Xifres de comerç exterior de Montenegro

Foreign Trade in Figures

Montenegro is a small country open to foreign trade, which represents around 105% 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. According to 2021 figures by Monstat, the country mainly exports non-ferrous metals (18.7%), electric current (14.7%), metalliferous ores and metal scrap (13.5%), and cork and wood (8%); while it imports chiefly petroleum oils (7.8%), medicament (6.2%) motor cars (5.9%), and electrical machinery (4.1%), even though imports are much diversified, reflecting the openness of the country and the weakness of its national production base.

The European Union as a whole is the main trading partner, accounting for 31.1% of total exports and 45.6% of imports (data Monstat 2021). Serbia (24.5%), Bosnia-Herzegovina (7.6%), Italy (5.8%), Kosovo  (5.4%), and Slovenia (5%) are the main destinations of Montenegro’s exports, whereas imports come chiefly from Serbia (20%), Germany (9.2%), Italy (6.2%), Greece (5.9%), and Croatia (5.5%). 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.

The country has a structural trade deficit: in 2021, Montenegro exported USD 515 million worth of goods against USD 2.9 billion in imports (+22.9% and +23%, respectively); whereas exports of services (at USD 1.8 billion) were higher than imports (USD 755 million – data WTO). In the same year, the trade deficit was estimated at 19.4% of the GDP (data World Bank). According to preliminary figures from Monstat, in 2022 the value of exports of goods was EUR 700.2 million and that of imports was EUR 3,5 billion. Compared to the same period one year earlier, exports increased by 60.2%, while imports rose by 41.3%. The coverage of import by export was 19.8% and it was higher compared to the coverage for the same period of the previous year (17.4%).