In 2025 Serbia maintained robust expansion of its external trade in goods, reinforcing the country’s role as a trading economy in Southeast Europe even as the trade deficit remained sizeable. Official figures from the Statistical Office of the Republic of Serbia show that the total external trade in goods for the full year January–December 2025 amounted to approximately €74.9 billion — an increase of 7.7 percent compared to 2024 — driven by broad gains in export performance and continued demand for imported products.
Measured in euros, Serbia’s goods exports in 2025 rose by around 8.4 percent year-on-year to about €33.07 billion, while goods imports grew by roughly 7.2 percent to nearly €41.86 billion. As a result, the trade deficit widened to an estimated €8.79 billion, even as the export-to-import coverage ratio improved slightly to about 79 percent, up from roughly 78 percent in the previous year.
The alignment of trade figures with free trade agreements and regional partnerships played a pronounced role in 2025. The European Union accounted for a majority share (over 58 percent) of Serbia’s external trade, mirroring long-standing patterns of integration with European markets under preferential trade arrangements that facilitate easier access for Serbian industrial and agricultural exports. Meanwhile, trade with CEFTA partner countries delivered a significant surplus in goods, particularly in categories such as cereals, transport vehicles, beverages, oil products, and pharmaceutical items — contributing a notably high export–import ratio exceeding 250 percent within that bloc.
Serbia’s export performance in 2025 was underpinned by continued industrial momentum, with manufactured products such as automotive components, machinery and equipment, metal products, and chemical goods forming a substantial share of outbound shipments. These sectors benefit from Serbia’s established production linkages into European value chains and reflect a broader diversification of the export base beyond commodity segments. While the official goods-trade release does not cover services trade directly, the manufacturing-led export momentum typically correlates with expanding services exports in logistics, transportation, business services and tourism, sectors that have shown resilience and growth in other national trade reports.
Domestic demand dynamics also shaped the 2025 trade balance. Import growth was driven by demand for intermediate and capital goods — essential inputs for Serbia’s industrial sector — along with consumer goods and energy products. The energy trade deficit remains a persistent structural feature, as Serbia continues to import significant volumes of oil, gas and refined products, even as it strengthens energy links and generation capacity domestically.
Viewed against broader macroeconomic indicators, Serbia’s growing external trade activity in 2025 aligns with steady economic expansion and a moderate improvement in export competitiveness. Preliminary data published by Serbia’s central statistical authorities indicates that trade in goods expanded across monthly and quarterly intervals throughout the year, sustaining export growth into the final months of 2025 even as global demand conditions fluctuated.
For policymakers and economic stakeholders, the 2025 figures underscore a dual reality: the Serbian export sector’s enhanced integration with key international markets and value chains is driving meaningful gains, while a persistent trade deficit — rooted in structural dependencies on imports, particularly energy and capital inputs — remains a central challenge. Future external trade developments are likely to hinge on continued diversification of export products and markets, enhanced competitiveness in services trade, and sustained efforts to align domestic industry with evolving global demand patterns.
