Xifres de comerç exterior de Montenegro

Foreign Trade in Figures

Montenegro is a small country open to foreign trade, which represents around 86% 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 licences and prohibitions, the streamlining of customs procedures and the elimination of tariff and non-tariff barriers. The country mainly exports are unwrought aluminium (15.7%), electrical energy (13,9%), medicaments (6.6%), and wood sawn (5.8%); while it imports chiefly petroleum oils (5%), medicament (3.9%) motor cars (3.3%), and electrical apparatus(2.1%), even though imports are much diversified, reflecting the openness of the country and the weakness of its national production base. As for most of the countries in the world, in 2021 Montenegro’s international trade was seriously disrupted by the COVID-19 pandemic, with a reduction of foreign trade ratio on GDP of 22.2 (IMF). However, according to the Montenegro Foreign Investors’ Council goods and services exports will support growth this year more than in previous years. They will benefit from a recovery in commodity prices (aluminium) and an improvement in tourism. However, imports will increase more rapidly due to the needs of infrastructure projects. The trade balance will therefore contribute negatively to growth, but less than previously.
 
According to the latest figures available from Comtrade, Serbia (29.3%), Slovenia(10%), Hungary (6.3%) and Bosnia and Herzegovina (6.2%)were the main trading partners for exports. The main countries of origin for Montenegro’s imports were Serbia (19.8%), China (10.4%), Germany (9.7%) and Italy (6.4%). Overall, the European Union accounts for 44% of the country’s exports and 48.5% of its imports. Montenegro and the EU signed a Stabilisation and Association Agreement (SAA) on 15 October 2007, which is expected to ultimately lead Montenegro to become a member of the EU.
Montenegro has a strong, structural trade deficit which amounted to -1,662 million USD in 2020 (Latest data available World Bank). Year on Year evolution of Imports of goods and services resulted to a 19.5% decrease, while exports resulted to -48,9% year on year.