Uzbekistan and Serbia Strengthen Trade and Investment Ties: Key Figures Over Nine Years
Economy
Trade turnover between Uzbekistan and Serbia increased nearly ninefold from 2016 to 2025, rising from $1.4 million to $12 million. Over the same period, economic ties expanded through stronger trade contacts, a broader legal framework and cooperation in investment and industrial sectors.
According to the Center for Economic Research and Reforms, Uzbekistan’s exports to Serbia tripled over the period to $0.9 million, while imports increased approximately tenfold to $11.1 million.
In 2025, food products accounted for the largest share of Uzbekistan’s exports to Serbia at 47.1%, followed by manufactured goods at 23.8%, chemicals at 4.8%, non-food raw materials at 2.4%, and mineral fuels and lubricants at 1%. Services accounted for 20.8% of exports.
Machinery and transport equipment dominated imports from Serbia, accounting for 50%. Chemicals represented 20.1%, manufactured goods 16.8%, food products 4.8%, miscellaneous manufactured articles 4.2%, and non-food raw materials 1.5%. Services accounted for 2.6%.
Economic contacts between the two countries have intensified in recent years. In April 2023, Serbian First Deputy Prime Minister and Foreign Minister Ivica Dacic visited Uzbekistan on an official visit. A major milestone followed with Serbian President Aleksandar Vucic’s official visit to Uzbekistan on October 28–31, 2025.
Following talks in Tashkent, the two sides signed an Agreement on the Mutual Promotion and Protection of Investments and an Agreement on Economic Cooperation. In May 2026, Serbian Foreign Minister Marko Djuric visited Uzbekistan, with talks focusing on expanding trade and cooperation in mechanical engineering, pharmaceuticals, chemicals, agriculture and other sectors.
As of 2026, nine enterprises with Serbian capital participation were operating in Uzbekistan. The total volume of foreign direct investment and loans attracted from Serbia in 2016–2025 amounted to $2.2 million, compared with $0.2 million in 2024.
The strengthened legal framework provides additional conditions for expanding trade, investment and industrial cooperation, including in electrical engineering, mechanical engineering, food processing and textile manufacturing.
In 2025, food products accounted for the largest share of Uzbekistan’s exports to Serbia at 47.1%, followed by manufactured goods at 23.8%, chemicals at 4.8%, non-food raw materials at 2.4%, and mineral fuels and lubricants at 1%. Services accounted for 20.8% of exports.
Machinery and transport equipment dominated imports from Serbia, accounting for 50%. Chemicals represented 20.1%, manufactured goods 16.8%, food products 4.8%, miscellaneous manufactured articles 4.2%, and non-food raw materials 1.5%. Services accounted for 2.6%.
Economic contacts between the two countries have intensified in recent years. In April 2023, Serbian First Deputy Prime Minister and Foreign Minister Ivica Dacic visited Uzbekistan on an official visit. A major milestone followed with Serbian President Aleksandar Vucic’s official visit to Uzbekistan on October 28–31, 2025.
Following talks in Tashkent, the two sides signed an Agreement on the Mutual Promotion and Protection of Investments and an Agreement on Economic Cooperation. In May 2026, Serbian Foreign Minister Marko Djuric visited Uzbekistan, with talks focusing on expanding trade and cooperation in mechanical engineering, pharmaceuticals, chemicals, agriculture and other sectors.
As of 2026, nine enterprises with Serbian capital participation were operating in Uzbekistan. The total volume of foreign direct investment and loans attracted from Serbia in 2016–2025 amounted to $2.2 million, compared with $0.2 million in 2024.
The strengthened legal framework provides additional conditions for expanding trade, investment and industrial cooperation, including in electrical engineering, mechanical engineering, food processing and textile manufacturing.
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