Serbia’s freight market is seeing limited growth in physical cargo despite changes in the composition and value of goods moving through the country. Total goods transported declined 0.3% in 2025, while tonne-kilometres increased by only 1%, pointing to a market increasingly shaped by industrial components, parcels and other higher-value flows rather than broad-based growth in tonnage. Domestic freight movements fell 1.1%, while export movements declined 1.6%. Import movements moved in the opposite direction, increasing 4.1%.
The transport structure remains dominated by road. The European Commission estimated road’s share of inland freight at 66.1% in 2023. During the first half of 2025, road freight volumes increased 0.8%, but road tonne-kilometres decreased 1%.
Rail declines while river freight records stronger growth
Rail freight weakened considerably in the first half of 2025. Volumes fell 12.5%, while rail tonne-kilometres declined 11.8%. Inland waterways recorded a different trend, with cargo volumes rising 5.9% and tonne-kilometres increasing 37.4%. The improvement was subsequently tested by exceptionally low Danube water levels in 2026.
Record-low Danube levels in July 2026 forced barges to operate at only 30%–40% of normal capacity. Fuel imports were reduced to a fraction of planned volumes, increasing reliance on more expensive road and rail transport. Serbia’s location provides access to the Danube, Corridor X, Adriatic ports and northern European gateways, but disruptions from drought, border congestion and railway construction can rapidly reduce the practical availability of those routes.
Logistics providers compete across fragmented transport systems
There is no authoritative current dataset providing market shares across Serbia’s road, rail, inland-waterway, airfreight and contract-logistics sectors. The market is consequently divided into overlapping transport and logistics systems rather than a single ranked group of operators. Nelt, Milšped and Transfera are among the prominent domestic or regional integrated logistics companies. International networks including DSV, DHL, Kuehne+Nagel, Gebrüder Weiss and Lagermax compete for multinational customers, freight forwarding and warehousing activity.
DSV’s position has expanded following the global acquisition of DB Schenker, increasing the scale of competition for international logistics contracts. Road haulage beneath the largest operators remains highly fragmented, with numerous owner-operators and smaller fleets exposed to fuel prices, driver availability and vehicle-financing costs.
Rail, river and air operators serve specialised cargo flows
Srbija Cargo remains the state-owned rail incumbent, while private operators and international rail groups operate on selected routes. On the Danube, DP World Novi Sad and industrial river terminals handle inland-waterway cargo. Air Serbia Cargo and airport handling companies serve a smaller airfreight market focused on higher-value shipments. Shipping companies and freight forwarders connect Serbian cargo with maritime ports, although customers frequently purchase an integrated transport route rather than contracting separately with each individual carrier.
Large customers, including automotive manufacturers, copper and steel producers, retailers, FMCG distributors and energy companies, can tender substantial transport volumes and negotiate routes at scale. Smaller manufacturers face greater exposure to inefficient load utilisation, border delays and limited warehouse capacity. Logistics operators that combine cargo flows, provide inventory financing and integrate customs brokerage can capture additional value beyond the basic transport service.
Batajnica aims to expand Serbia’s intermodal capacity
The Batajnica intermodal terminal near Belgrade is being developed to provide an alternative to road-dominated freight transport. The €15.5 million project was 90% financed by the EU and was designed to increase container-handling capacity. In October 2025, MSC launched a rail service between Batajnica and Trieste, establishing a commercial maritime connection for cargo including automotive parts, ores, machinery, packaging and consumer goods.
The terminal’s performance will depend on more than its physical infrastructure. Regular train paths, two-way cargo volumes, efficient customs procedures, functioning cranes and competitive pricing after first- and last-mile expenses are required for rail to compete with trucking. Serbia must also coordinate infrastructure works and align transport regulation with the trans-European transport network. The European Commission’s 2025 report assessed Serbia as well prepared in transport policy but recorded no progress and called for a new TEN-T strategy. Higher cargo density at Batajnica could influence warehouse locations and inventory strategies around Belgrade. It could also strengthen Trieste as an alternative maritime gateway and provide exporters with a lower-carbon transport option requested by EU customers.
Logistics investment is shifting toward integrated services
The next consolidation cycle in Serbia’s logistics industry is expected to extend beyond acquisitions of conventional haulage fleets. Assets and capabilities such as temperature-controlled warehouses, customs licences, parcel-delivery networks, dangerous-goods handling, rail access and logistics software are increasingly relevant to integrated operators. DSV’s global integration of Schenker has increased the scale requirements facing international logistics providers, while Serbian and regional companies can compete through geographic density and specialised services rather than attempting to replicate global network coverage.
Three market developments are supporting investment in logistics capacity. Nearshoring and the expansion of Serbian manufacturing are increasing demand for scheduled industrial logistics. E-commerce is supporting parcel volumes that are growing faster than bulk freight. At the same time, EU carbon-reporting requirements are encouraging major customers to measure transport emissions and examine greater use of rail. The sector continues to face constraints from driver shortages, volatile river conditions, Serbia’s non-EU border procedures and the financing costs of modern vehicle fleets and warehouse facilities. The combination of nearly flat physical freight volumes and changing cargo composition is shifting the focus of Serbia’s logistics market toward modal flexibility, asset utilisation, warehousing, customs services and transport data, rather than simply adding road capacity.
