Uzbekistan and Serbia enhance trade, economic, and investment cooperation

In recent years, economic relations between Uzbekistan and Serbia have grown markedly. From 2016 to 2025, Uzbekistan’s trade volume with Serbia rose nearly nine times, from $1.4 million to $12 million. Exports tripled to $0.9 million, and imports grew almost tenfold to $11.1 million. 

The Center for Economic Research and Reforms shared data on nine years of trade, economic, and investment ties between Uzbekistan and Serbia. From 2016 to 2025, Uzbekistan’s trade volume with Serbia grew nearly nine times, from $1.4 million to $12 million. Exports tripled to $0.9 million, and imports rose almost tenfold to $11.1 million.

In 2025, Uzbekistan’s main exports to Serbia were food products at 47.1%, with manufactured goods at 23.8%, chemical products at 4.8%, non-food raw materials at 2.4%, mineral fuels and lubricants at 1%, and services making up 20.8%.

Imports from Serbia mainly consisted of machinery and transport equipment, accounting for 50%. This was followed by chemical products (20.1%), manufactured goods (16.8%), food products (4.8%), miscellaneous manufactured articles (4.2%), non-food raw materials (1.5%), and services (2.6%).

By 2026, nine Serbian-capital enterprises were operating in Uzbekistan. Between 2016 and 2025, Serbia contributed a total of $2.2 million in foreign direct investment and loans. However, in 2024, this amount decreased significantly to just $0.2 million.

While total trade between Uzbekistan and Serbia remains modest, bilateral trade has grown substantially over the past nine years.

Muhayyo Turdaliyeva, UzA