Serbia: Terms of trade adjustment (constant LCU)

Key figures

What the numbers say

In 2025, Serbia's terms of trade adjustment (constant LCU) rose 141.97 billion on 2024 (from 141.04 billion to 283.01 billion).

Across the 29 yearly changes before that (1996 to 2024), the average change was +2.82 billion and a typical year strayed about 57.95 billion from that (the standard deviation). This year's change was 2.4 standard deviations above that average, so it was unusually large compared with the rest of the record.

On record, the biggest yearly rise was 167.29 billion in 2023 and the biggest yearly fall was 120.32 billion in 2022. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2016 to 2025 the straight-line trend is upward, about 27.26 billion a year. A straight line explains 48% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2025, Serbia had the 22nd highest value of the 128 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Serbia in the 2025 ranking

• Equatorial Guinea — 18th of 128: 578.13 billion
• Norway — 19th of 128: 543 billion
• Ukraine — 20th of 128: 359.39 billion
• Cameroon — 22nd of 128: 166.52 billion
• South Africa — 23rd of 128: 150.88 billion
• Romania — 24th of 128: 136.19 billion

What this measures

The terms of trade adjustment is equal to the capacity to import (current price value of exports of goods and services deflated by the import price index) less exports of goods and services in constant prices. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment varies by country. This series is expressed in local currency units.

All 31 values

Terms of trade adjustment (constant LCU) in nearby economies

• Albania — 90.65 billion (2025)
• Armenia — -348.18 billion (2025)
• Austria — -7.2 billion (2025)
• Belarus — -4.07 billion (2025)
• Belgium — -20.53 billion (2025)
• Bosnia and Herzegovina — -180.02 million (2025)
• Bulgaria — -68.12 million (2025)
• Croatia — 259.43 million (2025)
• Cyprus — 85.17 million (2025)
• Czechia — 47.02 billion (2025)

More economic policy & debt data for Serbia

• External debt stocks, total (DOD, current US$) — US$51.98 billion (2024)
• Use of IMF credit (DOD, current US$) — US$2.64 billion (2024)
• External debt stocks, long-term (DOD, current US$) — US$48.35 billion (2024)
• External debt stocks, private nonguaranteed (PNG) (DOD, current US$) — US$20.37 billion (2024)
• External debt stocks, public and publicly guaranteed (PPG) (DOD, current US$) — US$27.97 billion (2024)
• External debt stocks, short-term (DOD, current US$) — US$1 billion (2024)
• Short-term debt (% of total external debt) — 1.92% (2024)
• PPG, IBRD (DOD, current US$) — US$2.31 billion (2024)
• IBRD loans and IDA credits (DOD, current US$)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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Questions people ask

What is Serbia's terms of trade adjustment (constant LCU)?

283.01 billion in 2025, according to the World Bank (World Development Indicators).

How has it changed since 1995?

It is up 377.39% from 59.28 billion in 1995 (5.35% a year on average, compounded). The highest value was 283.01 billion in 2025 and the lowest -198 billion in 2005.

How does Serbia rank?

22nd highest of 128 economies with data for 2025.

Is the latest change in terms of trade adjustment (constant LCU) unusual for Serbia?

In 2025, Serbia's terms of trade adjustment (constant LCU) rose 141.97 billion on 2024 (from 141.04 billion to 283.01 billion). Across the 29 yearly changes before that (1996 to 2024), the average change was +2.82 billion and a typical year strayed about 57.95 billion from that (the standard deviation). This year's change was 2.4 standard deviations above that average, so it was unusually large compared with the rest of the record.

Source

World Bank, World Development Indicators, indicator NY.TTF.GNFS.KN, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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