Serbia’s goods trade reached €32.38 billion in the first five months of 2026, with exports rising faster than imports and reducing the country’s trade deficit by 22.9% from a year earlier.
Total merchandise exchange from January through May increased by 3.9% year on year in euro terms. Measured in dollars, trade amounted to $37.84 billion, up 12.5% from the corresponding 2025 period. According to the Statistical Office of Serbia, exports totalled €14.70 billion, an annual increase of 7.7%. Imports amounted to €17.68 billion, up 1.0%. The resulting deficit was €2.98 billion, while export coverage of imports rose to 83.1%, from 77.9% a year earlier.
European Union Accounts for Most Goods Exchange
The European Union represented 58.8% of Serbia’s total goods trade during the five-month period. EU markets remain Serbia’s principal destination for exports and its main source of machinery, equipment, vehicles, chemicals, industrial materials, consumer goods and technology.
Trade with EU member states is linked to Serbia’s manufacturing supply chains and industrial production, including automotive components, electrical equipment, machinery, rubber, plastics, metals and intermediate goods. Demand conditions in Germany, Italy and other EU economies affect Serbian exporters operating in those sectors.
Serbia’s manufacturing platform has expanded through foreign direct investment, industrial zones, transport infrastructure, supplier networks and access to European markets. Export activity includes automotive components, electrical equipment, machinery, food products, agricultural goods, metals and intermediate products.
CEFTA Trade Generates €1.28 Billion Surplus
Trade with CEFTA countries produced a Serbian surplus of €1.28 billion in the January–May period. Exports to CEFTA markets reached €1.92 billion, while imports totalled €638.6 million. Export coverage of imports in CEFTA trade stood at 300.5%, with Serbia exporting about three times the value of goods it imported from the regional market.
Key Serbian export categories to CEFTA markets included cereals and cereal products, road vehicles, beverages, medical and pharmaceutical products, and electrical machinery and equipment. Regional trade is supported by transport links, distribution networks, established commercial relationships, packaging, certification, delivery arrangements and payment terms.
Import Profile Remains Linked to Industrial Upgrading
Serbia continues to import equipment, production machinery, technology, industrial inputs, energy, vehicles, chemicals, components and higher-value industrial goods. Imported capital goods and production inputs are used in manufacturing expansion and industrial upgrading.
The country’s export value is influenced by the domestic content embedded in exported goods, including labour, engineering, services, technology, energy, logistics and supplier inputs. Imports also include goods connected with consumption, energy supply and industrial procurement.
Foreign direct investment has contributed to the development of Serbia’s manufacturing and supplier base. Investment in automation, industrial equipment, logistics, energy efficiency and export certification is connected with export capacity and industrial production.
Energy Costs and EU Compliance Requirements
Serbia’s trade balance is affected by imports of oil, gas, electricity and fuel. Energy-price movements influence the import bill, industrial operating costs, inflation and export margins. Exporters supplying EU markets face requirements related to embedded emissions, electricity sourcing, energy intensity and carbon-related documentation. These requirements affect sectors including metals, cement, fertilisers, chemicals, aluminium processing, machinery and other industrial activities. Industrial competitiveness for EU-facing producers is also linked to electricity costs, low-carbon power availability, measurement, reporting and verification systems, and documentation related to production inputs.
Infrastructure and Supplier Development
Roads, railways, logistics corridors, industrial zones and energy infrastructure affect the movement of goods and operating costs for exporters. Public investment connected with industrial zones, transport routes and logistics platforms is linked to supply-chain activity and export distribution.
Domestic suppliers, small and medium-sized exporters, certification systems, quality standards and production scale are relevant to access to larger foreign buyers. Serbia’s regional trade position provides demand for companies supplying CEFTA markets, while EU trade remains the central component of the country’s merchandise exchange.
The January–May 2026 data showed €14.70 billion in exports, €17.68 billion in imports, a €2.98 billion trade deficit, and an 83.1% import coverage ratio. Serbia recorded a €1.28 billion surplus with CEFTA countries, while the European Union accounted for 58.8% of total goods trade.
