Serbia’s merchandise trade balance improved during the first eight months of 2026, as export growth outpaced the increase in imports and reduced the country’s trade deficit to €5.10 billion. Stronger shipments from automotive manufacturing, mining and capital-goods producers contributed to the increase in export revenues, while energy-related trade remained a significant source of pressure.
According to the latest figures from the Statistical Office of the Republic of Serbia, merchandise exports rose 8.8% year-on-year to €23.71 billion between January and August. Imports increased by 4.6% to €28.81 billion over the same period. The trade deficit narrowed by 11.3%, from €5.75 billion in the corresponding period of 2025 to €5.10 billion. Export coverage of imports consequently improved to 82.3%, compared with 79.1% a year earlier.
Automotive, Mining and Capital Goods Drive Export Growth
Export performance varied considerably across industrial sectors. Automotive manufacturing exports increased by 48.2%, while exports from mining rose by 33.1% during the first eight months of 2026. Capital goods also recorded strong growth. Exports in this category increased by 27.2% to approximately €6.72 billion, making the segment a significant contributor to Serbia’s merchandise export performance.
The concentration of growth in automotive manufacturing, mining and capital goods contrasts with weaker results in other areas of the economy, leaving overall export performance dependent on developments in these industries.
Energy Trade Deficit Reaches €2.63 Billion
Energy-related goods remained a weak point in Serbia’s external trade balance. Exports in the category declined by 38.9%, while imports increased by 3.6% during January–August. The combination widened the energy-goods trade deficit to €2.63 billion, offsetting part of the improvement generated by stronger exports from other sectors.
Regional Export Performance Varies Across Serbia
Export trends also differed substantially by region. Southern and Eastern Serbia recorded export growth of 19.7%, while Šumadija and Western Serbia registered an increase of 28.9% during the first eight months of 2026.
In contrast, exports from Vojvodina declined by 1.4%, and Belgrade recorded a 3.2% decrease over the same period. The improvement in the national trade balance comes as export growth remains concentrated in selected industrial sectors and regions. For investors, lenders and industrial policymakers, the development raises the question of whether stronger automotive and capital-goods revenues will translate into sustained investment and greater domestic supplier development, rather than merely offsetting weaker performance elsewhere in the economy.
