According to Serbian Economist, trade turnover between Serbia and Ukraine in 2025 returned to the level of the last pre-war year, 2021, and amounted to $442.2 million, said Marko Čadež, president of the Serbian Chamber of Commerce and Industry, in an interview with the Interfax-Ukraine agency.
According to him, despite the initial shock following the outbreak of the war, mutual trade did not cease. In the first year of the war, it fell by 25%—to $339 million—but then began to gradually recover and can now be considered stable.
Serbian exports to Ukraine in 2025 amounted to $202.9 million, while imports from Ukraine totaled $239.3 million. About 900 Serbian companies continue to do business with Ukraine, 670 of which import Ukrainian goods.
“In the first quarter of this year, the growth trend continued—Serbian exports to Ukraine doubled compared to the same period last year, while Ukrainian exports to Serbia grew by 4.5%,” said Čadež.
The president of the Serbian Chamber of Commerce and Industry noted that the pandemic, followed by the war, demonstrated the high interdependence of the two economies. This is particularly true for supplies of Ukrainian raw materials and intermediate products for Serbian industry. According to Čadež, prior to the war, such supplies accounted for about 70% of Serbian imports from Ukraine.
Among the key Ukrainian goods for Serbia, he cited iron ore, coal, aluminum wire, and cellulose. Supply disruptions after February 2022 created problems for a number of Serbian industries, particularly metallurgy.
Serbian-Ukrainian trade continues to be dominated by raw materials, industrial products, and goods for the processing industry. Ukraine purchases mineral and chemical fertilizers, PVC flooring, paper and cardboard, automobile tires, as well as detergents and cleaning products from Serbia.
