page_title: Economy of Serbia
section_title: External trade
hierarchical_section_title: Economy of Serbia / Macroeconomic trends / External trade
caption_attribution_description: There was plenty of high-end metal being unveiled at the Geneva Motor Show, but the likes of the one-off Lamborghini Aventador J, the Ferrari F12 Berlinetta, and the Maserati GranTurismo Sport, and others weren’t the real show stoppers... there were plenty of the big-end players downsizing: Mercedes-Benz A-Class, Audi A3, Volvo V40, and much more. Here’s what flicked our switch. You can check out more on the 2012 Geneva Motor Show here at; &lt;a href="http://www.mynrma.com.au/motoring/news/geneva-motor-show-electric-dreams.htm" rel="nofollow"&gt;www.mynrma.com.au/motoring/news/geneva-motor-show-electri...&lt;/a&gt; as well as; &lt;a href="http://www.mynrma.com.au/motoring/news/geneva-motor-show-best-in-show-part-one.htm" rel="nofollow"&gt;www.mynrma.com.au/motoring/news/geneva-motor-show-best-in...&lt;/a&gt;
context_page_description: The economy of Serbia is a service-based upper middle income economy with the tertiary sector accounting for two-thirds of total gross domestic product and functions on the principles of the free market. Nominal GDP in 2019 is projected to reach $51.523 billion, which is $7,398 per capita, while GDP based on purchasing power parity stood at $129.298 billion, which is $18,564 per capita.
  The strongest sectors of Serbia's economy are energy, automotive industry, machinery, mining, and agriculture. Primary industrial exports are automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals. Trade plays a major role in Serbian economic output. The main trading partners are Germany, Italy, Russia, China, and neighboring Balkan countries.
  Belgrade is the capital and economic heart of Serbia and home to most major Serbian and international companies operating in the country, as well as the National Bank of Serbia and the Belgrade Stock Exchange. Novi Sad is the second largest city and the most important economic hub after Belgrade.
context_section_description: Serbia has a wide-range of free trade agreements with foreign countries and trading blocs.
  Serbia signed a free trade agreement with the European Union in 2008 enabling exports of all products originating from Serbia without customs and other fees. For a limited number of products (baby beef, sugar, and wine), annual import quotas remain in effect. As of 2016, the EU countries were the largest trading partners of Serbia with 64.4% of country's total foreign trade.
  Serbia signed the CEFTA enabling exports of all products originating from Serbia without customs and other fees to the neighbouring countries: Albania, Bosnia and Herzegovina, North Macedonia, Moldova, Montenegro and Kosovo. In 2016, the CEFTA countries were the second largest trading partners of Serbia.
  Serbia signed a free-trade agreement with EFTA members (Switzerland, Norway, Iceland) in 2009.
  The Serbian free-trade agreement with Russia was implemented since 2000; for a limited number of products, annual import quotas remain in effect. Free-trade agreement with Turkey has been implemented since 2010. Trade with the United States is pursued under the Generalized System of Preferences (GSP) with a preferential duty-free entry for approximately 4,650 products.
caption: Fiat 500L – motor vehicles are the leading export product of Serbia
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