
The EU and aid funded business
Serbia is in accession negotiations with the EU. The Stabilisation and Association Agreement is currently enabling free trade between Serbia and the EU over a transitional period. This is a precursor for the eventual elimination of duties and non-tariff restrictions on accession. Serbia will have received €1.539 billion in financial assistance from the EU by the end of 2020 (European Commission).
Trade Agreement
The UK signed a trade agreement with Serbia, which has been in effect since 20 May 2021.
It covers trade in goods and services, including provisions on preferential tariffs, tariff rate quotas and rules of origin.
Top five UK goods exported to Serbia , in the four quarters to the end of Q4 2024
Goods | Value (£ million ) |
---|---|
Specialised machinery (capital) | |
Medicinal & pharmaceutical products | |
Miscellaneous foods | |
Other chemicals | |
Toilet & cleansing preparations |
Source:
ONS Trade in goods: country-by-commodity exports
Last updated: February 2025
Download the latest trade and investment factsheet for Serbia.
Serbia: at a glance
Economic growth
2.5%
Actual figure (IMF, 2023)
The UK is 0.1% (IMF, 2023, projected figure)
GDP per capita
$11,352
Actual figure (IMF, 2023)
The UK is $49,099 (IMF, 2023, projected figure)
Currency
Serbian dinar
Business language
Serbian, English
English widely used as a business language
Time zone
GMT +1
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Opportunities for exporters
Serbia’s economy is dominated by a large and growing services sector (61% of GDP), but the industrial sector (31%) and agriculture (8%) are significant. It has close to 100 UK firms active and many more represented through agents and distributors.
Check for trade barriers
Trade barriers, such as tariffs or taxes, can raise costs, cause delays, or even stop you from exporting. Check for any issues that may impact your business when exporting.
Check duties and customs
Find information on how to export goods from the UK. View the duties, rules, restrictions, and the documents you need for your products.
Doing business in Serbia
Preparing to export
VAT
According to the VAT Act in Serbia, foreigners wanting to set up a company in Serbia must align with its tax requirements and register for VAT with its financial authorities. The standard VAT rate is 20%.
Import duties
Product labels must be written in Serbian. Technically complicated goods must have instructions for use, the manufacturer's specifications, a list of authorised maintenance centres and guarantee information, including its duration.
Regulations
Serbia’s import-export transactions are documented in a generally standardised format, and the country is working its way towards regulatory harmonisation with the European Union.
Serbia has officially lifted barriers to imports and exports. Some taxes are still applied. There are some non-tariff barriers in the form of import quotas to protect some items, such as certain types of agricultural produce.
Operating in Serbia
Intellectual property
Intellectual property (IP) rights are territorial and rights granted in the UK do not provide protection elsewhere. You should consider getting IP protection abroad if you want to trade overseas or sell to overseas customers via the internet.
The Intellectual Property Office provides practical information to help you protect, manage and enforce your IP abroad. Further support for British businesses can be found through a network of IP attachés, based in key UK export markets.
Payment terms
Serbian law states that the payment term in agreements between businesses must not exceed 60 days. For payment in instalments, the term may be up to 90 days.
Next steps

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