Serbia Economic and FDI Outlook
Geographic Diversification Helped Export Resilience
National Bank of Serbia
During the Period of Multidimensional Crisis
Significant increase in exports to Germany of
14% was recorded in 2023...
...which was followed by the growth of imports.
from Germany
Chart 15 Goods exports by country in 2023/2022
(EUR mn and % of total )
Chart 16 Goods imports by country in 2023 2022
(EUR mn and % of total )
5000
6000
4500
15.1% of total exports in 2023
■2022
■ 2023
5000
13.1% of total imports in 2023
12.2%
4000
EU: 65.7%
64.6%
EU:
■2022
55.7%
■2023
57.8%
3500
4000
3000
2500
6.9%
6.2%
CIS:
CEFTA: 15.9%
5.2%
15.4%
3000
5.0%
7.3%
CEFTA: 5.2%
CIS: 8.3%
4.6%
5.9%
2000
5.5%
5.0%
4.7%
4.3%
1500
4.0% 3.9% 3.8% 3.6% 3.4% 3.3%
2000
4.3%
4.2%
3.2%
3.0% 2.9% 2.8% 2.7% 2.6%
1000
1000
500
0
0
DEU BIH ITA HUN ROU MNE CHN RUS CZE CRO BGR MKD
DEU CHN ITA TUR RUS HUN
PL
ROM FRA BH AUT CZE
•
• Serbia's exports showed resistance in 2023, despite the
decrease in demand from the EU and the region, on which it
relies the most. In this period, most of Serbian exports went to
the EU, followed by CEFTA and CIS.
• By country, the largest share of exports went to Germany
(15.1%), followed by Bosnia and Herzegovina (6.9%), Italy
(6.2%), Hungary (5.5%) Romania (5.0%) and Montenegro
(4.3%).
•
Majority of imports in 2023 come from the EU (around 58%),
followed by CIS and CEFTA.
Compared to the 2022, the volume of imports from Germany
in 2023 overtook the volume of imports from China, making
Germany the largest importing country again (with a share
of 13.1%).
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