(BELGRADE, SERBIA) – Trade turnover between Serbia and Ukraine reached $321 million in the first half of the year, Serbian President Aleksandar Vučić said during a joint media appearance with Ukrainian President Volodymyr Zelenskyy, as the two leaders discussed plans to deepen economic ties and pursue joint entry into third country markets once the war ends.
The figure, equivalent to roughly €293 million in euros, points to a commercial relationship that both sides believe can expand considerably beyond its current level. Vučić expressed hope that bilateral cooperation would become significantly stronger and broader after the fighting stops, spanning not only increased trade but also joint projects and combined export efforts aimed at external regions.
Vučić identified the African continent and Asia as potential areas for shared market entry. He said he expected agreements on such cooperation to materialise, suggesting that groundwork is being laid now for a post war economic framework between Belgrade and Kyiv.
The Serbian leader also pointed to energy, extraction industries and agriculture as fields holding particular promise for collaboration. Each of these sectors draws on complementary strengths. Ukraine possesses vast agricultural output and significant extractive capacity, while Serbia offers established processing industries and trade links across the Western Balkans.
The meeting between the two presidents, marked by a symbolic show of solidarity that saw the tallest skyscraper in Belgrade lit in the colours of the Ukrainian flag to mark Zelenskyy’s visit, signals a cautious but deliberate warming of economic engagement. Serbia has long balanced its relations between Moscow and the West, making any expansion of ties with Kyiv a matter of both commercial and political significance.
A bilateral trade volume of $321 million over six months places the two countries on course for an annual figure that, while modest by continental standards, represents a meaningful base from which to grow. Joint ventures aimed at African and Asian markets could open new revenue streams for firms in both nations, particularly in agricultural machinery, processed foods and energy equipment.
The focus on third markets also reflects a pragmatic reading of the European trade landscape. With EU markets highly competitive and saturated in several key sectors, African and Asian economies offer higher growth potential and fewer barriers to entry for new supplier partnerships. A coordinated Serbian Ukrainian approach could bundle Ukrainian raw materials with Serbian processing and logistics capabilities, creating a value chain that neither country could deliver alone at the same scale.
In energy, Serbia’s position as a transit and storage hub for natural gas, combined with Ukraine’s substantial underground storage capacity, offers possibilities for regional supply coordination. In extraction, Ukrainian mining expertise and Serbian mineral deposits could support joint development projects. In agriculture, the combination of Ukrainian grain and oilseed output with Serbian food processing could produce finished goods for export to markets where demand for affordable food products is rising.
The $321 million first half figure suggests that bilateral trade is already running ahead of the pace that might be expected given the disruption caused by the war. Ukrainian exports through Danube ports and overland routes via neighbouring EU states have partially offset the loss of Black Sea shipping capacity, allowing trade with Balkan partners like Serbia to continue.
