Serbia recorded €32.376 billion in total goods trade during the first five months of 2026, marking a 3.9% year-on-year increase and reflecting stronger export performance compared with import growth. Exports expanded at a faster pace than imports during the January–May period, raising the export-to-import coverage ratio to 83.1%. The improvement contributed to a reduction in the country’s merchandise trade deficit, which stood at approximately €2.98 billion.
EU Remains Serbia’s Largest Trade Partner
The European Union accounted for 58.8% of Serbia’s total goods trade in the period, maintaining its position as the country’s leading external market despite ongoing political uncertainty related to the EU accession process. Trade with CEFTA economies generated a positive balance for Serbia, with the country recording a €1.280 billion surplus. Serbian exports to CEFTA markets were approximately three times higher than imports from those economies.
Export Structure Gains Importance for Industrial Development
The improvement in the trade balance has strengthened Serbia’s external trade position, while the composition of exports remains a key factor for future industrial growth. Investments such as SGB-SMIT Group’s acquisition of a majority stake in COMEL Transformatori represent a shift toward higher-value industrial production compared with capacity expansion focused on lower-margin assembly activities.
Specialised electrical equipment production offers higher technical complexity, stronger market entry barriers and exposure to investment trends in Europe’s electricity grid sector. The transaction involving COMEL Transformatori, a Serbian producer of power transformers, highlights the role of advanced manufacturing segments within Serbia’s export-oriented industrial base.
