Montenegro: Visió econòmica i política
Montenegro is a small country open to foreign trade, which represents around 126% of its GDP (World Bank, latest data available). In order to become a WTO member, Montenegro has established major trade policy reforms, which include the elimination of import quotas, the reduction of import licenses and prohibitions, the streamlining of customs procedures, and the elimination of tariff and non-tariff barriers. According to 2022 figures by Monstat, the country mainly exports mineral products (33.8%), base metals and articles of base metal (29.1%), wood, articles of wood; basketware; charcoal; cork (6.9%), machinery and mechanical appliances; electrical equipment (5.8%), products of the chemical or allied industries (5.8%), prepared foodstuffs; beverages; and tobacco (4.2%); while it imports chiefly mineral products (18.7%), machinery and mechanical appliances; electrical equipment (12.6%), prepared foodstuffs; beverages; tobacco (10.9%), base metals and articles of base metal (9.8%), products of the chemical or allied industries (8.6%), vehicles and associated transport equipment (7.5%).
The European Union as a whole is the main trading partner, accounting for 30.3% of total exports and 44.2% of imports (data Monstat 2022). Serbia (21.3%), Bosnia-Herzegovina (12.9%), Slovenia (7.3%), Luxembourg (5.2%), and Italy (4.6%) are the main destinations of Montenegro’s exports, whereas imports come chiefly from Serbia (17.4%), Greece (8.2%), Germany (7.7%), Croatia (6.1%), and Italy (5.6%). Montenegro and the EU signed a Stabilisation and Association Agreement (SAA), which is expected to ultimately lead Montenegro to become a member of the EU.
The country has a structural trade deficit: in 2022, Montenegro exported USD 742 million worth of goods against USD 3.7 billion in imports (+44% and +25.3%, respectively); whereas exports of services (at USD 2.3 billion) were higher than imports (USD 1 billion – data WTO). In the same year, the trade deficit was estimated at 22.8% of the GDP (from 19.4% one year earlier - data World Bank). According to preliminary figures from Monstat, in 2023, Montenegro's trade deficit increased by 10%, reaching EUR 3.13 billion. Exports declined by 3.7% compared to the previous year, totaling EUR 674.3 million in 2023. Meanwhile, imports rose by 7.7% to EUR 3.8 billion.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 2,909 | 2,404 | 2,956 | 3,704 | 4,118 |
Exports of Goods (million USD) | 465 | 419 | 515 | 742 | 679 |
Imports of Services (million USD) | 768 | 574 | 755 | 1,018 | 1,161 |
Exports of Services (million USD) | 1,904 | 778 | 1,882 | 2,370 | 3,001 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 109.6 | 108.8 | 87.0 | 105.0 | 128.7 |
Trade Balance (million USD) | -2,414 | -2,311 | -1,873 | -2,262 | -2,788 |
Trade Balance (Including Service) (million USD) | -1,319 | -1,176 | -1,669 | -1,135 | -1,436 |
Imports of Goods and Services (Annual % Change) | 9.2 | 2.7 | -20.1 | 13.7 | 21.3 |
Exports of Goods and Services (Annual % Change) | 6.9 | 5.8 | -47.6 | 81.9 | 22.7 |
Imports of Goods and Services (in % of GDP) | 66.7 | 65.0 | 61.0 | 62.2 | 76.0 |
Exports of Goods and Services (in % of GDP) | 42.9 | 43.8 | 26.0 | 42.8 | 52.7 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 8.6 | 3.6 | 0.8 | 2.9 | 1.5 |
Volume of imports of goods and services (Annual % change) | 5.2 | 7.0 | 4.6 | 3.5 | 2.8 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
The country has signed a free trade agreement CEFTA which gives it access to the south-east free market, which represents 30 million consumers.
The free trade treaty signed with Russia allows Montenegrin products free access to Russia, that is to a market of 150 million consumers.
Main Customers (% of Exports) |
2023 |
Serbia | 28.6% |
Bosnia and Herzegovina | 11.3% |
Slovenia | 11.0% |
Czech Republic | 4.4% |
Hong Kong SAR, China | 4.3% |
Luxembourg | 4.2% |
Switzerland | 3.8% |
Albania | 3.3% |
Germany | 3.2% |
Poland | 1.8% |
North Macedonia | 1.8% |
United States | 1.5% |
Türkiye | 1.3% |
Hungary | 1.3% |
Latvia | 1.0% |
Spain | 1.0% |
Croatia | 1.0% |
Denmark | 1.0% |
Israel | 0.8% |
Greece | 0.7% |
See More Countries | 40.4% |
Main Suppliers (% of Imports) |
2023 |
Serbia | 17.4% |
China | 11.2% |
Germany | 9.7% |
Greece | 6.5% |
Croatia | 5.9% |
Türkiye | 5.1% |
Bosnia and Herzegovina | 4.8% |
France | 2.4% |
Spain | 2.0% |
Albania | 2.0% |
Poland | 1.9% |
Switzerland | 1.9% |
Netherlands | 1.8% |
Slovenia | 1.6% |
United States | 1.4% |
Czech Republic | 1.2% |
Austria | 1.1% |
Romania | 1.1% |
Malaysia | 1.0% |
North Macedonia | 1.0% |
See More Countries | 49.4% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
2.4 bn USD of services exported in 2022 | |
46.43% | |
32.00% | |
7.97% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 7.61% |
Research and developmentResearch and development | 0.35% |
7.97% | |
2.11% | |
1.63% | |
1.41% | |
0.48% |
1.0 bn USD of services imported in 2022 | |
58.22% | |
17.28% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 16.65% |
Research and developmentResearch and development | 0.84% |
9.21% | |
6.07% | |
3.66% | |
2.83% | |
1.26% | |
0.84% | |
0.63% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Vols fer algun comentari sobre aquest contingut? Escriu-nos.
© eexpand, Tots els drets reservats.
Actualitzacions: May 2024
Utilitzem cookies per assegurar la teva connexió i fer estadístiques sobre el nombre de visites. Per obtenir més informació sobre les cookies i saber com rebutjar-les, visita la nostra pàgina de política de cookies .
Aquesta finestra emergent et permet definir la teva preferència de cookies i decidir quin tipus de cookies vols permetre al teu dispositiu.