Serbia recorded growth across goods, manufacturing and services exports during the first eight months of 2026, with automotive shipments and business-related services contributing to a more diversified export base.
Goods exports increased by 9.3% year on year between January and August 2026, while manufacturing exports grew by 9.2%. Motor-vehicle exports recorded a particularly strong performance, rising 48.2% despite relatively weak demand in Serbia’s main European markets.
The National Bank of Serbia (NBS) attributes the resilience of exports partly to previous investments and greater diversification across production activities and geographic markets.
Services Exports Broaden External Earnings
Services exports increased by 6.8%, led by business and information and communication technology (ICT) services, followed by transport and tourism.
The expansion of services alongside manufacturing is broadening Serbia’s sources of external earnings beyond traditional industrial production. Engineering, digital, logistics and professional-service capabilities are developing alongside physical manufacturing, including factories integrated into automotive and other export supply chains.
Domestic Value Added in Export Industries
The wider mix of manufacturing and services could reduce Serbia’s sensitivity to a downturn in any single industrial segment. However, export growth alone does not determine how much economic value remains within the country.
The contribution of export-oriented investment will also depend on domestic engineering capabilities, local supplier networks, technology, energy productivity and research capacity. These factors influence the extent to which Serbian companies capture value across the production and export chain.
