A landlocked nation near the intersection of Central Europe and Southeastern Europe, the Republic of Serbia’s total import purchases totaled US$39.7 billion in 2022.

That dollar amount reflects a robust 53.8% increase since 2018 when Serbian exports were worth $25.8 billion.

From 2021 to 2022, the overall value of goods exported from Serbia accelerated by 17.5% from $33.8 billion.

Based on the average exchange rate for 2022, the Serbian dinar depreciated by -11.5% against the US dollar since 2018 and diluted by -12.3% from 2021 to 2022. Serbia’s stronger local currency makes its imports relatively less expensive when converted starting from Serbian dinars then purchasing with US dollars.

Domestically, Serbia’s inflation rate was 11.982% for average consumer prices in 2022 up from 4.085% in 2021.

Serbia’s Best International Trade Suppliers

The latest available country-specific data shows that 70.8% of products imported into Serbia were supplied by exporters in: mainland China (35.6% of the Serbian total), Germany (7.5%), Russia (5.2%), Italy (5.1%), Hungary (4%), Türkiye (2.8%), Poland (2.7%), Iraq (2.2%), France (also 2.2%), Bosnia and Herzegovina (1.8%), Romania (1.7%) and Austria (1.3%).

From a continental perspective, more than two-thirds (69.7%) of Serbia’s total imports by value in 2022 were purchased from fellow European countries. Asian trade partners fulfilled 26.7% of import purchases by Serbia.

Smaller percentages were supplied by exporters in North America (2.1%), Africa (0.8%), Latin America (0.7%) excluding Mexico but including the Caribbean, and Oceania (0.1%) led by Australia.

Given Serbia’s population of 6.84 million people (excludes Kosovo), its $39.7 billion in 2022 imports translates to roughly $5,800 in yearly product demand from every person in the landlocked Southeastern European country. That per-capita metric outpaces the average $4,900 for 2021.

Serbia’s Top 10 Imports

The following product groups represent the highest dollar value in Serbia’s import purchases during 2022. Also shown is the percentage share eac`h product category represents in terms of overall imports into Serbia.

1. Mineral fuels including oil: US$5.9 billion (14.9% of total imports)
2. Machinery including computers: $3.4 billion (8.5%)
3. Electrical machinery, equipment: $3.4 billion (8.5%)
4. Plastics, plastic articles: $2.2 billion (5.6%)
5. Vehicles: $1.6 billion (4%)
6. Pharmaceuticals: $1.5 billion (3.9%)
7. Iron, steel: $1.1 billion (2.7%)
8. Articles of iron or steel: $995 million (2.5%)
9. Aluminum: $863.6 million (2.2%)
10. Paper, paper items: $835.7 million (2.1%)

Serbia’s top 10 imports accounted for over half (54.9%) of the overall value of its product purchases from other countries.

Imported mineral fuels including oil posted the fastest growth in value among Serbia’s top 10 import categories, up 93.4% from 2021 to 2022.

In second place for improving import purchases were Serbia’s imports of paper both as materials and items made from paper (up 21.9%) ahead of Serbian purchases of aluminum (up 17.3%).

The lone year-over-year decline was the -4.3% drop for Serbia’s imported vehicles.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.

At the more granular 4-digit Harmonized Tariff System (HTS) code level, Serbia’s most valuable imported products are crude oil (5.7% of Serbia’s total), petroleum gases (4.5%), medication mixes in dosage (3.2%), refined petroleum oils (2%), cars (1.7%), phone devices including smartphones (1.3%), insulated wire or cable (also 1.3%), nitrogenous fertilizers (1.1%), electrical energy (also 1.1%), and automobile parts or accessories (1%).

Serbia’s Top Imported Mineral Fuels Including Oil

In 2022, Serbian importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Crude oil: US$2.3 billion (up 70% from 2021)
2. Petroleum gases: $1.8 billion (up 197.6%)
3. Processed petroleum oils: $792.4 million (up 35.2%)
4. Electrical energy: $417 million (up 151.5%)
5. Coke, semi-coke: $347.7 million (up 42%)
6. Lignite: $141.5 million (up 418.6%)
7. Coal, solid fuels made from coal: $77.6 million (up 82%)
8. Petroleum oil residues: $53 million (up 87.8%)
9. Coal tar oils (high temperature distillation): $13.4 million (down -3.3%)
10. Petroleum jelly, mineral waxes: $9.8 million (up 38.5%)

Among these import subcategories, Serbian purchases of lignite (up 418.6%), petroleum gases (up 197.6%) then electrical energy (up 151.5%) grew at the fastest pace from 2021 to 2022.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Serbian businesses and consumers.

