Russia is no longer among top 5 trading partners of Serbia

Russia is no longer among Serbia’s five largest trading partners, according to the latest data from the State Statistical Office (RZS).

 Previously, Russia occupied a significant place in the import market of Serbia, primarily thanks to the import of gas. The latest data reveal a change in Serbia’s trade relations and raise questions about its international orientation.

In the first quarter of 2024, Germany strengthened its position as Serbia’s largest external trade partner in exports and imports. Other key export markets of Serbia are Bosnia and Herzegovina, Italy, China and Hungary. As for imports, the most important partners were Germany, China, Italy, Hungary and Turkey.

External trade was the largest with countries with which Serbia has signed free trade agreements. European Union member countries accounted for 61.1 percent of total trade in the first quarter of 2024.

The latest data from the Serbian Statistical Office show that Russia maintains its influence in Serbia, not through economic or trade ties, but through diplomatic and political channels. Namely, Russia continues to support Serbia’s position on Kosovo and uses historical and religious ties to maintain influence.

Direct foreign investments from 2018 to 2023 reached a value of 23.1 billion euros.

Exports of services reached 41 billion euros, or 60 percent of GDP, resulting in a low level of balance of payments deficit of 2.6 percent.

(, 11.06.2024)

This post is also available in: Italiano

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