Serbia Increases Exports of its Advanced Technologies

Serbia is actively developing advanced technologies with a strong focus on artificial intelligence. The results of this work were not long in coming: between January and September 2024, exports of the Serbian Information and Communication Technology (ICT) sector reached €2.9 billion, recording a 19% increase compared to the same period in 2023. According to information published by the Office of Information Technology and Digital Governance, Serbian exports of ICT services amounted to 338 million euros in September, 20% more than in the same month last year.

The development of foreign trade in the advanced technology and services sector contributes to the financial stability of the Balkan country. Foreign exchange reserves of the National Bank of Serbia (NBS) reached 28.3 billion euros at the end of October, the highest level seen so far, according to end-of-month estimates. Compared to the situation at the end of September, the foreign exchange reserves of the Central Bank of Serbia increased by 8.3 million euros. The press release of the National Bank of Serbia states that “this level provides 7.2 months of imports of goods and services, i.e. more than twice the standard that defines an adequate level of import coverage from foreign exchange reserves.”