Serbia’s external trade performance strengthened significantly during the first four months of 2026, driven by automotive production, metals and manufacturing exports. Total merchandise trade reached $30.28bn, an increase of 13.7% from the corresponding period of 2025.
Exports rose 18.5% to $13.77bn, substantially faster than the 10% increase in imports to $16.50bn. The trade deficit consequently narrowed 19.1% to $2.73bn, while export coverage of imports improved from 77.5% to 83.5%.
The April result confirmed the direction. Monthly exports increased 13.4% to $3.49bn, imports rose 4.9% to $4.40bn, and the deficit fell 18.8% to $902.9m. Export coverage improved from 73.5% to 79.5%.
The seasonally adjusted figures were more cautious. Exports fell 5.4% from March, while imports increased 0.6%. Serbia’s annual trade improvement remains strong, but the monthly correction suggests that the pace of export growth may be volatile.
Manufacturing exports rose 19.7% to $12.10bn, while manufacturing imports increased 16.4% to $12.32bn. The sector moved close to trade balance, an important change for an economy whose manufacturing model has historically depended heavily on imported machinery, materials and components.
Automotive production delivered the largest contribution. Exports of motor vehicles, trailers and related products increased 71.4% to $2.14bn, while imports rose 48.2% to $1.04bn. The segment generated a trade surplus of approximately $1.10bn during January-April.
In April alone, automotive exports reached $550.1m, equivalent to 15.7% of all Serbian merchandise exports. The result reflects the production expansion at Stellantis’ Kragujevac plant, where electric, hybrid and petrol versions of the Fiat Grande Panda, together with the electric Citroën C3, have increased utilisation and export deliveries.
Rubber and plastic products generated $312.5m of April exports, electrical equipment $305.3m, food products $295.8m, and basic metals $294.4m. Serbia’s leading exports are increasingly connected through the automotive, electrical and metals supply chains.
Mining exports increased 49.6% to slightly above $1bn. Metal-ore exports rose 48.4% to $971m, reflecting the production and export weight of Serbia Zijin Copper and Zijin Mining’s Čukaru Peki operation around Bor.
Energy trade moved in the opposite direction. Exports from electricity, gas and steam supply fell 42.1% to $210m, while imports declined 25.2% to $270m. The sector moved from near balance a year earlier to a deficit of approximately $60m.
The deterioration corresponds with weaker domestic electricity production. Serbia’s electricity, gas and steam output fell 2.3% over January-April, limiting the volume available for export and increasing the system’s sensitivity to imports.
Petroleum exposure became more pronounced. Imports of coke and refined petroleum products increased 71% to $566.2m, while exports fell 12.6% to $127.5m. The resulting deficit widened sharply, indicating greater dependence on imported petroleum products amid reduced domestic refining availability and uncertainty surrounding NIS.
The food industry retained a trade surplus, but its margin narrowed. Exports rose 9.9% to $1.15bn, while imports increased 16.4% to $947.4m.
Pharmaceutical exports increased 9.4% to $226.4m, while imports fell 8.2% to $718.9m. Serbia remains a large net importer of medicines and pharmaceutical products, but the deficit moved in a favourable direction.
Germany remained the largest export market, taking $2.06bn, up 14.6%. Exports to Italy nearly doubled to $1.23bn, making it the clearest expression of Serbia’s automotive transformation. Exports to China rose 16.4% to $901.5m.
China remained Serbia’s largest import source at $2.53bn, an increase of 21%, followed by Germany with $1.94bn and Italy with $1.12bn. Serbia recorded a growing surplus with Italy but continued to run a sizeable deficit with China.
The trade improvement is substantial but concentrated. Automotive manufacturing, metal ores and a handful of industrial categories account for much of the export acceleration. Serbia’s external position will remain sensitive to Stellantis production, European vehicle demand, copper and gold markets, electricity availability and the cost of imported petroleum and industrial components.
