Services are gaining a larger role in Serbia’s export structure, with revenue from international services trade increasing by 6.8% year on year in January-August 2026. Business and information and communications technology (ICT) services led the expansion, followed by transport and tourism, according to figures from the National Bank of Serbia (NBS).
The central bank expects services associated with Expo to contribute to a further reduction in the current-account deficit in 2027, adding to the sector’s growing importance in the country’s external position.
Business and ICT Services Lead Export Growth
Serbia’s manufacturing sector remains central to its investment and export profile, but services are providing an additional source of external revenue. The composition of services exports points to business and ICT activities as the main growth drivers, with transport and tourism also contributing.
The different operating conditions of manufacturing and services can help diversify export exposure. Industrial exporters are affected by demand for goods in European markets, energy costs, supply-chain disruptions and major investment cycles. Business and ICT providers depend more directly on workforce skills, digital connectivity and demand from international clients.
Services Offer a Different Domestic Value-Added Structure
The contribution of services to export revenue also differs from that of goods production. Manufacturing companies may need to import machinery, components and technology licences before exporting finished products. Software and professional-services businesses, by comparison, rely more heavily on domestic labour and intellectual capital.
This distinction affects how export growth translates into domestic wages and the current account. It does not necessarily make services more valuable than manufacturing, but it gives the two sectors different roles in the structure of the economy.
Expo Expected to Support Services Activity in 2027
The NBS expects services connected with Expo to help narrow Serbia’s current-account deficit further in 2027. The event is expected to provide additional activity for tourism, transport and business services.
The longer-term economic impact will depend on whether the event generates lasting commercial relationships. International exposure could connect foreign clients with Serbian suppliers, while increased activity may support aviation and hospitality capacity. Securing recurring business after the event will be important to sustaining those benefits beyond a temporary increase in demand.
Industrial Production and Services Could Strengthen Each Other
Serbia’s export model increasingly combines manufacturing with business services rather than relying exclusively on either industrial production or outsourcing. Engineering, ICT, logistics and professional services can support manufacturing and infrastructure through activities including software, automation, finance, design and technical consulting.
Closer commercial links between these activities could allow domestic service providers to supply industrial companies while also serving foreign clients. This would connect capital-intensive production with the domestic skills and intellectual capacity used to support it. Serbia’s goods exports demonstrate its ability to attract investment in manufacturing capacity, while services exports reflect the growing role of domestic expertise in international markets. Greater trade between local industrial companies and service providers would strengthen the links between the two parts of the export economy.
