In the first eight months of 2026, Montenegro recorded a goods trade deficit of approximately €2.62 billion, with total imports nearing €3 billion. This period saw modest growth in exports, contributing to the ongoing trade imbalance.
Preliminary data from MONSTAT indicates that total merchandise trade rose by 2.4% year on year, reaching €3.37 billion from January to August. Exports increased by 2.0% to €372.9 million, while imports rose by 2.5% to €2.994 billion.
The coverage of exports against imports remained static at 12.5%, unchanged from the previous year. A significant portion of imports was attributed to machinery and transport equipment, which accounted for €694.8 million, including €269.6 million in road vehicles. This reflects a robust demand for cars and construction-related equipment.
On the export front, mineral fuels and lubricants yielded €113.3 million, with electricity exports contributing approximately €73.6 million. The recovery in electricity generation was noted following disruptions caused by the extensive reconstruction of the Pljevlja thermal power plant in 2025.
The trade dynamics indicate a concentration around key trading partners. Notably, Serbia emerged as Montenegro’s largest market and supplier, importing €90.8 million in goods while exporting €524.1 million. Additionally, China accounted for €384.4 million in imports, and Germany supplied €270.2 million.
The figures reveal that imports continue to outpace exports, despite an increase in energy sales. This trend is partially driven by investments in machinery and vehicles rather than mere consumption.
Montenegro’s external economic position remains heavily reliant on tourism and service exports to mitigate the merchandise trade deficit. Prospects for EU accession and anticipated investments in energy, transport, and logistics may gradually enhance export capabilities, particularly through electricity and regional trade connections.
The data for January to August indicates little change in the trade balance, with goods exports growing but insufficiently to narrow a deficit exceeding €2.6 billion.
