Serbia’s €41.9 billion goods import bill in 2025 reflected the requirements of its industrial and consumer economy, even as exports reached record levels. The country recorded an €8.8 billion merchandise trade deficit, with imported machinery, energy, chemicals, medicines and industrial inputs accounting for a substantial share of purchases from abroad. Imports increased more slowly in the first half of 2026, narrowing the trade gap. The structure of those imports, however, remains closely tied to domestic production, transport, healthcare and energy requirements rather than discretionary consumer demand alone.
- China leads supply while the EU remains the main industrial market
- NIS remains central to Serbia’s energy imports
- Retail chains and distributors control consumer access
- Margin regulation affects relationships between buyers and suppliers
- Public procurement adds another major demand channel
- Industrial technology and specialist supplies offer market opportunities
Machinery and transport equipment represented 24.3% of first-half imports, followed by chemicals at 13.8% and mineral fuels at 11.3%. Petroleum and gas imports alone exceeded $2.27 billion, while pharmaceutical imports reached $1.13 billion.
China leads supply while the EU remains the main industrial market
China supplied 15.5% of Serbia’s imports in the first half of 2026, ahead of Germany at 11.6%, Italy at 6.9% and Turkey at 5.1%. Asian countries accounted for almost one-quarter of Serbian imports but less than one-tenth of exports. European trade has a more integrated structure, with machinery, components and industrial goods entering Serbia from countries such as Germany and Italy before vehicles, electrical equipment, tyres and other manufactured products are exported back to EU markets.
This creates multiple external exposures for Serbian manufacturers. A company may sell its output to Germany, source machinery or components from China and depend on Russian-linked or regional energy infrastructure. Changes in trade policy, sanctions, shipping conditions or European industrial demand can consequently affect different parts of the same supply chain. The purchasing infrastructure behind those flows is concentrated among several major systems, particularly energy companies, industrial manufacturers, retailers, telecom operators and public institutions.
NIS remains central to Serbia’s energy imports
NIS is among the most important individual importers because its Pančevo refinery processes imported crude oil into fuels consumed by Serbian households and businesses. The company’s ownership structure has also made crude procurement and financial transactions a geopolitical issue. A US sanctions waiver in July 2026 allowed the Russian-owned company to continue operating while a proposed transfer of its 56.2% Russian stake remained unresolved. The Serbian state owns 29.9%. The issue extends beyond refinery ownership to the ability of banks, shipping companies and suppliers to process transactions connected with the company.
Srbijagas, Serbia’s state-owned gas company, occupies a comparable strategic position in natural-gas procurement. EPS and electricity-distribution companies are major buyers of generation, grid and metering equipment. Large industrial exporters, including HBIS, Zijin and automotive manufacturers, purchase machinery, electronics, raw materials and specialised chemicals at significant scale. Procurement is frequently organised through international corporate groups rather than Serbian headquarters, requiring local suppliers to meet global standards for price, certification and delivery.
Retail chains and distributors control consumer access
The import market for consumer goods is structured around companies that aggregate purchasing demand and control distribution rather than customs services alone. Large grocery and cash-and-carry operators include Delhaize Serbia, Lidl, Mercator-S, Univerexport, DIS and Metro. Nelt combines distribution and logistics for multinational brands.
Nelt reported more than €1.5 billion in revenue in 2025, including more than €1 billion generated in Serbia, and has announced plans for more than €400 million of investment under its 2030 strategy. Pharmaceutical distribution is similarly concentrated. Phoenix Pharma, Farmalogist and Vega connect imported medicines with pharmacies and hospitals. Their position in the supply chain gives distributors control over inventory, product placement and market access. A retailer or distributor can determine how much stock is maintained and whether an international brand can obtain nationwide reach without establishing its own warehouse and sales organisation.
Margin regulation affects relationships between buyers and suppliers
The role of large retailers also has a public-policy dimension. Serbia’s temporary retail-margin cap in 2025 demonstrated the political sensitivity surrounding large distribution companies. When government restrictions affect retail margins or contractual practices, commercial pressure can move through the supply chain toward suppliers, influencing product assortment, promotional activity, payment conditions and listing decisions.
Telecommunications represent another concentrated procurement market. Telekom Srbija, Yettel and A1 are major buyers of network equipment and mobile handsets. Automotive manufacturers and Tier-1 suppliers operate through similar procurement structures. New suppliers generally require more than a Serbian sales presence, including certification, local servicing, financing capacity and an anchor customer whose procurement timetable may be controlled outside Serbia.
Public procurement adds another major demand channel
The Serbian state occupies both regulatory and purchasing roles in several import-intensive sectors. Healthcare funds and hospitals purchase medicines and medical equipment, while EPS and transport companies acquire infrastructure systems. Ministries and municipalities purchase vehicles, information-technology systems and public services. Companies supplying public institutions therefore compete on factors extending beyond purchase price. Tender monitoring, bid guarantees, service coverage and the ability to manage lengthy or disputed procurement procedures can determine access to state contracts.
There is no current official company-by-company table showing import market shares, making precise rankings of individual importers unreliable. The market is instead divided by function: NIS and Srbijagas control major strategic energy flows; manufacturers and utilities account for significant capital-goods purchases; retailers and distributors control access to fast-moving consumer goods; telecom operators lead network procurement; and public institutions represent major buyers in medical and infrastructure categories.
Industrial technology and specialist supplies offer market opportunities
Import-dependent segments with potential for new suppliers include energy efficiency, industrial automation, grid equipment, specialist chemicals, medical devices and supply-chain software. Serbia’s import market is therefore structured around established commercial relationships, corporate balance sheets and regulated purchasing channels. The size of the overall import bill does not by itself indicate how accessible individual markets are; access depends substantially on the companies and institutions controlling procurement decisions.
