Serbia’s external balance received stronger support from services exports in the first five months of 2026, as information technology, professional services and transport generated larger surpluses despite a growing deficit in international travel. Data from the National Bank of Serbia show that services are becoming an increasingly important source of foreign-currency earnings alongside traditional goods exports.
Services exports reached €6.2 billion in January–May 2026, representing a 5.7 per cent increase compared with the same period of 2025. Imports of services grew more slowly, rising 1.1 per cent to €5 billion, which expanded Serbia’s services surplus by 30.4 per cent to €1.21 billion. The improvement accelerated in May, when the monthly services surplus reached €269 million, almost double the level recorded a year earlier. Services exports increased 12.9 per cent year on year during the month, while imports grew by only 2.2 per cent.
ICT sector remains Serbia’s largest services export segment
The expansion of services exports is helping offset Serbia’s merchandise trade deficit. During the first half of 2026, goods exports increased 8.3 per cent to €17.97 billion, while imports rose 3.7 per cent to €21.68 billion. The goods deficit narrowed 14.1 per cent to €3.71 billion, with services covering almost one-third of that shortfall based on January–May figures.
The largest contributor among services categories remained information and communications technology. ICT exports generated €1.91 billion in the first five months of the year, an increase of 4.3 per cent. Imports in the sector amounted to only €479 million, allowing ICT to maintain a significant net contribution to Serbia’s external accounts.
Professional and business services recorded stronger growth. Exports of services including engineering, consulting, research, legal, accounting and back-office activities increased 7.8 per cent to €1.63 billion. At the same time, imports declined 5.8 per cent to €951 million, increasing the sector’s surplus. The data indicate that Serbia’s internationally traded services sector is expanding beyond traditional outsourcing activities into a wider range of specialised professional services.
Transport services strengthen while travel deficit widens
Transport services also improved Serbia’s external position. Exports increased 9.5 per cent to €997 million, supported by the country’s role across European road, rail and river transport routes. Transport imports declined 3.9 per cent to €1.14 billion, reducing the sector’s previous deficit. Travel services moved in the opposite direction. Revenue generated by foreign visitors increased only 2.5 per cent to €1.05 billion, while spending by Serbian residents abroad climbed 13 per cent to €1.76 billion. As a result, the travel deficit exceeded €700 million, absorbing a significant share of the surpluses created by ICT, professional services and transport.
Services exports provide broader geographic diversification
Serbia’s services export structure differs from its merchandise trade pattern. The European Union accounted for 43.8 per cent of services exports, while other European markets represented 29.1 per cent and the Americas 17.8 per cent. The largest individual markets included the United States, Germany and the United Kingdom.
The wider geographic distribution reduces Serbia’s direct dependence on industrial cycles in Germany and the eurozone. Services exports also generate foreign-currency revenues with lower dependence on imported components compared with manufacturing exports. This advantage becomes more visible during periods of weaker European industrial demand, such as those experienced through much of 2025 and early 2026.
Services growth creates new competitiveness pressures
The expansion of technology and professional services also increases Serbia’s exposure to new challenges. Export performance in these sectors depends heavily on skilled labour availability, wage competitiveness and access to international clients. Higher salaries, labour shortages and possible changes affecting cross-border digital work taxation could influence service-sector margins. At the same time, artificial intelligence may reduce demand for lower-value outsourcing activities while increasing demand for specialised software and engineering capabilities.
The stronger services balance contributed to an improvement in Serbia’s overall external position. The current-account deficit declined to €561 million in January–May 2026, a reduction of almost 69 per cent compared with the same period a year earlier. The improvement was supported by both the larger services surplus and the narrower goods trade deficit, providing external adjustment without relying primarily on reduced domestic demand.
Technology companies, logistics providers and professional-services firms are therefore becoming increasingly important components of Serbia’s export structure, alongside established sectors such as automotive manufacturing, metals and agriculture. Their ability to maintain growth is playing a larger role in supporting the country’s current account, currency stability and broader financial position.
