Poland imported more than €125 million of Serbian iron and steel in 2025, while Germany was the largest direct EU market for Serbian aluminium, according to 2025 trade figures. The separate rankings show that the EU’s biggest entry markets for goods covered by the Carbon Border Adjustment Mechanism (CBAM) do not necessarily buy the most from Serbia.
EU imports from Serbia in the HS72 iron and steel category were valued at $640.7 million, or approximately €567 million at the 2025 average exchange rate. Czechia was the second-largest direct EU market, with imports worth €77.8 million, followed by Hungary at €71.9 million. Italy imported €53.4 million of Serbian HS72 goods and Slovenia €10.0 million.
Germany’s direct imports of Serbian HS72 products 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, although no import values were specified for either country.
The EU-wide ranking for imports under CBAM codes was different. Italy accounted for 17.6% of the value of imports from all extra-EU origins in 2025, while Germany and the Netherlands each accounted for about 12.7%. Those figures cover steel, aluminium, fertilisers, power and other goods, and do not describe Serbia-specific purchases.
Aluminium markets and CBAM exposure
EU imports from Serbia in HS76 aluminium and articles totalled $505.7 million in 2025, approximately €448 million. Germany was the largest direct EU reporting market at €75.0 million, followed by Slovenia at €72.2 million and France at €64.0 million. Croatia and Romania also followed the three leading markets, but no import values were specified.
Poland imported €25.4 million of Serbian aluminium, Hungary €14.3 million and Italy €12.1 million. Czechia’s imports were €6.0 million. Direct-import values 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 categories that include goods such as ferrous and aluminium scrap, which are outside CBAM Annex I coverage. The totals indicate trade orientation and a possible compliance pipeline, but do not measure precisely the value of Serbia’s CBAM-liable sales. An eight-digit Combined Nomenclature match is needed to establish whether an individual delivery is covered.
Customs clearance in a port or distribution hub does not show where a product is ultimately consumed. The importer of record may be a merchant, service centre or regional distribution company rather than the final industrial customer. 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 move onward as a semi-finished product or be processed in several countries.
The direct-import pattern points to manufacturing and distribution clusters in central Europe, not to the largest EU customs markets buying every Serbian product. Steel suppliers should engage closely 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 entity paying customs-related costs may not be the purchaser that determines a material’s long-term competitiveness. 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. Exporters seeking to defend market share need documented production and emissions information that can travel with the goods, as well as a market price.
Elevated by CBAM.Clarion Engineer