Coal market in Serbia

Earlier Report Observations

Serbia's coal production expanded from 37.6 million tonnes in 2018 to a peak of 39.7 million tonnes in 2020, with the market volume following a similar upward path to 40.1 million tonnes.

After 2020, production contracted sharply, falling to 35.1 million tonnes by 2022. This downturn aligned with the government's announced plans to cut greenhouse‑gas emissions and shift to low‑carbon technologies, which dampened coal consumption. At the same time, domestic coal prices rose drastically because of global energy shocks and the war in Ukraine, putting additional pressure on households and industries to switch to alternative fuels.

To compensate for lower domestic output, coal imports jumped from 0.7 million tonnes in 2021 to 2.3 million tonnes in 2022 and reached 4.5 million tonnes in 2023. Elektroprivreda Srbije (EPS) sourced coal from Montenegro and Republika Srpska for its power plants, and official plans targeted a 70% higher import volume in 2023 to ensure electricity and heat generation amid limited renewable‑energy capacity. Imports remained elevated at 2.8 million tonnes in 2024, underscoring the continued reliance on foreign coal.

Production coal in Serbia

In kind, 2017-2020, K t

On a global scale, Serbia ranked as the 17th largest producer of coal during the period from 2017 to 2020.

Top producers of coal, 2017-2020

World map of production of coal, 2017-2020

Serbia's coal production increased for the second consecutive year. In 2020, the country produced 39 666 K t of coal, marking a 2.0% gain compared to the previous year. The lowest production level was recorded in 2018 at 37 631 K t. The largest decline occurred in 2018 with a 5.4% drop, while the largest increase was in 2019 with a 3.3% rise.

Annual dynamics of production in Serbia in kind, 2017-2020, K t

Exports coal from Serbia

Exports in kind, K t

After two years of growth, Serbia's coal exports declined. In 2020, the country exported 73.1 K t of coal, which represents a 21.7% decrease year-over-year. Over the 2017-2020 period, exports overall increased by 6.1%, with a compound annual growth rate of 2.0%. The peak export volume was recorded in 2019 at 93.4 K t. The largest increase occurred in 2018 with a 17.4% rise.

Annual dynamics of product's exports from Serbia in kind, 2017-2020, K t

From 2017 to 2020, Serbia's coal exports were primarily directed to Bosnia and Herzegovina and North Macedonia, which together accounted for 99.6% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Serbia in kind, 2017-2020

Exports in value, K $ US

The market exhibited volatility during the observed period. Coal exports reached their lowest point in 2017 and peaked in 2020, showing a 2.2-fold variation between these years. In 2020, coal exports from Serbia totaled 4 244 K $ US, reflecting a 24.1% increase compared to 2019. The largest decline was recorded in 2019 with a 16.9% drop, while the largest increase occurred in 2018 with a 114.8% surge.

Annual dynamics of product's exports from Serbia in value, 2017-2020, K $ US

Between 2017 and 2020, Bosnia and Herzegovina and North Macedonia dominated Serbia's coal exports in value terms, with shares of 51.1% and 47.5% respectively, together forming 98.6% of total exports. Other partners accounted for the remaining volume.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Serbia in value, 2017-2020

Imports coal to Serbia

Imports in kind, K t

Serbia's coal imports declined for the second consecutive year. In 2020, imports registered 536.5 K t, showing a significant drop of 12.1% year-over-year. From 2017 to 2020, imports decreased by 13.4%, equating to an annualized rate of 4.7%. The highest import volume was recorded in 2018 at 624.2 K t. The largest increase occurred in 2018 with a 0.8% rise.

Annual dynamics of product's imports to Serbia in kind, 2017-2020, K t

During the 2017-2020 period, three main markets—Russia, Bosnia and Herzegovina, and Montenegro—together accounted for 76.8% of Serbia's total coal imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Serbia in kind, 2017-2020

Imports in value, K $ US

Coal imports to Serbia declined for the second consecutive year. In 2020, import volume came to 47 518 K $ US, indicating a robust decrease of 18.4% year-over-year. Between 2017 and 2020, imports decreased by 18.6%, equating to an annualized rate of 6.6%. The maximum value was recorded in 2018 at 64 386 K $ US. The largest increase occurred in 2018 with a 10.2% rise.

Annual dynamics of product's imports to Serbia in value, 2017-2020, K $ US

Over the 2017-2020 period, Russia, Bosnia and Herzegovina, and Czechia consistently led Serbia's coal imports in value terms, with shares of 40.0%, 23.2%, and 21.1% respectively. Together, they accounted for 84.2% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Serbia in value, 2017-2020