Montenegro’s total foreign trade in goods reached €4.7 billion in 2023, marking a 4.6% increase compared to the previous year, according to final data released by the country’s Statistical Office, MONSTAT.
Exports amounted to €615 million, while imports reached €4.1 billion.
“Compared to the same period in the previous year, exports decreased by 8.8%, while imports rose by 7%. The export-to-import coverage ratio stood at 15.1%, down from 17.7% a year earlier,” MONSTAT stated.
In terms of export composition, based on the Standard International Trade Classification (SITC), the most significant category was Mineral Fuels and Lubricants (Section 3), totaling €154.4 million. This category was largely driven by electricity exports, which alone accounted for €114.7 million.
On the import side, the dominant category was Machinery and Transport Equipment (Section 7), with a total value of €991.5 million. Within this category, Road Vehicles were the largest component, amounting to €382.7 million.
Montenegro’s top export partners in 2023 were Serbia (€184.5 million), Bosnia and Herzegovina (€45.2 million), and Switzerland (€37.2 million).
For imports, the leading trade partners were Serbia (€699.6 million), China (€480.8 million), and Germany (€414 million).
The highest volume of foreign trade was conducted with CEFTA member states and the European Union.
