Page 65 - SE Outlook Regions 2024

3.10 External Environment - Serbia
Serbia’s trade deficit dropped by around one-third in the first 10 months of 2023, according to data from the state statistics office. In US dollar terms, the deficit stood at $7.0bn, down by 31.3% y/y. In euros, the deficit amounted to €6.5bn, a 32.4% decrease.
Exports rose during January-October 2023, while imports declined, the data showed. Exports stood at $2.6bn during the 10-month period, up by 7.2% y/y, or at €2.4bn, up 4.9%. Imports amounted to $3.3bn, down by 4.3%, or €3.0bn, a fall of 6.1%.
The export-import ratio reached 78.7%, representing up from the 70.2% recorded in the same period last.
In the first ten months of 2023 the 15 largest exporters collectively contributed €6bn to the country's export activity, the central bank said.
Leading the pack of top exporters is Serbia Zijin Mining, boasting an export value of €957.1mn. Following closely behind are Serbia Zijin Copper at €633.5mn and HBIS Group Serbia Iron & Steel (€458.9mn).
Analysing the export landscape, export of electric machines and devices contributed 12.5% to overall export with a value of €2.682bn, followed by power plant machines and devices (5.8%), contributing €1.239bn.
Other sectors make notable contributions to the overall export landscape, with metal ores and scrap metal accounting for 5.7%, electricity for 4.9% and products from rubber for 4.2%.
The external trade landscape prominently featured nations with which free trade agreements are in place, with European Union member countries constituting 59.6% of the total external trade.
Serbia had a surplus of $2.5bn with the CEFTA countries. Key contributors to this surplus included exports of electricity, cereals and their derivatives, oil and oil derivatives, beverages and road vehicles. Exports to CEFTA countries amounted to $4.0bn, while imports were recorded at $1.5bn, resulting in an export-import ratio of 262.8%. In euro terms, exports totalled €3.7bn and imports €1.4bn, with an export-import ratio of 262.4%.
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