The paper focuses on the impact of the 2008–2009 world economic crisis on the Western Balkan economies and especially on their exports and FDI inflow. The analysis, based on panel data, uses a wider sample of Central and Eastern European Countries (CEEC) which includes the Western Balkans, so that the authors could analyze if the effects of the economic crisis in the Western Balkans are specific or are common to most countries in transition. The analysis shows that Western Balkan exports suffered due to the crisis and reveals interesting results on the different dynamics of export flows which depend on regional trade integration for their destination.