Serbia’s trade deficit narrowed to USD 573.9 million in March 2019 from USD 624.2 million in the corresponding month of the previous year. Imports dropped 3.8 percent year-on-year to USD 2327.4 million, mostly due to lower purchases of capital goods (-9.5 percent); intermediate goods (-0.2 percent); energy (-24.6 percent); non-durable consumer goods (-3.4 percent) and durable (-0.8 percent). Exports fell 2.4 percent to USD 1753.5 million, mainly driven by lower sales of intermediate goods (-0.6 percent); capital (-5.2 percent); non-durable (-7.7 percent) and durable (-3.4 percent). Considering the first quarter of 2019, the country posted a trade gap of USD 1636.1 million, compared to a USD 1532 million in the same period of 2018. Balance of Trade in Serbia averaged -548.53 USD Million from 2001 until 2019, reaching an all time high of -161 USD Million in August of 2001 and a record low of -1364 USD Million in July of 2008.
Balance of Trade in Serbia is expected to be -610.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Serbia to stand at -580.00 in 12 months time. In the long-term, the Serbia Balance of Trade is projected to trend around -390.00 USD Million in 2020, according to our econometric models.