In the first quarter of 2026, Serbia’s import landscape is significantly influenced by industrial production, infrastructure investment, and a reliance on foreign technology. Total goods imports reached €10.31 billion, marking a minimal increase of 0.3% year-on-year. Meanwhile, exports experienced a more robust growth to €8.71 billion, leading to a reduced trade deficit of €1.60 billion, which is a decline of 25.4% compared to the same period in 2025.
This data reveals a notable transition in Serbia’s import profile, indicating a shift from consumer goods towards inputs essential for an economy centered on manufacturing and infrastructure development. In this context, intermediate goods accounted for €3.54 billion or 34.3% of total imports, while capital goods represented €1.93 billion, making up 18.7%. Collectively, these categories illustrate that over half of Serbia’s import expenditure is directly associated with enhancing production capacity rather than merely catering to retail consumption.
Machinery and transport equipment remain the dominant import category, totaling €2.45 billion in Q1 2026, which corresponds to 23.8% of overall imports. This trend underscores the ongoing industrialization efforts in Serbia, as various sectors including manufacturing, logistics, and energy are investing in equipment that is not yet produced domestically at adequate levels.
Energy imports continue to exert pressure on Serbia’s trade balance. Although mineral fuel imports decreased to €1.18 billion—a drop of 19.7% year-on-year—imports still included €565 million worth of petroleum products, €350 million in gas, and €184 million in electricity during the same period. Despite improvements in gas and electricity import figures, Serbia remains vulnerable to fluctuations in oil prices and geopolitical factors affecting energy supply. Notably, Serbia extended its agreement for Russian gas imports in March 2026 at volumes of approximately 6 million cubic meters per day and prices ranging from $320 to $330 per 1,000 cubic meters.
Chemical imports also represent a significant dependency for Serbia, totaling €1.43 billion in Q1 2026. This includes substantial amounts for medicinal products (€444 million), plastics (€196 million), perfumes and cleaning products (€176 million), and fertilizers (€112 million). The data suggests that while there is an increasing industrial demand for these products, domestic production capabilities remain insufficient.
Geographically, the import distribution highlights Serbia’s integration into European supply chains with the EU providing €5.76 billion or 55.9% of total imports during the first quarter of 2026. Asia contributed €2.50 billion or 24.2%, where China was the largest single supplier at €1.59 billion (15.5% of total imports). Germany remained the foremost European supplier at €1.21 billion followed by Italy (€704.5 million) and Turkey (€528.2 million).
China’s share as a key import source has been expanding; Chinese imports grew by 13.8% year-on-year in Q1 2026 compared to more modest increases from Germany (4.2%), Italy (5.3%), and Turkey (8.3%). This growth reflects Serbia’s demand for a range of products including electronics and machinery.
The outlook for Serbia’s imports in 2026 indicates that machinery, electrical equipment, construction materials, pharmaceuticals, chemicals, energy equipment, renewable components, vehicles, and specialized manufacturing materials will likely continue to drive growth. There are also opportunities for local industries to substitute imports in areas such as metal fabrication and selected plastics processing as Serbia seeks to enhance its domestic production capabilities within EU supply chains.
