Serbia’s foreign trade demonstrated significant growth in 2025, characterized by an increase in exports and a widening trade deficit. Preliminary data from the Statistical Office reveals that total goods exports rose by approximately 8.4 percent to reach €33.07 billion, while imports increased by 7.2 percent to €41.86 billion compared to the previous year. This resulted in a trade deficit of around €8.79 billion, reflecting Serbia’s dual role as a growing exporter of manufactured goods and a net importer of intermediate and capital products.
A detailed examination of the trade structure indicates that intermediate goods constituted the largest segment of Serbia’s export portfolio, accounting for 42.8 percent of total exports in 2025. The value of these exports grew by 8.2 percent year-on-year, highlighting the strength of Serbian firms within regional production chains, particularly in sectors such as metalworking and machinery components supplied to European manufacturers. Exports of capital goods, which serve as an indicator of technology-driven and investment-related products, experienced even more robust growth at 15.4 percent, showcasing increasing competitiveness in higher-value industrial segments. Additionally, durable consumer goods saw a growth rate of 7.8 percent, further diversifying the export landscape.
Although energy products represented a smaller portion of overall exports at 3.8 percent, they still registered a 7.4 percent increase in 2025. This occurred alongside a slight decline in energy imports, indicating ongoing adjustments in Serbia’s energy trade dynamics. The relatively minor share of energy exports compared to imports underscores the country’s dependency on imported fuels and refined products, which significantly impacts the trade balance.
Collectively, intermediate and capital goods exports accounted for over two-thirds of total merchandise exports, emphasizing Serbia’s industrial focus within its export framework. This trend aligns with established economic patterns that highlight strong manufacturing contributions from sectors such as automotive components, metal products, machinery, and electrical equipment. The notable rise in capital goods exports suggests that Serbian manufacturers are securing higher-value contracts internationally, positioning them for improved export performance in the future.
Despite the substantial trade deficit, there was a slight relative narrowing when considering the growth rates of both exports and imports. This indicates that while Serbia continues to be a net importer—especially regarding energy and certain consumer items—export growth is effectively matching domestic demand for imported goods. The persistent trade deficit aligns with typical macroeconomic conditions observed in emerging economies that are deeply integrated into global supply chains and undergoing significant structural changes driven by investment.
The preliminary figures for 2025 paint a picture of a vibrant Serbian export sector, with industrial and capital goods leading this upward trajectory and reinforcing the nation’s status as a trading economy within Southeast Europe. However, the ongoing trade deficits highlight structural dependencies on imported resources, signaling important considerations for policymakers aiming to balance external financing with efforts toward export diversification and productivity enhancements.
