In 2025, Serbia experienced significant growth in its external trade of goods, reinforcing its position as a key trading economy in Southeast Europe, despite facing a substantial trade deficit. According to the Statistical Office of the Republic of Serbia, the total external trade in goods for the year amounted to approximately €74.9 billion, marking a 7.7 percent increase compared to 2024. This growth was largely fueled by improvements in export performance alongside ongoing demand for imports.
Goods exports from Serbia rose by about 8.4 percent year-on-year, reaching approximately €33.07 billion, while imports increased by roughly 7.2 percent to nearly €41.86 billion. Consequently, the trade deficit expanded to an estimated €8.79 billion; however, the export-to-import coverage ratio improved slightly to around 79 percent from approximately 78 percent in the previous year.
Trade dynamics were notably influenced by free trade agreements and regional partnerships during 2025. The European Union comprised over 58 percent of Serbia’s external trade, reflecting established integration patterns with European markets that facilitate easier access for Serbian industrial and agricultural products. Additionally, trade with CEFTA partner countries resulted in a significant surplus, particularly in sectors such as cereals, transport vehicles, beverages, oil products, and pharmaceuticals, achieving an impressive export-import ratio exceeding 250 percent within that bloc.
The robust export performance was supported by sustained momentum in manufacturing sectors, with automotive components, machinery and equipment, metal products, and chemical goods making up a considerable portion of exports. These sectors benefit from Serbia’s established production links with European value chains and signify a move towards diversifying the export base beyond traditional commodities. Although the official goods-trade data does not encompass services directly, the growth in manufacturing exports typically correlates with rising services exports in logistics, transportation, business services, and tourism—areas that have demonstrated resilience and expansion in other national trade reports.
Domestic demand also played a crucial role in shaping the trade balance for 2025. The increase in imports was driven by a need for intermediate and capital goods—critical inputs for Serbia’s industrial activities—as well as consumer goods and energy products. The energy trade deficit remains a structural challenge as Serbia continues to import large quantities of oil, gas, and refined products while simultaneously enhancing its domestic energy generation capacity.
When viewed against broader macroeconomic indicators, Serbia’s expanding external trade activity in 2025 aligns with steady economic growth and a moderate enhancement in export competitiveness. Preliminary data from central statistical authorities indicates that trade in goods expanded consistently across both monthly and quarterly intervals throughout the year, sustaining export growth into the latter months of 2025 despite fluctuations in global demand conditions.
For policymakers and economic stakeholders, the figures from 2025 highlight a dual reality: while Serbia’s export sector has achieved greater integration with key international markets and value chains leading to substantial gains, a persistent trade deficit—rooted mainly in structural dependencies on imports such as energy and capital goods—remains a critical issue. Future developments in external trade are expected to depend on continued diversification of export products and markets, improvements in service sector competitiveness, and ongoing efforts to align domestic industries with changing global demand trends.
