Perspectives on the Strengthening of the Serbian Export Competitiveness in the Post-Covid Period

Jovičić, Elena and Marjanović, Darko (2022) Perspectives on the Strengthening of the Serbian Export Competitiveness in the Post-Covid Period. In: XII International Symposium Engineering Management and Competitiveness (EMC 2022), 17-18th June 2022, Zrenjanin. Technical Faculty "Mihajlo Pupin", Zrenjanin, pp. 220-224. ISBN 978-86-7672-353-9

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Abstract

International trade plays a crucial role in fostering economic development, which is particularly important for relatively small open economies like Serbia. Apart from faster growth, international trade enables countries to improve productivity and provide higher income and more opportunities to domestic companies and citizens. The Covid-19 pandemic had a tremendous negative impact on global trade development. World merchandise trade recorded a decline of 7.4% in 2020, but it was recovering fast, achieving a pre-crisis level by the end of 2021. Serbian trade declined 3.4% in 2020, while it marked a strong recovery with a growth of 25.5%. Despite a recovery and remarkable growth rates, a non-diversified export structure with a high presence of low valueadded products, a low level of participation in GVCs, absence of a strategic approach to export promotion remain the main challenges Serbian trade faces. In order to enhance export competitiveness, it is necessary to make attempts for export diversification by attracting investments in strategically important industries and sectors. Furthermore, it is essential to develop an active and well-conceived export promotion policy based on appropriate measures and tools to support the export activities.

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