Serbian companies sharply reduced their net foreign-loan liabilities in the first half of 2026 while extending more trade credit to overseas customers, pointing to a significant change in corporate external financing.
Companies recorded a net reduction of €1.32 billion in financial-loan liabilities, according to data presented in the September edition of the Macroeconomic Analyses and Trends bulletin.
That compares with net foreign borrowing of around €1.13 billion in the same period of 2025, producing a year-on-year swing of almost €2.46 billion.
At the same time, companies’ net claims through trade credits and advances increased by €1.36 billion, compared with an increase of €584.9 million a year earlier.
Trade-credit claims broadly represent unpaid export receivables and advances paid to foreign suppliers, net of unpaid imports and advances received from customers. Their increase can reflect expanding exports, longer customer-payment periods or greater corporate pre-financing of imports.
The combined movement suggests Serbian companies were using cash to repay loans while tying more funds up in commercial transactions.
That can be interpreted positively if profitable exporters are reducing leverage and supporting higher sales without relying on additional debt. It can also signal pressure on working capital if foreign buyers are taking longer to pay or companies must make larger advances to secure materials and equipment.
The distinction matters because the corporate sector is simultaneously generating strong nominal revenue and export growth. Serbian merchandise exports increased 8.8% in January-July, led by vehicles, machinery and electrical equipment.
Businesses with sufficient liquidity may be able to carry larger receivables while reducing loans. Smaller suppliers, however, could face cash-flow pressure if payment terms lengthen across industrial supply chains.
The data do not identify which companies or industries produced the movement, making it difficult to determine whether deleveraging was voluntary or driven by tighter financing conditions.
The headline is a decline in foreign corporate debt. The underlying tension is that a growing share of company money may now be financing customers and suppliers instead.
