Serbia Economic and FDI Outlook
Revealed Exports Resilience During the Crisis; Lower
Imports Led by a Better Situation in the Energy Market
New investments and continued expansion of
the export capacities will ensure high growth
of exports in the medium term
Chart 13 Exports of goods and services
60 (EUR bn)
The projection reflects that the new investment
cycle will result in the increased imports of
equipment and intermediate good
60
Chart 14 Imports of goods and services
(EUR bn)
50
40
40
30
20
20
10
50
40
40
30
20
20
10
0
■Manufacturing
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* 2025* 2026*
Other
■Sevices exports
Agriculture
*NBS Forecast
.Goods exports continued to grow in 2023 and recorded
increase of 3.7%, while exports of services were higher
by 18.1%.
• In January and February 2024, goods exports were
increased by 2.7% y/y.
• This growth was driven by the increased agricultural
exports (44.2% y/y), as well as increased manufacturing
exports (11.0% y/y), within which 16 out of 23 branches
recorded an increase in exports. Services exports in this
period increased by 16.1% y/y.
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* 2025* 2026*
■Capital goods Interm. Goods Consumer goods Unallocated goods Services imports
*NBS Forecastt
•
Imports of goods decreased by 4.8% in 2023, with the
largest contribution to the decrease coming from reduced
intermediates imports, which includes energy (a decrease in
energy imports by EUR 1.7 bn compared to 2022).
• On the other hand, the imports of services increased by
15%.
.
Imports of goods were also lower in January and
February 2024 by 2.3% y/y, primarily driven by lower
imports of energy and intermediate goods, while an
increase in imports of capital goods was recorded. Services
imports recorded year-on-year growth of 33.6%.
6View entire presentation