Serbia’s export and import performance in 2025 continued a clear upward trajectory, with exporters posting healthy gains and the overall volume of trade expanding against the backdrop of resilient global demand and ongoing integration into regional supply networks. According to preliminary figures published by the Statistical Office, Serbia’s total exports of goods increased by about 8.4 percent in 2025 to €33.07 billion, while imports rose by 7.2 percent to €41.86 billionrelative to 2024, leaving the trade deficit at approximately €8.79 billion for the year. These developments reflect Serbia’s position as both a growing exporter of manufactured products and a net importer of intermediate and capital goods.
Analysis of the trade structure shows that intermediate goods remained the largest single category in Serbia’s export mix, accounting for 42.8 percent of total exports in 2025, with overall export value in this group rising by 8.2 percentyear-on-year. This reflects the continued strength of Serbian firms integrated into regional production chains, particularly in metalworking, machinery components, and parts supplied to European industrial manufacturers. Capital goods exports — a proxy for technology-intensive and investment-linked products — grew even faster, rising by 15.4 percent in 2025, underscoring rising global competitiveness in higher-value industrial segments. Durable consumer goods also recorded growth of 7.8 percent, further broadening the scope of export activity.
Energy products remained a smaller share of goods exports overall — at 3.8 percent — but still posted a 7.4 percentincrease in 2025, even as energy imports declined slightly, reflecting ongoing structural adjustment in Serbia’s energy trade dynamics. The relatively low share of energy exports compared with imported energy products underscores the country’s continued reliance on imported fuels and refined products, which contributes materially to the overall negative trade balance.
From a share perspective, exports of intermediate and capital goods together accounted for more than two-thirds of total merchandise exports, underscoring a clear industrial orientation in Serbia’s export base. This pattern is consistent with longstanding trends in the economy that see strong manufacturing contributions from automotive components, metal products, machinery, electrical equipment and related sectors. The growth in capital goods exports in particular signals that Serbian manufacturers are securing higher-value orders abroad, which could support stronger export performance over the medium term.
The trade deficit, while still substantial, narrowed slightly in relative terms compared with the growth rates of exports and imports. This suggests that, although Serbia remains a net importer of merchandise — particularly in categories such as energy, some intermediate inputs and consumer items — its export growth is keeping pace with domestic demand for foreign-sourced products. The sustained deficit aligns with macroeconomic norms for an emerging economy heavily integrated into global supply chains and undergoing significant investment-driven structural transformation.
Overall, the preliminary 2025 figures present a picture of a dynamic Serbian export sector, with industrial and capital goods leading growth and strengthening the country’s role as a trading economy in Southeast Europe. At the same time, persistent trade deficits continue to highlight structural dependencies on imported inputs and energy, suggesting ongoing priorities for policymakers to balance external financing needs with export diversification and value-added productivity gains.
