The total foreign trade goods turnover of Serbia for the period January to December was 65.491 billion euros, which is 1.7% less compared to the same period the previous year, according to the announcement today by the Republic Statistical Office (RZS). According to RZS data, the trade turnover in dollars during that period increased by 0.8%, amounting to 70.772 billion.
The export of goods, expressed in euros, had a value of 28.631 billion euros, representing a growth of 3.7% compared to the same period the previous year, while the import of goods had a value of 36.859 billion euros, indicating a decrease of 5.5% compared to the same period last year. The export of goods, expressed in dollars, was valued at 30.934 billion, showing an increase of 6.5% compared to the same period the previous year, while the imported goods were valued at 39.837 billion dollars, which is 3.2% less than in the same period the previous year.
The deficit of Serbia, expressed in dollars, amounts to 8.902 billion, indicating a decrease of 26.4% compared to the same period the previous year. When expressed in euros, the deficit is 8.227 billion, representing a decrease of 27.9% compared to the same period the previous year.
The trade coverage of imports by exports is 77.7%, which is higher than the coverage in the same period the previous year, when it was 70.6%. Germany, Bosnia and Herzegovina, Italy, Hungary, and Romania are the main foreign trade partners for Serbia in terms of exports, while Germany, China, Italy, Turkey, and Russia are the main partners for imports. The second most important partners are the countries of the CEFTA agreement, with whom Serbia has a trade surplus of 2.939 billion dollars, mainly due to the export of electric energy, cereals and cereal products, oil and oil derivatives, beverages, and road vehicles.
From a regional perspective, the largest share in Serbia’s exports was from the Vojvodina region with 33.4%, followed by the Belgrade region with 24.2%, the region of Šumadija and Western Serbia with 20.8%, and the region of Southern and Eastern Serbia with 19.4%. Approximately 2.3% of exports are unclassified by territories.
The highest share in Serbia’s imports was held by the Belgrade region with 43.3%, followed by the Vojvodina region with 33.1%, Šumadija and Western Serbia with 13.3%, and the region of Southern and Eastern Serbia with 8.3%. Around two percent of imports are unclassified by territories.
In terms of the product purpose structure (prevalence principle) in the export, products for reproduction are the most represented with 61.7% (19.092 billion dollars), followed by consumer goods with 25.8% (7.995 billion), and equipment with 12.4% (3.845 billion). Unclassified goods by purpose constitute zero percent or 1.2 million dollars.
In the structure of imports by product purpose, products for reproduction are the most represented, accounting for 55.5% (22.115 billion dollars), followed by consumer goods at 19.8% (7.884 billion), and equipment at 12.1% (4.835 billion). Unclassified goods by purpose constitute 12.6% or 5.002 billion dollars.
The foreign trade goods turnover was highest with countries with which Serbia has signed free trade agreements, while European Union member countries accounted for 59.7% of the total trade.
In December 2023, the exported goods had a value of 2.389 billion dollars, representing a decrease of two percent compared to the same month the previous year, while imports amounted to 3.562 billion dollars, indicating an increase of 0.5 percent compared to the same month the previous year. In euros, the exported goods amounted to 2.190 billion, reflecting a decrease of 5.1 percent compared to the same month the previous year, and imports were 3.263 billion euros, showing a decrease of 2.7 percent compared to the same month the previous year.
Calculated in dollars, the seasonally adjusted index for December 2023 compared to November 2023 shows a decline in exports by 2.4% and an increase in imports by 5.3%. Calculated in euros, the seasonally adjusted index for this period indicates a decrease in exports by 0.3% and an increase in imports by 8.1%.
The data from RZS indicates that in the list of the top five exported products, the first place is occupied by the export of wire sets for aircraft, vehicles, and ships (121 million dollars), the second place belongs to the export of copper ore and concentrates (98 million dollars), and the third place is the export of electric energy with 89 million dollars. Following these, there is the export of corn with 53 million dollars, and the last place is attributed to the export of refined copper with 41 million dollars.
The list of the top five imported products shows that crude oil (207 million dollars) is our primary imported product, while the second most significant import is natural gas (168 million dollars). The third position on the list is occupied by the import of retail medicines (112 million dollars), followed by the import of electric energy (61 million dollars), and the last place is taken by the import of gas oils with 50 million dollars.
Republic Statistical Office (RZS) has not had data for the Autonomous Province of Kosovo and Metohija since 1999, so they are not included in the data coverage for the Republic of Serbia (total), as reported by Tanjug.
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