Serbia’s mining sector recorded a sharp increase in export revenues during the first half of 2026, with copper playing a central role as production recovered and global metal prices strengthened.
Mining exports rose 34.7% year on year in the first half of 2026. Copper was a key contributor, with global copper prices standing almost 40% above their level a year earlier.
The increase in mining exports therefore reflects both higher physical activity and stronger commodity prices. This differs from the automotive sector, where Serbia’s export growth has been driven primarily by increased production capacity and vehicle volumes.
Copper combines production growth with higher prices
Mining production also returned to growth during the second quarter following weaker performance earlier in the year. Output increased approximately 2.2% year on year in Q2, supported by increased exploitation of coal and metallic ores.
Copper is contributing to Serbia’s external trade performance through two separate channels: increased physical mining activity and higher export prices. The combination has made mining an important contributor to the improvement in Serbia’s trade balance during 2026, alongside growth in other export-oriented industries.
Commodity exposure remains significant
The stronger export performance also leaves mining revenues exposed to movements in international commodity markets. Copper prices can change considerably faster than mining capacity, meaning a substantial decline in prices could reduce export receipts even if mine production remains unchanged. The longer-term demand environment for copper remains linked to electrification, electricity-grid investment, electric vehicles and energy-transition infrastructure, all of which require significant quantities of the metal.
Serbia’s mining industry is therefore positioned between the country’s efforts to diversify its exports and broader European investment in energy and industrial transition. Higher metals export receipts are currently providing a partial offset to Serbia’s increased imported-energy costs.
