Preliminary data from Monstat on the foreign trade of goods last year show that we continued to export electricity the most, earning 206.8 million EUR from its sales. Statisticians have calculated that there has been a significant decrease in exports of significant Montenegrin products, such as aluminum and bauxite, until a few years ago. On the other hand, the value of imported vehicles increased by 44.4% compared to 2022, while we spent 744.5 million EUR on food imports, which is 17% more than in 2022.
The total foreign trade turnover of Montenegro last year, according to preliminary data from Monstat, amounted to 4.48 billion EUR, which is 5.9% higher compared to 2022.
The value of exported goods was 674.3 million EUR, which is 3.7% less than in 2022. Imports were higher by 7.7% and amounted to 3.8 billion EUR. The trade balance coverage by exports amounted to 17.7% and was lower compared to 2022 when it was 19.8%.
In the export structure, according to the Standard International Trade Classification (SITC), mineral fuels and lubricants (sector 3) were the most represented, amounting to 239.8 million EUR, including electricity with 206.8 million EUR and others.
The value of exported electricity increased by 21.6% compared to 2022 when it was worth 170.16 million EUR.
In addition to the export of electricity, the export of non-ferrous metals, namely aluminum, stands out, which was worth 67.42 million EUR last year, which is even 60% less than in 2022 when that export was worth 171.3 million EUR.
There was also a decline in the export of mineral ores, dominated by bauxite ore, by 27.2% compared to 2022. That export was worth 30.3 million EUR last year, while it was worth 41.7 million EUR in 2022.
The export of food last year amounted to 40.3 million EUR, which is 6.3% less than in 2022.
In food exports, the export of meat and its products dominates with 25.26 million EUR, which is 2.9% lower than in 2022, while the export of fruits and vegetables was worth 7.5 million and decreased by 30.6% compared to 2022.
In the import structure according to SITC, machinery and transport equipment (sector 7) were the most represented, amounting to 885 million EUR, including road vehicles with 329.9 million EUR and others.
The value of imported road vehicles last year was 44.4% higher compared to 2022.
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