The latest survey by the German-Serbian Chamber of Commerce reveals continued growth in trade exchange between Serbia and Germany, even amid global economic uncertainties. According to data from Germany’s Federal Statistical Office, Serbia has recorded a trade surplus with Germany for the first time in 20 years.
The annual survey, conducted in March 2025 among Chamber member companies, showed that 85% of respondents consider Serbia’s EU accession process important or very important. Furthermore, 88% of companies surveyed said they would choose Serbia again as an investment destination, marking an increase from the previous year.
Despite this optimism, the assessment of Serbia’s economic situation for 2025 worsened slightly. The share of companies rating their business performance as good dropped from 39% in 2024 to 34%, while dissatisfaction rose from 6% to 13%. Plans for hiring and investment growth also moderated: 31% of companies intend to increase employment (down 6% from last year), and 33% plan to raise investments (down 7 percentage points).
Companies highlighted the need for continued progress in fighting corruption, advancing European integration, improving legal certainty, enhancing public administration, ensuring transparency in public procurement, and maintaining political and social stability. Positive aspects include development of infrastructure, communication systems, and a strong dual professional education system.
To attract and retain qualified personnel, businesses are implementing measures such as higher-than-average wages, expanded training programs, increased automation and digitalization, and partnerships with educational institutions.
Top risks for 2025 include global and local economic and political uncertainties, legal instability, declining product demand, and rising labor costs. The impact of new U.S. economic policies was not seen as significant.
Looking ahead, companies identified key global challenges over the next five years as growing political influence on economics, inflation and monetary policy, digitalization, and artificial intelligence. Cybersecurity and shortages of raw materials and energy are also concerns.
Milan Grujić, President of the German-Serbian Chamber of Commerce and CEO of ZF Serbia, emphasized the strong confidence of German investors in Serbia, highlighting the 88% of respondents willing to reinvest in Serbia.
German Ambassador Anke Konrad stressed the close economic ties reflected in a trade volume exceeding 9 billion euros and more than 900 German-capital companies in Serbia. She noted the trade surplus as a significant achievement but stressed that EU accession and anti-corruption efforts remain critical priorities.
Research by Belgrade’s Center for Advanced Economic Research (CEVES) showed Serbia-Germany bilateral trade increased by 11.1% in 2023 despite a global trade decline of 4.5%, reaching 9.37 billion euros. Growth continued in 2024 at 7%, with Germany remaining Serbia’s top trading partner due to Serbia’s strategic location, infrastructure development, and attractiveness for near-shoring amid global instability.
CEVES founder Kori Udovicki remarked on the long-standing mutually beneficial economic relationship, expressing confidence that Serbia and Germany can continue to find ways to strengthen cooperation during periods of economic transformation.
