Serbia economy and Turkey-Serbia trade relations blog post with 2025 official trade data
Serbia’s Economy & Trade Opportunities for Turkish Suppliers
A rising hub in the Western Balkans — why Serbia belongs on your export radar, backed by the latest 2025 trade data.
Serbia is a dynamic, growth-oriented economy in the Western Balkans and an increasingly important regional trade hub. With an active EU accession process, a Free Trade Agreement with Turkey since 2010, and strong industrial output, it represents a compelling opportunity for Turkish suppliers and exporters.
1 General economic outlook
Serbia’s capital is Belgrade; its official language is Serbian and its currency the Serbian Dinar (RSD). The country maintains customs union arrangements with the EU and is one of the most active trade partners in the Western Balkan region. Economic growth is driven primarily by industry, agriculture, and services, with construction and infrastructure investment playing an expanding role.
The key growth sectors are automotive, rubber and plastics, electrical equipment, metal ores, and food manufacturing. Unemployment has been declining steadily, and foreign direct investment — particularly from Germany, China, and Turkey — continues to flow into industry, energy, and logistics.
2 Top 5 export destinations (Jan–Dec 2025)
Serbia’s exports reached $37.3 billion in 2025 — up nearly 13% year-on-year. The EU dominates, absorbing 62% of all exports. The chart below shows Serbia’s five largest export markets by value.
Source: Statistical Office of the Republic of Serbia, ST12 Statistical Release, Jan 2026
3 Top 5 import sources (Jan–Dec 2025)
Serbia imported $47.2 billion in goods in 2025 — up 11.7%. China climbed to second place, reflecting growing machinery and electronics sourcing. Turkey ranks fifth, importing $2.48 billion worth of goods into Serbia — a 10.2% increase over 2024.
Source: Statistical Office of the Republic of Serbia, ST12 Statistical Release, Jan 2026
Turkey’s imports into Serbia reached $2.48 billion in 2025 (+10.2%), making Turkey the 5th largest import source. Serbia’s exports to Turkey grew to $1.37 billion (+21.3%), producing a trade deficit of approximately $1.1 billion in Turkey’s favour.
4 What Serbia imports most
The largest import categories by value in 2025 (Jan–Dec) were machinery and transport equipment ($11.6B, 24.7% of total), chemicals and related products ($6.5B), manufactured goods ($8.0B), and mineral fuels ($4.9B). Key sub-categories with strong growth include motor vehicles (+23.2%), basic pharmaceuticals (+24.9%), and rubber & plastics (+7.2%).
Source: SITC Rev.4 data, Statistical Office of the Republic of Serbia
The 2010 Free Trade Agreement between Turkey and Serbia reduced customs tariffs, removed key trade barriers, and set the foundation for sustained bilateral growth. Total two-way trade in 2025 reached approximately $3.85 billion. Serbia consistently runs a trade deficit with Turkey, reflecting strong demand for Turkish manufactured goods.
Turkey exports to Serbia
Serbia exports to Turkey
Major Turkish brands — including Beko, Arçelik, and Yapı Merkezi — already have a strong footprint in Serbia. Turkey is also a significant investor in Serbia’s construction, energy, and industrial sectors.
5 Market entry challenges
Bureaucratic and customs processes can be slow, particularly for non-EU exporters. While the FTA reduces tariffs, companies must navigate Serbia’s regulatory alignment with EU norms. Currency risk from Dinar volatility affects pricing for import-heavy businesses. Competition is intense in automotive, electronics, and machinery — from both EU producers and increasingly from Chinese suppliers, whose imports surged 30.9% in 2025.
Is Serbia the right market for you?
Serbia’s 2025 trade data confirms a market growing in both scale and sophistication. Total imports exceeded $47 billion — and Turkey is already the 5th largest supplier. The 2010 Free Trade Agreement gives Turkish goods a structural competitive advantage over many third-country rivals.
The opportunity is clearest in machinery, automotive components, chemicals, textiles, and construction materials. Success requires understanding local regulations, building reliable logistics, and managing currency risk — but the fundamentals are compelling.