Serbia’s merchandise trade deficit narrowed 11.3% to €5.10 billion in the first eight months of 2026 as exports expanded significantly faster than imports, improving the country’s external trade balance. Exports rose 8.8% year on year to €23.71 billion in January-August, while imports increased 4.6% to €28.81 billion, according to data from Serbia’s Statistical Office. Total merchandise trade reached €52.52 billion, up 6.4% from a year earlier. Export coverage of imports improved to 82.3%, compared with 79.1% in the same period of 2025.
European Union Remains Main Trading Partner
The European Union accounted for 58.3% of Serbia’s total merchandise trade, maintaining its position as the country’s dominant trading area and linking Serbian exporters closely with European manufacturing and supply chains. Economic conditions in Germany, Italy and Central Europe therefore remain important for Serbian manufacturers and exporters.
Serbia also recorded a substantial trade surplus with CEFTA countries. Exports to the regional bloc reached €3.22 billion, compared with imports of €1.03 billion, producing a surplus of approximately €2.19 billion. Export coverage within CEFTA reached 313.3%, with exports exceeding imports by more than three times.
CEFTA Trade Led by Industrial and Consumer Goods
Serbia’s principal exports to CEFTA markets included cereals and cereal products, beverages, road vehicles, pharmaceuticals, and electrical machinery and equipment. The trade figures reflect different roles for Serbia’s two principal trading areas. The EU remains the country’s largest industrial and investment market, while neighbouring CEFTA economies generate a substantial regional trade surplus.
Faster Export Growth Narrows External Gap
The faster expansion of exports compared with imports was the main factor behind the reduction in Serbia’s merchandise deficit. Serbia continues to import energy, machinery, equipment and intermediate goods associated with industrial and investment activity. Faster growth in exports can therefore reduce the gap between goods sold abroad and goods purchased from foreign markets.
New export capacity from automotive, electrical equipment, machinery, metals and mining projects is contributing to foreign trade. At the same time, Serbia remains exposed to European industrial demand, with almost six out of every 10 euros of merchandise trade linked to the EU. The January-August figures show exports growing faster than imports, a lower merchandise deficit and higher import coverage, as Serbia’s export-oriented industries expand their contribution to external trade.
