Serbia’s services sector generated a consistent external surplus during the first five months of 2026, providing an important source of foreign-currency income and helping offset the country’s persistent merchandise-trade deficit. Services exports exceeded imports in every month from January to May, with monthly surpluses ranging from approximately €160 million to €315 million.
Services surplus offsets goods-trade deficit
In May 2026, Serbia’s services exports reached around €1.31 billion, while imports stood at approximately €1.04 billion, resulting in a surplus of about €269 million.
The positive services balance helped compensate for a merchandise-trade deficit of approximately €470 million during the same month. The growing role of services is changing the structure of Serbia’s external economy. Manufacturing continues to be a major source of employment, investment and regional industrial activity, but many industrial exporters rely on imported machinery, components and energy inputs. Services exports typically generate foreign-currency revenue with lower direct import requirements.
ICT and professional services drive export growth
The expansion has been supported by ICT, professional services, engineering, transport, logistics, shared-service centres and tourism. Belgrade and Novi Sad remain the main centres for internationally traded services, although rising wages and limited availability of skilled workers are increasing operating costs for companies active in these sectors.
Serbia’s international services competitiveness has historically relied on a combination of technical expertise, foreign-language skills and labour costs below Western European levels. Double-digit growth in net wages and broader access to remote international employment are reducing that cost advantage.
Higher-value services become increasingly important
Future growth in services exports will depend increasingly on specialised capabilities rather than labour-cost differences. Areas including engineering, industrial software, cybersecurity, financial technology, energy services and research functions have potential to support higher-value revenue generation as wage levels increase. At the same time, basic outsourcing and standard back-office activities face stronger pressure from automation and competition from lower-cost markets.
Transport services remain closely linked to Serbia’s position as a regional logistics route. Road, rail and Danube infrastructure provide a foundation for expansion, although delays at border crossings and customs procedures reduce the economic benefit of Serbia’s geographic position near the European Union market.
Tourism adds to foreign-exchange revenues
Tourism also contributed to services-sector foreign-currency earnings. Foreign arrivals reached approximately 239,000 in May 2026, while foreign overnight stays amounted to around 581,000. Although tourism remains smaller than in neighbouring countries with larger tourism industries, Serbia has opportunities for growth through city tourism, events, spa destinations, mountain tourism and business travel.
The services surplus has become an increasingly important element of Serbia’s external financial structure. It helps finance the country’s goods deficit and reduces reliance on volatile capital inflows. Maintaining this growth trajectory will depend on investment in workforce skills, digital infrastructure, transport efficiency and higher-value business activities rather than continued reliance on lower labour costs.
