Poland, Czechia and Hungary were the leading direct EU markets for Serbian iron and steel imports in 2025, while Germany, Slovenia and France led imports of Serbian aluminium. The country rankings differ from the EU’s largest overall markets for goods covered by the Carbon Border Adjustment Mechanism (CBAM), based on 2025 trade data. The divergence is reflected in Serbia-specific direct-import patterns rather than EU-wide totals.
Central European markets lead Serbian iron and steel imports
EU imports from Serbia in the HS72 iron and steel category were valued at $640.7 million, or approximately €567 million using the 2025 average exchange rate of €1 = $1.1300. Poland was the biggest direct EU market, with imports worth €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 prominence in Serbia’s broader bilateral exports might suggest. Bulgaria and Romania were also significant direct markets, but no import values were specified for either country.
The EU-wide ranking measures imports under CBAM codes from all extra-EU origins, not Serbia-specific purchases. Italy accounted for 17.6% of their value in 2025, while Germany and the Netherlands each represented about 12.7%. The overall figures cover steel, aluminium, fertilisers, power and other goods.
Germany, Slovenia and France lead Serbian aluminium reporting
EU imports from Serbia in the HS76 aluminium and articles category totalled $505.7 million in 2025, or approximately €448 million at the same exchange rate. Germany was the largest direct reporting market at €75.0 million, followed by Slovenia at €72.2 million and France at €64.0 million.
Poland imported €25.4 million of Serbian aluminium, Hungary €14.3 million and Italy €12.1 million. Czechia’s imports were €6.0 million. Croatia and Romania also followed the three leading markets, but no values were specified for them.
Slovenia’s position as the second-largest aluminium market contrasts with its €10.0 million of direct Serbian steel imports in HS72.
CBAM coverage depends on product codes beyond HS72 and HS76
The direct-import figures are indicative euro conversions of US-dollar trade values using the 2025 average exchange rate of €1 = $1.1300. HS72 and HS76 are chapter-level product categories that include goods such as ferrous and aluminium scrap that are outside CBAM Annex I coverage. As a result, totals indicate trade orientation but do not precisely measure the value of Serbia’s CBAM-liable sales.
An eight-digit Combined Nomenclature match is needed to determine whether an individual delivery is covered under CBAM rules.
Customs reporting locations do not show where materials are ultimately used
Customs clearance in a port or distribution hub does not establish where a material is ultimately consumed within the EU economy. The importer of record may be a merchant, service centre or regional distribution company rather than the final industrial customer. The party paying customs-related costs may also differ from the purchaser determining a material’s long-term competitiveness.
A Serbian steel coil entering Poland could later be rolled, coated or shaped for machinery sold in Germany. Aluminium reported at Slovenia’s border could be shipped onward as a semi-finished product or processed in several countries, so reporting-country totals do not identify final customers.
The direct-import pattern therefore points to manufacturing and distribution clusters in central Europe rather than showing that the largest EU customs markets buy every Serbian product.
Documented emissions information can affect CBAM-related purchasing decisions
Steel suppliers are expected to engage with buyers and processors in Poland, Czechia and Hungary based on the direct-import pattern for HS72 goods. Aluminium exporters are directed toward contract chains involving Germany, Slovenia and France given their leading roles in HS76 reporting markets.
Exporters need to identify both the party legally responsible for CBAM as the declarant and the industrial customer that controls technical specifications for deliveries.
If importers use conservative default emissions values while awaiting verified plant information, purchase prices could include a carbon premium greater than actual producer emissions would justify. Documented production and emissions information that travels with the goods can help exporters defend market share.
Elevated by CBAM.Clarion Engineer