Serbia’s goods exports increased 9.2% year on year in January-July 2026, outpacing the growth of imports as manufacturing and automotive shipments strengthened despite relatively weak demand across major European markets.
Manufacturing exports rose 9.3%, while motor-vehicle exports jumped 50.3%, making the automotive industry one of the main contributors to the expansion. Services exports also increased, rising 4.8% during the first seven months, supported by business and ICT services as well as transport and tourism.
Imports grow more slowly than exports
Goods imports increased 5.5%, with a significant portion of the growth associated with intermediate inputs required for production. Services imports rose 6.6% over the same period. The export and import figures indicate that investment accumulated in Serbia in recent years is increasingly translating into additional production and export capacity.
This is significant for an economy that has historically relied on domestic consumption, foreign investment and imported intermediate and capital goods while maintaining persistent external deficits. The National Bank of Serbia (NBS) attributes the resilience of external trade partly to greater production and geographic diversification, together with export-oriented investments made in previous years.
Automotive production drives export growth
The automotive sector has become particularly important to Serbia’s export performance. The country has attracted investments in vehicles, automotive components and electrical equipment, while the 50.3% increase in motor-vehicle exports indicates that newly established production capacity is increasingly contributing directly to trade flows.
The expansion also extends beyond traditional manufacturing, with services providing an additional source of export revenue. Growth in ICT and business-service exports is adding foreign-exchange income alongside industrial exports, while transport and tourism are also contributing to the increase in services exports.
European demand remains an external risk
Serbia remains closely integrated with the European Union manufacturing cycle, particularly through its links with Germany and Central Europe. A prolonged period of weak European industrial demand could therefore affect Serbian manufacturers and local suppliers. At the same time, investment-related imports could increase as Serbia advances infrastructure, industrial and Expo-related projects.
The latest trade figures show that Serbia’s previous investment cycle is increasingly contributing to export growth, alongside the imports and construction activity generated by investment. The development of this export capacity will depend on continued investment in export-oriented manufacturing and higher-value services, rather than sectors driven predominantly by domestic demand.
