In 2025, Serbian exports of iron and steel and aluminium reached different leading EU markets, with implications for trade in goods covered by the Carbon Border Adjustment Mechanism (CBAM). EU-wide rankings for CBAM-code imports do not indicate which countries are the main buyers of Serbia’s covered-sector exports. The direct-import pattern instead shows where reporting markets recorded purchases from Serbia.
HS72 iron and steel: Poland leads direct imports
EU imports from Serbia in HS72, covering iron and steel, were valued at $640.7 million in 2025, or about €567 million using the 2025 average exchange rate. Poland was the largest direct EU market, importing €125.3 million. Czechia followed with €77.8 million and Hungary with €71.9 million.
Italy imported €53.4 million of Serbian HS72 goods, while Slovenia imported €10.0 million. Germany’s direct imports were €4.9 million, below what its position in Serbia’s broader bilateral exports might suggest. Bulgaria and Romania were also significant direct markets, but no import values were specified.
Looking across all extra-EU origins, Italy accounted for 17.6% of the value of EU imports under CBAM codes in 2025. Germany and the Netherlands each represented about 12.7%. These rankings cover steel, aluminium, fertilisers, power and other goods and do not show Serbia-specific purchases.
HS76 aluminium: Germany tops reporting markets
EU imports from Serbia in HS76, covering aluminium and articles, totalled $505.7 million in 2025, or approximately €448 million. Germany was the largest direct reporting market at €75.0 million. Slovenia followed with €72.2 million and France with €64.0 million.
Poland imported €25.4 million of Serbian aluminium, Hungary imported €14.3 million and Italy imported €12.1 million. Czechia’s imports were €6.0 million. Croatia and Romania also followed the three leading markets, but no values were specified.
The euro figures are indicative conversions of US-dollar trade values using the 2025 average rate of €1 = $1.1300. HS72 and HS76 are chapter-level categories that include products such as ferrous and aluminium scrap outside CBAM Annex I coverage.
Customs data limits for CBAM coverage and end-use
HS72 and HS76 indicate trade orientation and a possible compliance pipeline rather than the precise value of Serbia’s CBAM-liable sales. Determining whether an individual delivery is covered requires an eight-digit Combined Nomenclature match. Customs clearance also does not show where a product is ultimately consumed.
The importer of record may be a merchant, service centre or regional distributor rather than the industrial customer using the material. A Serbian steel coil imported into Poland could be rolled, coated or shaped before being used in machinery sold in Germany. Aluminium recorded at Slovenia’s border could move onward as a semi-finished product or be processed in several countries.
CBAM declarant roles and emissions information used in contracts
The direct-import pattern points to manufacturing and distribution clusters in central Europe, without indicating that the largest EU customs markets buy every Serbian product. Steel suppliers are directed toward engaging buyers and processors in Poland, Czechia and Hungary, while aluminium exporters are directed toward contract chains in Germany, Slovenia and France.
Exporters need to identify both the party legally responsible for CBAM as the declarant and the industrial customer that controls technical specifications. The party paying customs-related costs may not determine a material’s long-term competitiveness within supply arrangements.
If importers use conservative default emissions values while awaiting verified plant data, purchase prices could include a carbon premium greater than the producer’s actual emissions warrant. Exporters seeking to defend market share need documented production and emissions information that travels with the goods.
Elevated by CBAM by Clarion Engineer