Economy of Serbia - External Trade

External Trade

Serbia signed Free Trade Agreement (FTA) with the EU enabling exports of all products originating from Serbia without customs and other fees. For a limited number of products (baby beef, sugar, and wine), annual import quotas remain in effect. In 2009, the EU countries was the largest export partners (54.2%) and the largest import partners (52.9%) of Serbia.

Serbia signed the CEFTA enabling exports of all products originating from Serbia without customs and other fees in the region: Albania, Bosnia and Herzegovina, Croatia, Macedonia, Moldova, Montenegro and UNMIK-Kosovo. In 2009, the CEFTA countries were the second largest export destinations (33%) and third largest import destinations (7.8%) of Serbia.

Serbia signed a FTA with Russia. For a limited number of products, annual import quotas remain in effect. The list of products, excluded from the Free Trade Agreement with Russia, is revised annually. In 2009. the CIS countries (Russia is a participating country of CIS) was the third largest export partners (7.3%) and the second largest import partners (18.5%) of Serbia.

Serbia signed a FTA with EFTA members, Norway, Switzerland, Iceland and Liechtenstein (active as of April 2010) and with Turkey that will take effect in May 2010. Trade with the U.S. is pursued under the Generalized System of Preferences (GSP). U.S. trade benefits provide for a preferential duty-free entry for app. 4,650 products.

External trade
Year	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Exports (mil. USD):	1,558	1,721	2,075	2,477	3,523	4,553	6,428	8,825	10,973	8,344	9,794	11,777
Imports (mil. USD):	3,330	4,261	5,614	7,333	10,753	10,575	13,172	18,554	22,875	16,056	16,734	20,139
Trade Balance (mil. USD):	-1,772	-2,540	-3,539	-4,856	-7,230	-6,022	-6,744	-9,729	-11,902	-7,712	-6,939	-8,362
Exports/Imports (%):	46.8	40.4	37.0	33.8	32.8	41.1	48.8	47.6	48.0	52.0	58.5	58.5
Source: Statistical Office of Serbia 2000-2009 data, 2010 data, 2011 data Top 5 export partners of Serbia in 2011: Germany ($1.330bn) Italy ($1.308bn) Bosnia and Herzegovina ($1.191bn) Montenegro ($0.891bn) Romania ($0.813bn) Top 5 import partners of Serbia in 2011: Russia ($2.657bn) Germany ($2.176bn) Italy ($1.802bn) China ($1.530bn) Hungary ($0.928bn) Top 5 export goods of Serbia in 2010: iron and steel ($0.953bn) non-ferrous metals ($0.696bn) electrical machines ($0.591bn) cereals ($0.579bn) vegetables ($0.529bn) Top 5 import goods of Serbia in 2010: oil ($1.496bn) natural gas ($0.948bn) non-ferrous metals ($0.667bn) electrical machines ($0.643bn) iron and steel ($0.583bn)