As of 2013 exports have grown much faster than imports, thus driving down the goods and services deficit from 17.4% to 10% of GDP. Not less importantly, the current account deficit is by around 2.5 times lower, i.e. reduced from 11.6% to 4.8% of GDP.
In the same period gross FX reserves declined from RSD 10.9 bln at end-2012 to RSD 10.4 bln at end-2015. At the same time, FX reserves – usually referred to as NBS FX reserves, and in fact FX reserves of the Republic of Serbia, increased from EUR 6.6 bln in late 2012 to EUR 8.4 bln in late 2015.