Strong demand in regional markets and Russia drove an 8% increase of Serbia’s cosmetic product exports. It reached €36.8mn in the first five months of 2024.
The latest data from the Serbian Chamber of Commerce (PKS) report an unprecedented growth of Serbia’s cosmetic industry, with exports reaching record levels in the first five months of 2024.
According to Adrija Nikola Rankovic, a senior adviser at the Center for Strategic Analysis, Analytics, and Planning within the PKS, the value of exports from 2023 represents the largest volume of cosmetic product exports in the last five years.
He added that the export of cosmetic products grew up by about 40% compared to 2022 (€57.8mn) and reached a value of €80.2mn last year. The export of cosmetic products from Serbia is growing by about 12% annually since 2019.
Strong demand in regional markets as well as the Russian Federation has driven the growth. As Rankovic noted, about 50% of the total sales of cosmetics abroad are exported to the three most important and largest markets for cosmetics from Serbia: Bosnia and Herzegovina, Montenegro, and the Russian Federation.
EU markets, including Bulgaria, Austria, Romania, Slovenia, Croatia, Germany, and Hungary, albeit on a smaller scale, are being penetrated by Serbian cosmetic products. Serbian cosmetic products are also significantly present in Kosovo and North Macedonia.
The most exported products, which reached an annual export value of €33mn, include beauty and skincare items, along with perfumes and toilet waters, exports of which attained €10mn. Hair products (€7.5mn), deodorants (€5.5mn), and hair shampoos (€4.3mn) were among other notable exports.
Multinational and local companies, including Henkel Srbija, Esensa, Korpa, Beiersdorf and Sarantis led the charge in this export boom.
NH Logistics SER has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Serbia and Eurasia, supporting many clients with their import/export shipments.
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