Serbia’s external trade increased by 3.3 % to more than €19 billion compared with the first quarter of last year, while the trade deficit was significantly reduced, primarily due to lower energy imports.

During the same period, exports rose by 7.1 %, and a surplus was recorded in trade with Italy for the first time in a long while, mainly thanks to automobile exports, while the surplus with Germany, Serbia’s main external trade partner, also increased.

Exports rose to €8.713 billion, while imports increased slightly by 0.3 % to €10.314 billion. The deficit was reduced by 25.4 %, or €547 million, compared with the first quarter of last year, falling to €1.601 billion, according to the May edition of Macroeconomic Analyses and Trends (MAT) magazine.

Serbia significantly increased its trade surplus with Germany, which rose by 12.9 % to €92 million in the first three months of this year. A surplus of €85.3 million was also recorded in trade with Italy, whereas a deficit of €233.4 million had been recorded in the first quarter of last year.

Serbia traditionally achieves its largest surplus with countries in the region, but in the first three months of 2026 that surplus declined slightly with North Macedonia, by 10.4 %, and Montenegro, by 5.7 %.

In the first quarter of this year, export coverage of imports improved, with exports covering around 84.5 % of imports, compared with 79.1 % a year earlier.

“Trend analysis shows that since the summer of 2023, the value of merchandise exports has been steadily increasing, with an average monthly rise of around €23 million. In the first quarter of 2026, this growth was significantly higher, amounting to around €61 million per month,” the report states.

Vehicles accounted for 15.6% of exports

The manufacturing industry contributed the most to the growth in merchandise exports, accounting for 87.8 %. The mining sector ranked second, with a share of 7.1 % and cumulative export growth of 25.4 %. On the other hand, exports of electricity and agricultural products declined in the first quarter of this year.

Exports from the manufacturing sector rose by 9.1 % in the first quarter compared with the same period last year, while in March they recorded year-on-year growth of 18.6 %. This increase was driven primarily by higher exports of motor vehicles and trailers, which accounted for 86.9 % of the growth.

In the first quarter of this year, motor vehicles and trailers worth €1.358 billion were exported, accounting for 15.6 % of total exports. The main markets were Italy and Germany.

The May issue of MAT states that production growth in this sector was boosted by the launch of production of the electric Fiat Grande Panda model at the FCA Serbia factory in Kragujevac at the beginning of last year. Production in this sector is recording both current and year-on-year growth, with growth reaching 52.7 % in March 2026, while the current level of production is significantly higher than last year, the report adds.

In addition to motor vehicles and trailers, exports were also supported by the basic metals sector, rubber and plastic products, food products, and electrical equipment. Conversely, export declines were recorded in other transport equipment, tobacco products, coke and petroleum derivatives, as well as leather and leather goods.

Exports of coke and petroleum derivatives fell by €20.2 million, or 20%.

At the same time, Serbia imported less energy compared with the first quarter of last year, which significantly contributed to the reduction of the deficit at the start of the year. Energy accounted for 11.4 % of total imports, but energy imports fell by 19.7 %, or €287.7 million.

Regarding exports and imports of services, the latest issue of MAT presents data for January and February. The surplus generated by international trade in services amounted to €546.6 million, an increase of €8.5 million, or 1.6%. The positive balance in services trade was driven mainly by exports of telecommunications, computer and information services, which amounted to €713.4 million in the first two months of this year, representing growth of 0.6%, or €4 million.

Reduced trade with the United States

The European Union countries remain Serbia’s main external trade partners, accounting for 59.2% of total trade. Germany is the largest partner with a share of 13.2%, while Italy ranks third with 7.9% . Germany’s share in external trade remained broadly unchanged, whereas Italy’s share increased from 6% last year.

China is Serbia’s second-largest external trade partner, with a share of 11.4%, compared with 10.7% at the beginning of last year.

The share of the United States in Serbia’s external trade fell from 2.2% to 1.5%, which, according to the report, is likely a consequence of that country’s aggressive tariff policy.

(Bloomberg Adria, 11.05.2026)

https://rs.bloombergadria.com/ekonomija/srbija/103855/srpski-izvoz-porastao-u-prvom-kvartalu/news