Serbian exports of iron and steel and aluminium reached different leading EU markets in 2025, affecting how exporters and buyers assess trade in goods covered by 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 shows different destination countries for the two product groups.
HS72 iron and steel: Poland leads direct imports
EU imports from Serbia in HS72 iron and steel were valued at $640.7 million, equivalent to about €567 million at the 2025 average exchange rate. Poland imported €125.3 million, followed by Czechia at €77.8 million and Hungary at €71.9 million. Italy imported €53.4 million, while Slovenia imported €10.0 million.
Germany’s direct imports of Serbian HS72 goods were €4.9 million. Bulgaria and Romania were also significant direct markets, although no import values were specified. The figures reflect direct reporting markets rather than a complete view of where products are ultimately used within the EU.
EU CBAM import shares do not identify Serbia-specific buyers
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.
The CBAM-code rankings do not show Serbia-specific purchases or which countries buy Serbia’s covered-sector exports. Establishing whether a particular delivery is covered requires an eight-digit Combined Nomenclature match rather than relying on chapter-level trade categories.
HS76 aluminium: Germany leads direct reporting market
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, followed by Slovenia at €72.2 million and France at €64.0 million. Poland imported €25.4 million of Serbian aluminium.
Hungary imported €14.3 million and Italy imported €12.1 million, while Czechia’s imports were €6.0 million. Croatia and Romania also followed the three leading markets, but no values were specified for those countries.
Customs data limits for consumption and CBAM coverage
HS72 and HS76 are chapter-level categories that include products such as ferrous and aluminium scrap outside CBAM Annex I coverage. They 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 matching at the eight-digit Combined Nomenclature level.
Customs clearance does not show where a product is ultimately consumed within the EU. The importer of record may be a merchant, service centre or regional distributor rather than the industrial customer using the material.
Importer roles and emissions information under CBAM
The direct-import pattern points to manufacturing and distribution clusters in central Europe but does not mean the largest customs markets buy every Serbian product. Steel suppliers are expected to engage with buyers and processors in Poland, Czechia and Hungary, while aluminium exporters should prioritise 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.
If importers use conservative default emissions values while awaiting verified plant data, purchase prices could include a carbon premium greater than what Serbia’s producer emissions would warrant based on verified figures. Exporters seeking to defend market share need documented production and emissions information that travels with the goods.
Elevated by CBAM by Clarion Engineer