Serbia’s Top Imported Machinery Products Including Computers

In 2022, Serbian importers spent the most on the following 10 subcategories of machinery including computers.

1. Computers, optical readers: US$255.8 million (down -3.5% from 2021)
2. Centrifuges, filters and purifiers: $169.8 million (up 3.5%)
3. Rubber/plastic article making machines: $155.1 million (up 7.4%)
4. Lifting/loading machinery: $152.4 million (up 44.6%)
5. Liquid pumps and elevators: $151.8 million (down -2.7%)
6. Vapour-based boilers: $143.4 million (up 40.1%)
7. Taps, valves, similar appliances: $139.7 million (up 1.7%)
8. Air conditioners: $133.9 million (up 53.5%)
9. Refrigerators, freezers: $131 million (up 2.5%)
10. Air or vacuum pumps: $125.9 million (down -8.1%)

Among these import subcategories, Serbian purchases of air conditioners (up 53.5%), lifting or loading machinery (up 44.6%) then vapour-based boilers (up 40.1%) grew at the fastest pace from 2021 to 2022.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery-related imports among Serbian businesses and consumers.

Serbia’s Top Imported Electronics Products

In 2022, Serbian importers spent the most on the following 10 subcategories of electric products including consumer electronics.

1. Phone devices including smartphones: US$532.3 million (up 6% from 2021)
2. Insulated wire/cable: $530 million (down -0.7%)
3. Lower-voltage switches, fuses: $281.1 million (down -8.5%)
4. Electric motor parts: $234.3 million (up 39.7%)
5. Electrical converters/power units: $226.5 million (up 37.3%)
6. Electrical/optical circuit boards, panels: $152.4 million (down -1.5%)
7. Solar power diodes/semi-conductors: $128.8 million (up 53.4%)
8. Integrated circuits/microassemblies: $121.8 million (down -3.2%)
9. Insulating fitting: $109.6 million (down -6.5%)
10. Electric circuit parts, fuses, switches: $106.8 million (down -10%)

Among these import subcategories, Serbian purchases of solar power diodes and semi-conductors (up 53.4%), electric motor parts (up 39.7%) then electrical converters or power units (up 37.3%) grew at the fastest pace from 2021 to 2022.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of electronics-related imports among Serbian businesses and consumers.

Serbia’s Top Imported Plastics Including Products Made from Plastic

In 2022, Serbian importers spent the most on the following 10 subcategories of plastics and articles made from plastic.

1. Ethylene polymers: US$236.7 million (up 1.2% from 2021)
2. Miscellaneous plastic items: $224.4 million (up 1.6%)
3. Plastic packing goods, lids, caps: $222.6 million (up 11.2%)
4. Polyacetal/ether/carbonates: $214.5 million (up 28.2%)
5. Plastic plates, sheets, film, tape, strips: $213.3 million (up 2.1%)
6. Propylene/olefin polymers: $141 million (down -8.1%)
7. Plastic tubes, pipes, fittings: $136.9 million (up 5.1%)
8. Styrene polymers: $132.6 million (up 13.7%)
9. Plastic plates, sheets, film, tape, strips: $126.5 million (up 4.6%)
10. Vinyl chloride polymers: $104.2 million (up 15.1%)

Among these import subcategories, Serbian purchases of polyacetal or ether carbonates (up 28.2%), vinyl chloride polymers (up 15.1%) then styrene polymers (up 13.7%) grew at the fastest pace from 2021 to 2022.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of plastics-related imports among Serbian businesses and consumers.
 

See also Russia’s Top 10 Exports, Russia’s Top 10 Imports, Russia Top Trading Partners, Top Russian Trade Balances and Serbia’s Top 10 Exports

Research Sources:
Central Intelligence Agency, The World Factbook Europe: Serbia. Accessed on April 22, 2023

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on April 22, 2023

International Trade Centre, Trade Map. Accessed on April 22, 2023

Investopedia, Net Exports Definition. Accessed on April 22, 2023

Wikipedia, Serbia. Accessed on April 22, 2023