STRATEGIC ANALYSIS OF BILATERAL TRADE BETWEEN NORTH MACEDONIA AND SERBIA: ECONOMIC AND FINANCIAL TRENDS

Aleksandar Lukić; Milan Novović; Dragan Milačić

doi:10.59267/ekoPolj2603973L

Authors

Aleksandar Lukić College of Applied Studies in Economics, Address: Gradski park 2, 11080 Belgrade, Serbia https://orcid.org/0000-0002-4922-2937
Milan Novović Academy of Hospitality, Tourism and Wellness, Address: Tošin bunar 179Đ, 11000 Belgrade, Serbia https://orcid.org/0000-0002-6944-7973
Dragan Milačić College of Applied Studies in Economics, Address: Gradski park 2, 11080 Belgrade, Serbia https://orcid.org/0000-0002-3380-1678

DOI:

https://doi.org/10.59267/ekoPolj2603973L

Keywords:

Serbia, North Macedonia, bilateral trade, export, import

Abstract

This study examines bilateral trade between NorthMacedonia and Serbia from 2020 to 2024, with a focuson sectoral dynamics, structural changes, and developmentimplications. Quantitative and qualitative analysis wasconducted using export and import data classified by theStandard International Trade Classification (SITC Rev.4) and descriptive statistical methods. Results indicate asteady increase in trade flows, with high-tech industry,chemicals, machinery, and the food sector showing stronggrowth, while traditional sectors such as raw materials andmineral fuels stagnated. The analysis reveals structuraldiversification and a shift toward higher value-addedproducts, reflecting modernization of production andenhanced competitiveness. Recommendations includealigning industrial policies, fostering innovation, andstrengthening sectoral specialization to support sustainabletrade growth. The findings provide a clear overview ofbilateral trade dynamics and sectoral developments.

Downloads

Download data is not yet available.

References

Državni zavod za statistiku Republike Severne Makedonije. (2021). Statistički godišnjak Republike Severne Makedonije 2020. Skoplje: Državni zavod za statistiku. [in English: State Statistical Office of the Republic of North Macedonia. (2021). Statistical Yearbook of the Republic of North Macedonia 2020. Skopje: State Statistical Office.]

Državni zavod za statistiku Republike Severne Makedonije. (2022). Statistički godišnjak Republike Severne Makedonije 2021. Skoplje: Državni zavod za statistiku. [in English: State Statistical Office of the Republic of North Macedonia. (2022). Statistical Yearbook of the Republic of North Macedonia 2021. Skopje: State Statistical Office.]

Državni zavod za statistiku Republike Severne Makedonije. (2023). Statistički godišnjak Republike Severne Makedonije 2022. Skoplje: Državni zavod za statistiku. [in English: State Statistical Office of the Republic of North Macedonia. (2023). Statistical Yearbook of the Republic of North Macedonia 2022. Skopje: State Statistical Office.]

Državni zavod za statistiku Republike Severne Makedonije. (2024). Statistički godišnjak Republike Severne Makedonije 2023. Skoplje: Državni zavod za statistiku. [in English: State Statistical Office of the Republic of North Macedonia. (2024). Statistical Yearbook of the Republic of North Macedonia 2023. Skopje: State Statistical Office.]

Državni zavod za statistiku Republike Severne Makedonije. (2025). Statistički godišnjak Republike Severne Makedonije 2024. [in English: State Statistical Office of the Republic of North Macedonia. (2025). Statistical Yearbook of the Republic of North Macedonia 2024. Skopje: State Statistical Office.]

Ignjatović, J., Kisin, J., & Mašović, A. (2023). The analysis of foreign trade in Serbia and North Macedonia. Poslovna ekonomija, 17(2), 68–80. DOI: 10.5937/poseko23-45312

Jelisavac Trošić, S., & Arnaudov, M. (2023). Serbia and North Macedonia in 2023: Economic risks, political challenges and security threats. Security Dialogues, 14(2), 149–165. Retrieved from http://repozitorijum.diplomacy.bg.ac.rs/1244/1/2095-Article%20Text-4044-1-10-20240206.pdf

Kikerkova, I., Makrevska Disoska, E., Toshevska Trpchevska, K., & Tonovska, J. (2021). Determinants of the bilateral trade flows of North Macedonia – A gravity model approach. In The Dubrovnik International Economic Meeting (DIEM), 6(1), 98–107. doi.org/10.17818/DIEM/2021/1.10

Kovačević, R. (2008). Ekonomski odnosi Srbije sa inostranstvom. Beograd: Ekonomski fakultet. [in English: Kovačević, R. (2008). Economic Relations of Serbia with Foreign Countries. Belgrade: Faculty of Economics.]

Miteva Kacarski, E., Panova, K., & Gjorgieva Trajkovska, O. (2022). Analysis of the trade relations between the countries being part of the Open Balkan initiative. Journal of Economics, 7(2), 40–47. Retrieved from https://eprints.ugd.edu.mk/30408/1/Analysis%20of%20the%20trade%20relations%20between%20the%20countries%20being%20part%20of%20the%20Open%20Balkan%20Initiative.pdf

Mladenović, D. (2013). Ekonomska statistika. Beograd: Ekonomski fakultet. [in English: Mladenović, D. (2013). Economic Statistics. Belgrade: Faculty of Economics.]

Mojsovska, S., & Bjelić, P. (2022). Nontariff measures in CEFTA 2006: Perspectives of North Macedonia and Serbia. In 3rd International Conference “Economic and Business Trends Shaping the Future”, Faculty of Economics Skopje, Ss. Cyril and Methodius University in Skopje, 213–223. DOI:10.47063/EBTSF.2022.0019

Pelević, B., & Vučković, V. (2007). Međunarodna ekonomija. Beograd: Ekonomski fakultet. [in English: Pelević, B., & Vučković, V. (2007). International Economics. Belgrade: Faculty of Economics.]

Toshevska Trpchevska, K., Makrevska Disoska, E., Kikerkova, I., & Tonovska, J. (2022). Challenges for Western Balkan countries regional integration: The case of North Macedonia. European Scientific Journal (ESJ), 18(22), 23-36. doi.org/10.19044/esj.2022.v18n22p23

United Nations. (2018). Standard International Trade Classification (SITC), Revision 4. United Nations.