Total foreign trade turnover in Serbia reached €74.927 billion in 2025, marking a 7.7% increase from the previous year. This growth is characterized by exports amounting to €33.068 billion and imports totaling €41.859 billion, resulting in a trade deficit of €8.791 billion. While the deficit widened slightly compared to the previous year, there was a modest improvement in the coverage of exports over imports, which rose to 79% from 78.1%.
The data reflects a Serbian economy that remains active in international trade despite challenges such as industrial strain and weak manufacturing momentum across Europe. The structure of Serbia’s trade has shifted significantly; it is now increasingly influenced by industrial manufacturing and component exports rather than a diverse mix of basic goods and regional exchanges.
In 2025, real GDP growth was approximately 2%, with total industrial production increasing by only 0.9%. Manufacturing output saw a slight rise of 1.1%, but December production reported a year-on-year decline of 5.7%. The expansion of trade to nearly €75 billion indicates that Serbia’s economy is open and engaged in commercial activities despite sluggish domestic industrial performance.
This openness presents both opportunities and vulnerabilities for Serbia. The country benefits from export-led industrial activities and strong cross-border demand but is also susceptible to fluctuations in external economic cycles and demand shifts from major trading partners.
Manufacturing now constitutes a dominant portion of Serbia’s trade, accounting for 87.6% of total exports in 2025. The mining sector follows with a 6.1% share, experiencing significant export growth of 22.7%. This concentration underscores that Serbia’s trade narrative is fundamentally industrial, focusing on exports tied to automotive production, machinery, metals, chemicals, electronics, and intermediate manufacturing.
In terms of growth rates, exports increased by 8.4%, while imports rose by 7.2%. This suggests that Serbia’s trade dynamics are not solely driven by passive import-led consumption but reflect an enhancement in export capacity outpacing import growth. However, the scale of imports still significantly surpasses that of exports.
A notable trend emerged towards the end of the year when monthly exports surpassed €2.8 billion for the first time, indicating an escalation in Serbia’s external industrial capacity. This does not imply a fully balanced trade model but suggests progress in building a more robust export framework.
The automotive sector played a crucial role in this growth, with total exports reaching €4.057 billion and contributing a substantial trade surplus of €1.837 billion—an increase of 56.3% from the prior year—largely driven by the production launch of the electric Fiat Grande Panda in Kragujevac.
Additionally, rubber and plastics contributed significantly with an export surplus of €1.099 billion, up by 48.2%. Other notable contributors included food products, machinery and equipment, pharmaceuticals, basic metals, chemicals, and electronic products—all adding over €100 million each to export growth.
On the import side, various sectors recorded import values exceeding €2 billion, including chemicals, machinery and equipment, basic metals, electrical equipment, food products, and motor vehicles—indicating continued reliance on imported inputs for manufacturing.
Geographically, the European Union represented 63.8% of Serbia’s total trade in 2025, with Germany as the largest trading partner at 13.3%, followed by China at 11.1%. This reflects Serbia’s strong integration into European markets while also indicating an increasing dependence on Asian imports.
China’s share in Serbian imports rose notably from 13.1% to 15.4%, while its share in exports slightly decreased from 5.9% to 5.6%. This asymmetry suggests that while Serbia is importing more goods from China, its export revenues predominantly derive from European markets.
Key exports to Germany included electrical machines valued at €686 million and electricity distribution equipment worth €596 million—highlighting the industrial nature of Serbian exports.
The patterns observed indicate that Serbia’s external demand is becoming increasingly aligned with industrial rather than consumer demand abroad—a shift that can amplify economic resilience during favorable conditions but may pose risks during downturns in partner economies.
In summary, while Serbia achieved significant trade expansion with a turnover nearing €75 billion in 2025—indicative of its integration into international production systems—the reliance on imported inputs raises questions about the sustainability and depth of domestic industrial capabilities moving forward.
