Serbia’s merchandise trade deficit narrowed by 10.9% to EUR 5.66 billion during the first nine months of 2026, as export growth outpaced the increase in imports. Goods exports rose 8.9% to EUR 26.89 billion, while imports increased 4.9% to EUR 32.56 billion, according to the Statistical Office of the Republic of Serbia.
The improved trade balance was accompanied by a higher export-import coverage ratio, which reached 82.6%, compared with 79.6% in the corresponding period a year earlier. The increase indicates that exports covered a larger proportion of merchandise imports, although Serbia continued to record a trade deficit.
Trade Performance and Export Growth
The latest figures were also discussed at the MEPS 2026 conference in Belgrade, where a representative of the Serbian Chamber of Commerce linked the stronger trade performance to economic growth.
Service exports also recorded an increase, rising by approximately 7% during the first nine months of 2026, according to the conference remarks. Higher export revenues do not necessarily indicate uniform expansion across all industries. Serbia’s industrial production figures showed different growth rates depending on the reporting period.
Industrial output increased 3.2% year on year in September, while cumulative production growth for January-September stood at just 0.5%. Export values can also be influenced by prices, exchange-rate movements and changes in product composition, in addition to changes in physical export volumes.
EU and CEFTA Remain Key Trade Partners
The European Union accounted for 58.1% of Serbia’s total goods trade, retaining its position as the country’s principal commercial partner. The concentration of trade within European markets provides access to established commercial networks but also exposes exporters to changes in EU regulations, transport constraints and demand conditions in individual destination markets.
Regional trade also contributed significantly to Serbia’s external position. The country recorded a EUR 2.53 billion merchandise trade surplus with CEFTA partners, reflecting the importance of neighbouring markets to Serbian exporters.
Trade Contribution to Economic Growth
Serbia’s preliminary GDP estimate showed real economic growth of 4.0% year on year in the third quarter of 2026. Detailed national accounts data required to determine the contribution of net exports to economic expansion were scheduled for publication later in November.
The available figures establish that merchandise exports increased, imports grew at a slower pace and the trade deficit contracted during the first nine months of the year. The precise contribution of foreign trade to GDP growth cannot yet be determined from the preliminary national accounts estimate.
