Indonesia-Serbia Trade Deficit Widens in 2020

Indonesia's trade balance with Serbia experienced a deficit of US$3.937 million in 2020. This trade deficit plummeted by -421.39% compared to the previous year's balance, which was recorded at US$1.23 million.

The sharp decline in Indonesia's trade balance with Serbia occurred because Indonesia's exports to Serbia were only US$12.59 million, while imports reached US$16.52 million.

The three main products imported from Serbia were Live animals (HS 01), Meat offal and edible meat (HS 02), and Fish and crustaceans, molluscs and other aquatic invertebrates (HS 03).

Meanwhile, Indonesian exports to Serbia have shown an upward trend over the past year. The previous year's export value was US$12.23 million.

Based on product type, there were 10 main export products from Indonesia to Serbia that recorded a surplus during 2020. The total value of these main exports reached US$4.99 million.

List of 10 Main Indonesian Export Products to Serbia

1. (HS 03): Fish and crustaceans, molluscs and other aquatic invertebrates


2. (HS 09): Coffee, tea, maté, and spices


3. (HS 15): Fats and oils of vegetable origin or animal origin; edible fats; animal or vegetable fats and oils and their cleavage products;


4. (HS 16): Preparations of meat, fish or crustaceans, molluscs or other aquatic invertebrates


5. (HS 17): Sugars and sugar confectionery


6. (HS 18): Cocoa and cocoa preparations


7. (HS 29): Organic chemicals


8. (HS 39): Plastics and articles thereof


9. (HS 40): Rubber and articles thereof


10. (HS 42): Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles…

Globally, the trade balance for all goods was better this time due to an increase in several types of goods. The total value of Indonesia's trade balance was recorded at US$21.68 billion, or an increase of 703.56%. In other words, Indonesia recorded a trade surplus. The previous year's trade balance with all countries worldwide was recorded at US$-3.59 billion.