Economic Relations Between Saudi Arabia and Serbia and the objectives

Written By Fahad AlHadhrami

Trade indicators between the Kingdom and Serbia showed a decline from 2018 to 2020 but have consistently increased since 2020. However, trade was not in favor of the Kingdom, as imports from Serbia increased while exports decreased between 2021 and 2022, as evidenced by the following:

  • The value of trade between the two countries increased from $75.5 million in 2021 to $113.3 million in 2022, a growth rate of 50.1%.

  • The Kingdom's exports to Serbia decreased from $2.4 million in 2021 to $1.4 million in 2022, a decline of 41.7%.

  • The Kingdom's imports from Serbia increased from $73.1 million in 2021 to $111.9 million in 2022, a growth rate of 53.1%.

  • The trade deficit, which is unfavorable to the Kingdom, increased from $70.7 million in 2021 to $110.5 million in 2022, a growth rate of 56.3%.

In 2022, Serbia ranked 137th among the Kingdom's overall trading partners in exports, the same rank in non-oil exports, and 72nd in imports.

Key Exports from the Kingdom to Serbia:

  • Plastics and their products

Key Imports from Serbia to the Kingdom:

  • Weapons, ammunition, and their parts and accessories

  • Edible fruits and nuts

  • Electrical machinery, equipment, and their parts

Fahad AlHadhrami
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