (1,006.8 million EUR)
Croatia (960.4 million EUR)
Bulgaria (896.4 million EUR)
North Macedonia (875.7 million EUR)
Poland (822.5 million EUR)
France (712.6 million EUR)
Austria (669.8 million EUR)
Slovenia (667.2 million EUR).
As for imports during the same period, the main partners were:
Germany (4,398.9 million EUR)
China (4,135.6 million EUR)
Italy (2,444.0 million EUR)
Turkey (1,553.7 million EUR)
Russian Federation (1,477.8 million EUR)
Hungary (1,351.8 million EUR)
Poland (1,089.9 million EUR)
Romania (999.2 million EUR)
France (952.4 million EUR)
Bosnia and Herzegovina (952.2 million EUR)
Austria (934.7 million EUR)
Czech Republic (876.8 million EUR)
Slovenia (855.3 million EUR).
The trade coverage ratio, calculated as the percentage of imports covered by exports, is 78.7%, which is higher than the coverage in the same period of the previous year, when it was 70.8%.
Regionally observed, the largest share in Serbia’s exports was from the Vojvodina Region (33.4%), followed by the Belgrade Region (24.1%), the Šumadija and Western Serbia Region (20.8%), and the Southern and Eastern Serbia Region (19.5%). About 2.3% of exports were unspecified by regions.
In terms of imports, the Belgrade Region had the largest share in Serbia’s imports (43.3%), followed by the Vojvodina Region (33.1%), the Šumadija and Western Serbia Region (13.3%), and the Southern and Eastern Serbia Region (8.4%). About 2.0% of imports were not classified by regions. Data for the Kosovo and Metohija Region is not available.
Exports and imports by regions are presented based on the domicile of the goods’ owner at the time of accepting the customs declaration. This means that owners of goods, according to customs law, can be manufacturers, users, exporters, or importers of goods. This fact should be taken into account when interpreting regional data. For example, the import of oil and gas is largely accounted for in the Vojvodina Region and the Belgrade Region, but these are energy sources for the entire territory of Serbia.
In the structure of exports by product purpose (based on predominance), products for reproduction are the most represented, accounting for 61.9% (USD 17,662.5 million), followed by consumer goods at 25.8% (USD 7,364.8 million) and equipment at 12.3% (USD 3,499.2 million). Unclassified goods by purpose amount to 0.0% (USD 1.2 million).
In the structure of imports by product purpose, products for reproduction are the most represented, accounting for 55.7% (USD 20,178.3 million), followed by consumer goods at 19.6% (USD 7,115.6 million), and equipment at 11.9% (USD 4,312.7 million). Unclassified goods by purpose amount to 12.8% (USD 4,651.0 million).
Regarding exports, the main trading partners individually were Germany (EUR 4,005.6 million), Bosnia and Herzegovina (EUR 1,823.2 million), Italy (EUR 1,646.2 million), Hungary (EUR 1,437.9 million), and Romania (EUR 1,313.6 million). For imports, the main trading partners individually were Germany (EUR 4,398.9 million), China (EUR 4,135.6 million), Italy (EUR 2,444.0 million), Turkey (EUR 1,553.7 million), and the Russian Federation (EUR 1,477.8 million).
The foreign trade in goods was the highest with countries with which Serbia has signed free trade agreements. Member countries of the European Union constitute 59.7% of the total trade.
Our second most important partners are the CEFTA countries, with which we have a surplus in trade of USD 2,710.3 million. This surplus is mainly the result of exporting electric energy, cereals and products thereof, oil and oil derivatives, beverages, and road vehicles. Serbia’s exports amount to USD 4,394.7 million, while imports total USD 1,684.4 million for the observed period.
The coverage of imports by exports is 262.4%. In EUR terms, exports amount to EUR 4,068.6 million, and imports to EUR 1,561.5 million (a surplus of EUR 2,507.1 million and coverage of imports by exports of 260.6%).
The largest deficit occurs in trade with China (due to the import of cell phones for base station networks and laptops). Following this, there is a deficit with Turkey, Italy, Iraq, the Russian Federation, Germany, Belgium, Norway, the Netherlands, Poland, Austria, Spain, France, Kazakhstan, Slovenia, Switzerland, Greece, among others.
According to the sections of the Standard International Trade Classification (SITC), the export of the top five sections accounts for 32.6% of total exports. The import of the top five sections accounts for 25.3% of total imports. The section of unclassified goods, which includes goods in customs warehousing and in a free zone, has a share of 12.8% in total imports.
The top five sections with the highest share in exports are: electrical machinery and appliances (USD 3,608.9 million), power machinery and devices (USD 1,660.1 million), metal ores and scrap metals (USD 1,568.0 million), electrical energy (USD 1,284.7 million), and rubber products, not elsewhere mentioned (USD 1,179.7 million).
The top five sections with the highest share in imports are: electrical machinery and appliances (USD 2,409.7 million), petroleum, petroleum derivatives (USD 2,316.3 million), road vehicles (USD 1,603.9 million), medical and pharmaceutical products (USD 1,427.6 million), and industrial machinery for general use, n.e.s. (USD 1,406.9 million).
In USD terms, the seasonally adjusted index for November 2023 compared to October 2023 shows a 0.2% decline in exports and a 1.0% decline in imports. In EUR terms, the seasonally adjusted index for November 2023 compared to October 2023 indicates a 1.3% decrease in exports and a 2.5% decrease in imports.
According to the External Trade Statistics Nomenclature (ETSN) for November:
Top 5 export products:
Sets of conductors for aircraft, vehicles, and ships (USD 175 million)
Export of copper ore and concentrates (USD 78 million)
Export of electrical energy (USD 71 million)
Export of refined copper (USD 65 million)
Export of parts and accessories for motor vehicles (USD 54 million)
Top 5 import products:
Crude oil (USD 148 million)
Import of pharmaceuticals for retail sale (USD 106 million)
Import of natural gas (USD 56 million)
Import of electrical energy (USD 53 million)
Import of diesel cars over 1500cc but below 2500cc (USD 39 million).
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