Serbia-China Trade Surges, But No Company Relocations Yet
As of late 2024, no companies have publicly announced relocations to Serbia to capitalize on the Serbia-China free trade agreement. This agreement, signed in 2023, aimed to boost bilateral trade and investment.
Trade between Serbia and China has indeed grown significantly. In 2014, bilateral trade stood at USD 1.5 billion, rising to USD 6 billion by 2023. In 2024, this figure reached USD 7.4 billion, a USD 1.2 billion increase from the previous year.
Copper and its products dominate Serbian exports to China. In 2023, copper ores and concentrates led the way with USD 842 million, followed by refined copper at USD 301 million. Processed wood was the third-largest export, valued at USD 26 million. However, the free trade agreement has not yet significantly expanded the range of Serbian exports to China. Blueberries and dried plums, for instance, have not yet cracked the top 50 exports.
While the agreement facilitates trade in products like automobiles, photovoltaic panels, lithium batteries, and agricultural goods, no specific companies have been identified as having settled in Serbia to exploit these advantages. The agreement has so far deepened existing trade asymmetries, with China importing more from Serbia than vice versa. In 2023, Serbia's exports to China were USD 1.23 billion, while imports were USD 4.8 billion.
Although the Serbia-China free trade agreement has not yet led to public company relocations or a significant diversification of Serbian exports, bilateral trade has grown substantially. Copper and its products remain the backbone of Serbian exports to China. As the agreement continues, it will be interesting to see if it encourages further investment and a broader range of exports.
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