There are currently 111 companies from various sectors operating on the Serbian market that were founded or have Belgian capital in them.
According to the latest available data from the State Statistical Office (SSO), in the first six months of 2020, Serbia’s trade in goods with Belgium amounted to 334.8 million euro and recorded a slight increase of 0.5% compared to the same period in 2019. The value of our exports amounted to 96.8 million euro, which is a 4% decline relative to the observed period in 2019. The value of imports amounted to 334.8 million euro, a 4% increase. The export to import ratio until June 2020 was 40.7%.
Products that Serbia exported most to Belgium in the first half of 2020
Tobacco (completely cured), containers, frozen raspberries, iron or steel products, acetic acid, wooden furniture, medication, ignition conductor sets, other vehicle sets, tobacco and dried tobacco, fruit, cooked, without sugar (source: SSO)
Products that Serbia imported most from Belgium in the first half of 2020
Unclassified goods in storage, other medication, tobacco cured and dried, tobacco, cured and lightly air-dried, polyethylene, tobacco, oriental/sun-dried, trucks, diesel, over 20t, new, assembled, artificial filament cable of cellulose acetate, galvanized sheets, unclassified goods in free zones (source: SSO).
Based on the data collated by the Ministry of Finance of the Republic of Serbia – Customs Administration, until 2019, 2,515 business entities in Serbia did business with Belgium.
- Number of business entities net importers from Belgium – 1,992
- Number of business entities net exporters to Belgium – 289
- Number of business entities that are both exporting from and importing to Belgium – 234
- Total number of business entities engaged in foreign trade with Belgium – 2,515
BUSINESS ENTITIES IN SERBIA THAT ARE MAJORITY-OWNED BY BELGIANS
109 active business entities were registered in Serbia which are majority-owned by Belgian nationals or companies registered in Belgium according to the data collated by the Business Registers Agency of the Republic of Serbia, on the territory Serbia, until June 3, 2020.
The largest number of business entities is registered in the following activities:
Manufacturing (22), wholesale and retail trade and repair of motor vehicles (22), professional, scientific, innovation and communication activities (12), administrative and support service activities (11), information and communication (10), real estate activities 8), construction (6), transportation and storage (4), accommodation and catering services (3), water supply and wastewater management (3).
Belgium is a highly developed industrial country that imports raw materials and semi-finished products and exports finished products.
POTENTIAL FOR IMPROVING COOPERATION
Belgium is a highly developed industrial country that imports raw materials and semi-finished products and exports finished products. Since Belgium has an open economy, finished products of good quality can find their place on the Belgian market, especially food products, clothing and footwear, sports products, cosmetics, furniture, interior decoration products, electrical appliances and toys.
Opportunities for industrial cooperation between Serbian and Belgian companies can be created in the metal processing industry, mechanical engineering, electronics industry, chemical industry and the agri-food sector.
There are currently 111 companies operating on the Serbian market that were founded or have Belgian capital in them. They are active in various sectors – retail, manufacturing, construction, real estate, innovation and technical activities, transport and storage.
Belgian companies interested in the Serbian market want to market their products, namely machinery and industrial equipment, chemical products, textile products, various finished products, but in the transfer of the know-how and technology.
Belgian companies usually enter a market through a local importer or distributor.