Serbia’s foreign trade balance improved markedly in the first four months of 2026, supported by stronger automotive output, manufacturing shipments and metal exports. Total merchandise trade reached $30.28 billion, representing a 13.7% increase compared with the same period in 2025.
Exports recorded the stronger expansion, rising 18.5% to $13.77 billion, while imports grew 10% to $16.50 billion. As a result, Serbia’s trade deficit narrowed by 19.1% to $2.73 billion, and export coverage of imports improved from 77.5% to 83.5%. April data continued to show an improved external position. Monthly exports increased 13.4% to $3.49 billion, while imports rose 4.9% to $4.40 billion. The monthly trade deficit declined 18.8% to $902.9 million, with export coverage improving from 73.5% to 79.5%.
Seasonally adjusted figures indicated a more uneven monthly trend. Exports in April fell 5.4% compared with March, while imports increased 0.6%, suggesting that export momentum remains subject to fluctuations despite the broader annual improvement.
Manufacturing Sector Moves Toward Trade Balance
Manufacturing remained the main contributor to Serbia’s export growth. Manufacturing exports increased 19.7% to $12.10 billion, while imports into the sector rose 16.4% to $12.32 billion. The narrowing gap between manufacturing exports and imports represents a significant shift for Serbia’s industrial structure, where production has traditionally relied heavily on imported machinery, materials and components.
The automotive industry generated the strongest export contribution. Exports of motor vehicles, trailers and related products increased 71.4% to $2.14 billion, while imports rose 48.2% to $1.04 billion. The segment produced a trade surplus of approximately $1.10 billion during January-April. In April alone, automotive exports reached $550.1 million, accounting for 15.7% of Serbia’s total merchandise exports.
The increase reflects expanded production at Stellantis’ Kragujevac plant, where manufacturing of electric, hybrid and petrol versions of the Fiat Grande Panda, as well as the electric Citroën C3, contributed to higher utilisation and export deliveries.
Metals and Mining Exports Strengthen Industrial Shipments
Several industrial categories recorded strong export results, reinforcing the importance of automotive-linked supply chains. April exports included $312.5 million from rubber and plastic products, $305.3 million from electrical equipment, $295.8 million from food products and $294.4 million from basic metals.
Mining exports also expanded significantly, increasing 49.6% to slightly above $1 billion. Metal-ore exports rose 48.4% to $971 million, supported by the production and export activity of Serbia Zijin Copper and the Zijin Mining Čukaru Peki operation near Bor. These results underline the growing role of automotive, electrical equipment and metals supply chains in Serbia’s export structure.
Energy Balance Weakens as Petroleum Dependence Rises
Energy trade developed in the opposite direction during the first four months of the year. Exports from electricity, gas and steam supply declined 42.1% to $210 million, while imports decreased 25.2% to $270 million. The sector moved from a position close to balance a year earlier to a deficit of approximately $60 million. The change coincided with weaker domestic energy production. Output in electricity, gas and steam supply declined 2.3% between January and April, reducing available export volumes and increasing reliance on imported energy.
Petroleum products became a larger source of external pressure. Imports of coke and refined petroleum products increased 71% to $566.2 million, while exports fell 12.6% to $127.5 million. The resulting deficit widened substantially, reflecting increased dependence on imported petroleum products amid lower domestic refining availability and uncertainty surrounding NIS.
Food and Pharmaceutical Trade Show Mixed Results
The food industry continued to maintain a trade surplus, although the margin narrowed during the reporting period. Food exports increased 9.9% to $1.15 billion, while imports grew faster, rising 16.4% to $947.4 million.
Pharmaceutical exports recorded growth of 9.4% to $226.4 million, while imports declined 8.2% to $718.9 million. Serbia remained a significant net importer of medicines and pharmaceutical products, although the sector’s deficit improved.
Germany Leads Export Markets as China Remains Main Import Source
Germany remained Serbia’s largest export destination during January-April, receiving $2.06 billion worth of goods, an increase of 14.6%. Exports to Italy nearly doubled to $1.23 billion, making the country the strongest reflection of Serbia’s automotive export expansion. Shipments to China increased 16.4% to $901.5 million.
On the import side, China remained Serbia’s largest supplier, with imports reaching $2.53 billion, up 21% year on year. Germany followed with $1.94 billion, while Italy accounted for $1.12 billion. Serbia continued to record a growing trade surplus with Italy, while maintaining a sizeable deficit in trade with China.
The improvement in Serbia’s trade position has been driven primarily by automotive manufacturing, metal ores and several industrial categories. External trade performance remains closely linked to Stellantis production levels, European vehicle demand, copper and gold market conditions, electricity availability, and the cost of imported petroleum products and industrial components.
