Serbia’s foreign trade in goods from January to May this year totaled 27.86 billion euros, marking a slight increase of 0.9 percent compared to the same period last year, according to the Republic Statistical Office (RZS). Exports amounted to 12.15 billion euros, up by 0.6 percent, while imports totaled 15.70 billion euros, showing a 1.2 percent increase year-on-year.
The trade deficit widened to 3.54 billion euros, expanding by 3.3 percent compared to the previous year. The trade coverage ratio of imports by exports was 77.4 percent, down from 77.9 percent in the corresponding period last year. The majority of Serbia’s foreign trade in goods was with countries having free trade agreements, with European Union member states comprising 60.3 percent of the total trade volume.
CEFTA countries emerged as the second most significant trading partner for Serbia, recording a trade surplus of 1.15 billion euros. Exports to CEFTA countries amounted to 1.76 billion euros, while imports totaled 616.4 million euros, resulting in a high coverage ratio of 286.7 percent.
Serbia achieved its largest trade surpluses with regional neighbors such as Montenegro (exporting electricity and medicines, importing electricity and dried meat), Bosnia and Herzegovina (exporting gas oils and motor gasoline, importing electrical energy and coke) and North Macedonia (exporting electricity and electrical conductors, importing electricity and catalysts).
Among other countries, Serbia saw trade surpluses with Romania, Slovakia, Sweden, Croatia, Bulgaria, the Czech Republic, and Albania. The largest deficits were recorded in trade with China, primarily due to imports of telephones and laptops for network stations, followed by deficits with Turkey, Italy, Germany, Russia, Hungary, the Netherlands, Kazakhstan, Poland, Belgium, Spain, Slovenia, France, Korea, and Switzerland.
In May 2024 alone, Serbia exported goods worth 2.36 billion euros, a decrease of 3.3 percent compared to May last year, while imports amounted to 3.22 billion euros, up by 0.6 percent year-on-year, according to RZS.
