Serbia’s merchandise trade expanded strongly during the first five months of 2026, with exports growing significantly faster than imports and reducing the country’s trade deficit. Total merchandise trade reached USD 37.84 billion in January-May, representing a 12.5% increase from the same period of 2025. Exports rose 16.6% to USD 17.17 billion, while imports increased 9.3% to USD 20.66 billion.
The faster expansion of exports reduced the trade deficit to USD 3.49 billion, down 16.5% year on year. Export coverage of imports consequently improved from 77.9% to 83.1%.
May trade remains above previous year
Serbia recorded USD 7.35 billion in merchandise trade during May alone, an increase of 4.8% compared with May 2025. Exports reached USD 3.31 billion, up 6.8%, while imports increased 3.2% to USD 4.03 billion. The resulting monthly deficit was USD 720.4 million, representing a 10.4% reduction from a year earlier.
The share of imports covered by exports improved from 79.4% to 82.1% in May. Seasonally adjusted figures, however, showed weaker activity compared with April. Exports declined 5.1% month on month, while imports fell 7.5%. The monthly figures therefore showed some moderation despite the stronger year-on-year trade balance.
Germany leads exports while China tops imports
European markets continued to account for a major part of Serbia’s merchandise trade. Germany was Serbia’s largest export destination in May, with exports worth USD 509.3 million. Italy, Bosnia and Herzegovina, Hungary and Montenegro followed.
On the import side, China ranked first, with imports valued at USD 609.1 million, followed by Germany, Italy, Türkiye and Romania. Several bilateral trade flows recorded notable changes. Imports from Romania increased 43.1%, while exports to Italy rose 25.4%. Exports to Montenegro declined 3.1%, and imports from Germany fell 4.6%.
Vojvodina accounts for largest export share
The regional distribution of trade also differed substantially between exports and imports. Vojvodina accounted for 30.2% of Serbia’s exports, the largest regional share. The Belgrade Region represented 42.6% of imports.
Šumadija and Western Serbia accounted for 26.1% of exports and 16.7% of imports, while Southern and Eastern Serbia represented 20.6% of exports and 8.4% of imports. The distribution reflects differences in regional production capacity as well as the concentration of importers, distributors and company headquarters in Belgrade.
Manufacturing and mining show divergent trade trends
Motor vehicles and trailers represented the largest category within Serbia’s May exports, accounting for 15.2% of the total. Electrical equipment, rubber and plastic products, food products and fabricated metal products followed. Imports were led by chemicals, basic metals, machinery and equipment, electrical equipment, and motor vehicles.
During January-May, manufacturing exports increased 17.5%, while manufacturing imports rose 14.3%. Mining recorded a substantially different pattern. Mining exports surged 47.3%, while mining imports declined 7.6% during the first five months of the year. The stronger export performance has narrowed Serbia’s merchandise trade deficit while increasing the share of imports covered by exports. The development remains linked to external demand, manufacturing competitiveness and the import intensity of domestic production.
