Serbia’s goods exports continued to expand despite subdued demand across the European Union and regional markets, supported by manufacturing output, services activity and the effects of earlier investment in export-oriented industries.
Manufacturing Drives Goods Exports
Goods exports increased by 9.3% year on year in the first eight months of 2026, according to the National Bank of Serbia (NBS). Manufacturing exports rose by 9.2%, while services exports grew by 6.8%.
The NBS attributed export growth partly to previous investment and the diversification of Serbia’s products and export markets. Manufacturing, particularly the motor vehicle industry, remained the main contributor to goods export performance.
EU Remains Serbia’s Largest Export Market
The European Union accounted for 62.3% of Serbia’s goods exports in the first half of 2026, down from 64.8% in the corresponding period a year earlier. CEFTA markets represented a further 14.8%.
The lower EU share reflects changes in the geographical distribution of exports, although the bloc remains Serbia’s principal trading partner.
Business and ICT Services Support Growth
Services exports increased by 6.8%, with business and information and communications technology (ICT) services providing the largest contributions. Transport and tourism also supported growth.
The NBS has highlighted the importance of domestic value added in assessing export performance. Expanding the role of local suppliers, engineering, software development, design and other business services could increase the contribution of Serbian companies to export-oriented production.
