Serbian companies significantly reduced their foreign financial-loan liabilities in the first half of 2026 while increasing funds tied up in trade credits and advances, according to data from the September edition of the Macroeconomic Analyses and Trends bulletin.
Companies recorded a €1.32 billion net reduction in financial-loan liabilities, compared with net foreign borrowing of around €1.13 billion in the same period of 2025. The shift represents a year-on-year change of almost €2.46 billion in the position of Serbian companies toward foreign financial loans.
Trade-credit exposure increases
At the same time, companies increased their net claims through trade credits and advances by €1.36 billion, compared with an increase of €584.9 million a year earlier. Trade-credit claims broadly cover unpaid export receivables and advances paid to foreign suppliers, after accounting for unpaid imports and advances received from customers. The increase can result from higher exports, longer payment periods granted to foreign customers or greater pre-financing of imports by Serbian companies. The simultaneous reduction in loan liabilities and increase in trade-credit claims indicates that companies were using funds to reduce financial borrowing while allocating more money to commercial transactions.
Export growth adds to working-capital requirements
The changes in corporate external financing occurred alongside growth in Serbian merchandise exports. Goods exports increased 8.8% in January-July, led by vehicles, machinery and electrical equipment. Companies with sufficient liquidity can accommodate larger foreign receivables while reducing their reliance on loans.
For smaller suppliers, however, longer payment periods across industrial supply chains can create additional working-capital pressure, particularly when companies also need to provide advances to secure materials and equipment. The data do not specify which companies or industries accounted for the changes, making it impossible to establish whether the reduction in foreign borrowing resulted from deliberate deleveraging or tighter financing conditions. The first-half figures therefore show a decline in foreign corporate loan liabilities alongside a substantial increase in the funds Serbian companies had tied up through trade credits and advances.
