Lower energy imports made Serbia’s external trade increase by 3.3 % to more than €19 billion compared with the first quarter of last year. Meanwhile, the trade deficit decreased significantly.
Also, exports increased by 7.1 % during the same period. Moreover, automobile exports created a surplus in trade with Italy (€85.3 million) for the first time in a long while. Serbia increased the surplus with its main external trade partner, Germany, by 12.9 % (to €92 million) in the first three months of this year.
Exports attained €8.713 billion. Nevertheless, the growth of imports was only 0.3 % (€10.314 billion totally). Compared with the first quarter of last year, the deficit fell to €1.601 billion (a decrease by 25.4 %, or €547 million), as the May edition of Macroeconomic Analyses and Trends (MAT) magazine reports.
On the other hand, surplus with North Macedonia declined by 10.4 % and with Montenegro by 5.7 % in the first three months of 2026.
Exports covered around 84.5 % of imports in the first quarter of this year, compared with 79.1 % a year earlier.
According to the report, since the summer of 2023, the value of merchandise exports has been steadily increasing by €23 million a month on average.
87.8 % of the growth accounted for the manufacturing industry. Then followed the mining, with a share of 7.1 %. Cumulative export growth was 25.4 %. Meanwhile, exports of electricity and agricultural products declined in the first quarter of this year.
The growth of exports from the manufacturing sector was 9.1 % in the first quarter compared with the same period last year. Meanwhile, it attained 18.6% in March. 86.9 % of the growth accounted for higher exports of motor vehicles and trailers.
(€1.358 billion, 15.6 % of total exports). Italy and Germany were the main markets.
According to the May issue of MAT, the launch of production of the electric Fiat Grande Panda model at the FCA Serbia factory in Kragujevac at the beginning of last year boosted production growth in this sector by 52.7 % in March 2026.
Additionally, the basic metals sector, rubber and plastic products, food products, and electrical equipment supported exports. On the other hand, exports of other transport equipment, tobacco products, coke and petroleum derivatives (fell by €20.2 million, or 20%), leather and leather goods declined.
Simultaneously, Serbia’s deficit reduced because the country imported less energy (by 19.7 %, or €287.7 million) compared with the first quarter of last year. 11.4 % of total imports accounted for energy.
According to the latest data for January and February, exports and imports of services demonstrated the surplus of €546.6 million (an increase of €8.5 million, or 1.6%). Exports of telecommunications, computer and information services drove the positive balance in services trade. In the first two months of this year, it amounted to €713.4 million (0.6% or €4 million growth).
59.2% of Serbia’s total trade accounted for The European Union countries. The largest partner is Germany (a share of 13.2%). Italy is the third one (7.9%).
The share of 11.4% makes China Serbia’s second-largest external trade partner.
NH Logistics GEO has been offering IOR Importer of Record and EOR Exporter of Record services since 2001 and is a market leader in Georgia and Eurasia, supporting many clients with their import/export shipments.
Source Link