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The issue of trade efficiency analysis is very challenging, continuously current, significant and complex due to its specificity. In doing so, different research methodologies can be used: research analysis, DEA analysis and the REF method. In this paper, the efficiency of trade in Serbia is analyzed based on the REF-III method. In the specific case, in the period 2015-2021. the best efficiency of trade in Serbia was achieved in 2019. The following are: 2018, 2017, 2016, 2015, 2021 and 2020. In the observed period, the efficiency of trade in Serbia continuously increased from year to year until 2019. In 2021, compared to 2020, slightly improved efficiency of trade in Serbia. The unsatisfactory efficiency of trade in Serbia in 2020 was influenced, among other things, by the epidemic of the Covid-19 virus. It is partially mitigated with electronic commerce. In any case, the target efficiency of trade in Serbia can be achieved, among other things, by adequate management of human resources, assets, capital, sales, costs and profit. The REF-III method plays a significant role in this. It indicates which alternative is good and which is not effective. Where the efficiency is unsatisfactory, it is necessary to influence the improvement by applying adequate measures.