Serbia Trade, Exports and Imports
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The growth of Serbia trade has been slow as a result of high tariffs and import restrictions. The cost of trade in Serbia is also magnified due to non-transparent regulations and wide-spread corruption in Serbia economy. The Serbian government is, however, undertaking several measures to expand trade by integrating the nation’s economy to that of other nations in the EU and the rest of the world.
The growth of Serbia trade has been slow as a result of high tariffs and import restrictions. The cost of trade in Serbia is also magnified due to non-transparent regulations and wide-spread corruption in Serbia economy. The Serbian government is, however, undertaking several measures to expand trade by integrating the nation’s economy to that of other nations in the EU and the rest of the world. In 2007, Serbia signed the Central Europe Free Trade Agreement (CEFTA), which has created a regional free trade zone between the regions of Albania, Bosnia, Croatia, Kosovo, Montenegro, Macedonia and Moldova.[br]
Serbia Trade, Exports and Imports: Overview
Serbia is heavily dependant on its imports, particularly industrial machinery, iron and steel and natural gas. According to the CIA World Factsheet reports, Serbia had a trade deficit of $12.02 billion in 2008. Key export commodities of Serbia are wheat, fruits and vegetables, clothes and non-ferrous metals.
Major trade partners of Serbia and their share in its total trade, according to CIA reports for 2008, include:
|
Exports
|
Imports
|
||
|
EU |
54.2% |
EU |
52.9% |
|
CEFTA |
33% |
Commonwealth of Independent States (CIS) |
18.5% |
|
Commonwealth of Independent States (CIS) |
7.3% |
CEFTA |
7.8% |
Serbia Trade, Exports and Imports Agreements
Serbia administers several trade agreements. It is the only nation in Europe to have a trade agreement with both the EU and Russia. Serbia signed a free trade agreement with Russia in August 2000. The agreement established duty-free regimes to the several commodities, including confectionery products, fresh grape wines, wool clothing and all refrigerating devices.[br]
Also, Serbia has a free trade agreement with Belarus. This agreement is intended to predominantly abolish custom and non-customs duties between the two nations. This agreement has limited exceptions, which includes alcohol, sugar, cigarettes and used cars.
Furthermore, Serbia is attempting to attain membership in the EU, its most vital trading partner. Serbia initialed the Stabilization and Association Agreement (SAA) with the EU in November, 2007. The implementation of a trade agreement with Serbia was supported by 26 members of the EU, and opposed by the governments of Netherlands, Belgium and Spain. However, counter-arguments are still underway.
