Poland, Czechia and Hungary led direct EU imports of Serbian iron and steel in 2025, while Germany, Slovenia and France were the top destinations for Serbian aluminium, 2025 trade data show. The contrast with the EU’s biggest overall markets for goods covered by the Carbon Border Adjustment Mechanism (CBAM) means aggregate EU rankings do not show where Serbian exporters’ main direct-market relationships lie.
Steel buyers centre on central Europe
EU imports from Serbia in the HS72 iron and steel category were valued at $640.7 million, approximately €567 million at the 2025 average exchange rate. Poland was the largest direct EU market, importing €125.3 million, followed by Czechia at €77.8 million and Hungary at €71.9 million.
Italy imported €53.4 million of Serbian HS72 goods and Slovenia €10.0 million. Germany’s direct imports were €4.9 million, far 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 CBAM-code ranking measures imports from all extra-EU origins, not Serbia-specific purchases. Italy accounted for 17.6% of the value in 2025, while Germany and the Netherlands each represented about 12.7%. The ranking covers steel, aluminium, fertilisers, power and other CBAM goods.
Aluminium destinations follow a different pattern
Imports from Serbia in the HS76 aluminium and articles category totalled $505.7 million in 2025, approximately €448 million. Germany was the largest direct EU reporting market at €75.0 million, with Slovenia second at €72.2 million and France third 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, although no values were specified. Slovenia’s €72.2 million in aluminium imports contrasts with its €10.0 million in direct Serbian steel imports.
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 product categories that include goods such as ferrous and aluminium scrap that are outside CBAM Annex I coverage. The totals indicate trade orientation and a possible compliance pipeline, but do not measure the value of Serbia’s CBAM-liable sales precisely; an eight-digit Combined Nomenclature match is needed to establish whether an individual delivery is covered.
Customs destinations do not identify final customers
Clearance at a port or distribution hub does not establish where a material is ultimately consumed. The importer of record may be a merchant, service centre or regional distribution company, rather than the industrial customer. Likewise, the party paying customs-related costs may not be the buyer that determines the 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 national reporting totals do not reveal the final customers. The direct-import pattern points to manufacturing and distribution clusters in central Europe, rather than showing that the largest EU customs markets buy every Serbian product.
Exporters need information across the contract chain
Steel suppliers should engage closely with buyers and processors in Poland, Czechia and Hungary. Aluminium exporters should prioritise contract chains in Germany, Slovenia and France. In both sectors, exporters need to identify the party legally responsible for CBAM as the declarant as well as the industrial customer that controls technical specifications.
If importers use conservative default emissions values while awaiting verified plant information, purchase prices could include a carbon premium greater than the producer’s actual emissions would justify. Exporters seeking to defend market share need to provide documented production and emissions information that can travel with the goods, alongside a market price.
Elevated by CBAM.Clarion Engineer