Serbia’s trade performance in 2025 was supported by a substantial surplus with neighbouring markets, while the country continued to record a broader deficit in goods trade.
Goods exports totalled €33.1 billion in 2025, against imports of €41.8 billion, producing a trade deficit of €8.8 billion. Trade with the CEFTA area generated a surplus of about €3.4 billion, offsetting part of the wider imbalance.
Serbia exported approximately €5.5 billion of goods to CEFTA markets and imported around €2.1 billion from the region. Bosnia and Herzegovina, Montenegro, North Macedonia, Kosovo, Albania and Moldova remained important destinations for Serbian products.
Bosnia and Montenegro Lead Regional Surpluses
Bosnia and Herzegovina was Serbia’s largest regional surplus market. Serbia exported about €2.25 billion of goods to Bosnia and Herzegovina and recorded a surplus of roughly €1.15 billion. Serbian exports to Bosnia and Herzegovina included cereals and cereal products, cars, conductors, electrical machinery and beverages. Imports from Bosnia and Herzegovina included coal, electrical machinery, electricity and fruit.
Serbia exported goods worth about €1.4 billion to Montenegro and imported approximately €544 million. The trade flow included Serbian food, beverages, construction products, retail goods and consumer brands, while Serbian imports included electricity and specific Montenegrin food brands.
Trade with North Macedonia produced a Serbian surplus of nearly €450 million. Serbia also expanded exports to nearby EU and non-CEFTA markets including Croatia, Romania, Bulgaria, Slovakia, Hungary and Austria.
China Trade Remains Import-Heavy
Serbia’s goods trade with China remained heavily weighted toward imports. Serbia imported roughly €6 billion of Chinese goods while exporting around €1.5 billion to China.
More than two-thirds of Serbia’s exports to China consisted of copper ore and refined copper. Beechwood exports were valued at approximately €180 million, while selected agricultural exports generated about €160 million. Chinese imports included manufactured goods, mobile phones, equipment and consumer products. Chinese banks and companies were also present in Serbian infrastructure, mining and industry.
The trade structure showed a narrow Serbian export basket to China, led by raw materials and metals, alongside larger imports of manufactured products.
German Supply Chains Support Export Flows
Serbia recorded a goods surplus with Germany in 2025, exporting about €5.1 billion and importing approximately €4.95 billion.
Germany remained Serbia’s most important export market and Europe’s largest economy. Serbian suppliers linked to German-owned and German-oriented industrial supply chains continued to receive orders during a period of weaker German automotive production and lower German car sales.
Serbian exporters supplying German automotive and industrial chains remained exposed to changes in German manufacturing output, investment decisions and procurement volumes.
Domestic Value Added Remains a Trade Issue
Vehicle exports from Serbia can account for significant gross export values, while the domestic value retained depends on imported components, assembly operations, wages, logistics, utilities and local services.
Stellantis illustrates the distinction between gross vehicle-export figures and the domestic value captured through manufacturing operations. Imported components can account for a substantial share of the value of finished vehicles exported from Serbia.
Serbia’s export structure continues to depend on product scale, certification, price competitiveness, supply continuity and the ability of companies to meet buyer requirements. Many firms remain smaller and more fragmented than suppliers competing for larger international procurement contracts.
Export Policy Focuses on Scale and Compliance
Regional markets provide Serbian companies with established distribution networks, business relationships and consumer familiarity. The regional trade surplus also provides a base for improving packaging, certification, quality control, logistics and digital sales systems.
Export expansion into Central and South-East Europe remains linked to transport costs, proximity to buyers and supply-chain access. Larger export consortia, business associations, supplier clusters and domestic processing capacity remain relevant to export development.
EU-linked buyers increasingly require documented electricity sourcing, lower embedded emissions, environmental compliance and verifiable production data. These requirements affect metals, food processing, chemicals, construction materials, machinery and industrial components. The €3.4 billion CEFTA surplus remains a significant component of Serbia’s trade structure, while the €8.8 billion overall goods deficit reflects the country’s wider import requirements and export composition.
