Serbia’s trade deficit narrowed to USD 199.4 million in January 2026 from USD 504.7 million in the corresponding month of the previous year. Exports rose 6.4% year-on-year to USD 2,753.8 million, supported by higher shipments of capital goods (35.7%) and intermediate goods (18%), while shipments of energy (-32.2%), durable consumer goods (-4.0%), non-durable consumer goods (-2.3%), and goods unclassified by MIG destination (-18.2%) decreased. Meanwhile, imports declined 4.5% to USD 2,953.2 million, primarily due to lower purchases of energy (-23.2%), intermediate goods (-1.0%), capital goods (-5.6%), durable consumer goods (-2.2%), and goods unclassified by MIG destination (-0.2%), while imports rose for non-durable consumer goods (5.2%).