During the first half of 2026, Montenegro reported a merchandise trade deficit of approximately €2.3 billion, highlighting ongoing challenges in the country’s domestic production and export sectors.
In this period, goods exports fell by 4.4% compared to the same timeframe in 2025, while imports rose by 3.4%. Export revenues accounted for only 12% of the total import costs, indicating a worsening trend in one of Montenegro’s critical macroeconomic issues.
The widening deficit occurred despite a significant decrease in electricity imports, which dropped by about 60% from the previous year. This reduction followed exceptionally high energy purchases in 2025 due to an extended outage and ongoing reconstruction at the Pljevlja thermal power plant.
Food imports alone reached around €460 million within six months, underscoring the limited capacity of domestic agriculture and food processing to meet the demands of a tourism-driven economy that sees increased consumption during the summer months.
Montenegro mitigates its goods deficit through revenues from tourism, transport services, foreign investment, and remittances. However, much of the demand generated by tourism is directed towards imported food, beverages, equipment, vehicles, and construction materials, which diminishes the domestic economic benefits from a strong visitor season.
This significant trade deficit heightens vulnerability to imported inflation. Fluctuations in international prices for commodities, transportation, or fuel can quickly translate into higher consumer prices due to the limited capacity of local producers to substitute imported goods.
The current data does not suggest an imminent external financing crisis for Montenegro, thanks to its use of the euro and sustained inflows from tourism and real estate sectors. However, it indicates that overall economic growth remains largely reliant on consumption funded by service exports and foreign capital rather than an expanding merchandise-export industry.
