Serbia Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in serbia, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Market Overview
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Serbia is situated in the heart of Southeast Europe (SEE), specifically the Western Balkans—a crossroads between Europe, the Middle East, and Africa. The Western Balkans region consists of emerging markets with plans to align legal, labor, and tax codes; educational and medical systems; infrastructure; and security standards with those of the European Union.

With a population of approximately 7 million in 2024, Serbia remains the largest and most prosperous economy in the Western Balkans, serving as a regional hub and springboard for access to broader markets.

Serbia’s GDP was $89 billion in 2024, representing per capita GDP of $14,174. The National Bank of Serbia projects real GDP growth in 2025 to reach 2.75%. Serbia’s strongest sectors include energy, ICT, automotive, machinery, mining, and agriculture. It exports automobiles, base metals, furniture, food products, machinery, chemicals, sugar, tires, clothing, and pharmaceuticals. As a candidate for EU accession, Serbia receives significant EU development funds. Top trading partners remain Germany, China, Italy, and Turkey.

In addition to the EU, Russia, China, and neighboring Balkan countries remain active in Serbia’s economy, focusing on procurement, investment, trade liberalization, and infrastructure. China and Serbia have been cultivating a “steel friendship” in recent years, and China ranks as one of the top five investors (10.5%) with a focus on mining, metallurgy, manufacturing and infrastructure mostly through greenfield projects. U.S. investment represents 10.9% of foreign investment, exceeds $4 billion and continues to grow.

U.S.-Serbia Trade Snapshot (U.S. Census Bureau)

  •  In 2024, U.S. exports to Serbia totaled approximately $210 million; imports from Serbia were about $841 million, resulting in a U.S. trade deficit of $604 million.

  • Leading U.S. exports include aviation equipment, machinery (except electrical), pharmaceuticals, medical products, and chemicals. Leading U.S. imports are automobiles, tires, rubber products, fruits, and firearms.

Despite its modest size, Serbia’s economy offers export and investment opportunities in infrastructure, ICT, healthcare, agribusiness, energy, and environmental technologies. While some sectors remain highly price sensitive, growing prosperity is increasing demand for quality Western brands. Persistent challenges include public procurement practices, complex bureaucracy, corruption, and judicial inefficiency.

Political Environment

Visit the State Department’s website for background on Serbia’s political and economic environment.

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