Serbia Traded Most with the EU – Vojvodina Led Exports, Energy Products Shaped Regional Trade

Serbia’s total foreign trade in goods reached EUR 74.94 billion in 2025, an increase of 7.7 percent compared with the previous year, according to final data from the Statistical Office of the Republic of Serbia.

During the year, Serbia exported goods worth EUR 33.07 billion, up 8.4 percent, while imports increased by 7.2 percent to EUR 41.86 billion.

By region, Vojvodina accounted for the largest share of Serbia’s exports, at 32.2 percent. It was followed by the Region of Šumadija and Western Serbia with 22.5 percent, the Belgrade Region with 22.1 percent, and the Region of Southern and Eastern Serbia with 21.9 percent. The remaining 1.4 percent of exports was not allocated by territory.

The export-to-import coverage ratio improved slightly, from 78.2 to 79 percent, meaning that for every EUR 100 worth of goods imported, Serbia exported goods worth EUR 79.

Imports were considerably more concentrated in the Belgrade Region, which accounted for 45.4 percent of Serbia’s total imports. Vojvodina had a share of 29.4 percent, Šumadija and Western Serbia 14.5 percent, and Southern and Eastern Serbia 8.8 percent. Around 1.9 percent of imports was not allocated by territory.

The regional figures should, however, be interpreted with some caution, as exports and imports are recorded according to the registered office of the owner of the goods at the time the customs declaration is accepted, and not necessarily according to where the goods were produced or will be used. For example, imports of oil and gas are largely recorded in Vojvodina and the Belgrade Region, although these energy products are intended for consumption throughout Serbia.

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Trading Partners

The European Union remained Serbia’s most important trading partner, accounting for 58.3 percent of total trade in goods. Serbia exported the highest value of goods to Germany, Italy, Bosnia and Herzegovina, China and Hungary, while the largest import values were recorded from China, Germany, Italy, Türkiye and Hungary.

The CEFTA countries were Serbia’s second most important foreign trade partner. Serbia exported goods worth EUR 4.88 billion to these markets, while imports amounted to EUR 1.92 billion. This resulted in a surplus of almost EUR 3 billion, with exports more than two and a half times higher than imports.

In trade with Montenegro, Serbia mainly exported electricity and medicines for retail sale, while electricity and dried pork were the leading imported products.

Serbia’s main exports to Bosnia and Herzegovina were gas oils and electricity, while electricity and non-agglomerated lignite were the leading imports from that country. In trade with North Macedonia, electricity and electrical conductors were among the main export products, while electricity and supported catalysts dominated imports.

Energy products therefore played an important role in Serbia’s trade with neighbouring countries. Electricity was among the leading products on both the export and import sides, pointing to two-way regional trade shaped by production, consumption, prices and the needs of national power systems throughout the year. Petroleum products also played an important role, particularly gas oils exported to Bosnia and Herzegovina, as well as lignite imported from that country.

Serbia also recorded trade surpluses with Bulgaria, Slovakia and the Czech Republic. The largest deficit was recorded in trade with China, mainly due to imports of mobile phones and laptop computers. Larger deficits were also recorded in trade with Türkiye, Kazakhstan and Poland.

The data do not include the Autonomous Province of Kosovo and Metohija, as the Statistical Office of the Republic of Serbia has not had access to data for the territory since 1999.

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