Benefits from Serbia – EU trade
Serbia has substantially benefited from trade and economic integration with the EU. The EU is traditionally Serbia’s key trading partner accounting for more than 60% of Serbia’s total trade in 2021, with similar percentages persisting over the years. The value of Serbia’s exports to the EU more than quadrupled from nearly EUR 3.2 billion in 2009 to just below EUR 14 billion in 2021!
Serbia’s exports to the EU have been growing faster than imports from the EU. Coverage of imports by exports on the Serbian side has been improving; from 48% in 2009 to over 85% in 2021 (85% of the value of imports from the EU were covered by Serbian exports to the EU).
Individual EU member states traditionally top the list of Serbia’s most important trade partners, notably Germany as Serbia’s number one partner in both good imports and exports, followed by Italy, Hungary and Romania. Serbia exported almost 13% of total exports to Germany alone and another 8% to Italy in 2021. On the import side, Serbia imported more than 13% of all imports from Germany and another 8% from Italy in 2021.
Concerning trade in agricultural products, Serbia enjoys a surplus vis-à-vis the EU. This surplus reached its all-time-high in 2021 at EUR 688 million. The EU market traditionally represents the most important export destination for Serbian agricultural products with over 55% of agricultural exports shipped to the EU in 2021.
Serbia’s agricultural exports to the EU almost quadrupled over the past decade, from EUR 640 million in 2009 to EUR 2.3 billion in 2021. At the same time, Serbian imports of agricultural products from the EU have been on a steady rise during the previous decade from EUR 440 million in 2009 to over EUR 1.6 billion in 2021.
EU – Serbia’s most important investor
Foreign direct investments (FDI) coming from the EU accounted for more than 63% of total FDI coming to Serbia from 2010 until 2021. In absolute terms, FDI from the EU countries reached a total of EUR 19.1 billion over the past twelve years.
Companies from the EU have been the leading investors in Serbia over the previous decade. These companies have brought efficiency, modern technologies and know-how into the Serbian economy, providing jobs for many Serbian people. EU companies have also brought new corporate culture and EU values into Serbia’s economy changing the way Serbian economy operates with impact on individuals and society as a whole.
This has in turn significantly increased productivity and competitiveness of the Serbian economy, boosting its export potential, increasing budget revenues and generating economic growth. Ultimately, opening up of the Serbian market to companies from the EU has generated a variety of choice and lower prices for consumers.