The agrarian sector plays an important role for the overall economic development of Serbia as shown by the main macroeconomic indicators, including the contribution to equilibrium of payment and trade balance of the country. Serbia has a large trade deficit, therefore the agrarian sector, which is constantly (starting from 2005) achieving a positive trade balance, has an important role in overcoming the unfavourable condition of Serbian foreign trade. The share of this sector in Serbia’s total exports is increasing and in recent years exceeds 20 percent. The goal of this paper is to establish the importance of the agrarian sector in the total foreign trade of Serbia, as well as its comparative advantages on the markets of major trading partners (EU, CEFTA-2006 and some members, and countries in the neighbourhood) between 2004-2011. In the first part of the paper we analyse the importance and participation of the agrarian sector in the total foreign trade of the Serbian economy. The second part includes the basic flows, developing trends and the structure of foreign trade of the agrarian sector in Serbia by products and by most significant trading partners. Then, the revealed comparative advantage (RCA – Revealed Comparative Advantage) index, which was used for the analysis of the position and comparative advantages of the agricultural sector, is determined.