Montenegro’s goods trade deficit widened by 54.6 million euros to almost 2.97 billion euros in the first nine months of the year, as imports remained almost eight times higher in value than exports. Preliminary data released by Montenegro’s Statistical Office (Monstat) showed imports of 3.4 billion euros and exports of 434.4 million euros from January to the end of September.
Total goods trade amounted to 3.83 billion euros, up 2.5% from the same period a year earlier. Export value rose 4.8%, an increase of approximately 20 million euros, while imports grew 2.2%, or 74.6 million euros.
The deficit increased by about 1.9%, from 2.91 billion euros to almost 2.97 billion euros. Although exports grew faster than imports and the export coverage ratio improved slightly, the difference between the value of imports and exports was enough to widen the deficit.
Exports covered 12.8 euros of every 100 euros of imports, compared with 12.5 euros a year earlier, an increase of 0.3 percentage points. The data measure trade values and do not show how much of the change came from prices or from changes in quantities.
Energy and goods categories
Electricity imports fell 56.1% to 49.1 million euros from 111.8 million euros, while electricity exports rose 4.2% to 78.5 million euros. Montenegro recorded a surplus of 29.4 million euros in electricity trade, compared with a deficit of 36.5 million euros in the same period of the previous year. That represented an improvement in the electricity trade balance of approximately 65.9 million euros.
Despite the change in electricity trade, the deficit in mineral fuels and lubricants increased from 247.7 million euros to 280.1 million euros. Imports of oil and petroleum products rose 50.9%, or 119.4 million euros, to 354 million euros. Exports of those products increased 92% to 46.8 million euros.
Food and live animal imports totalled 644.8 million euros, 1% higher than a year earlier. Meat and meat preparations accounted for 138.2 million euros of that total, vegetables and fruit for 99.8 million euros, cereals and cereal products for 88.2 million euros, and dairy products and eggs for 79.7 million euros.
Exports of food and live animals rose 20.9% to 48.5 million euros, while the category’s deficit was about 596.4 million euros. Machinery and transport equipment was the largest individual import group, worth 787 million euros, although its value declined 2.6%. Imports of road vehicles amounted to 303.9 million euros.
Trading partners and monthly figures
Serbia was Montenegro’s largest individual trading partner for both exports and imports. Exports to Serbia were worth 105.3 million euros, while imports from the country reached 597.2 million euros, producing a bilateral goods deficit of 491.9 million euros. Bosnia and Herzegovina, with exports of 43.2 million euros, and Slovenia, with 33.5 million euros, were the next-largest export markets.
After Serbia, China was the largest source of imports at 438.4 million euros, followed by Germany at 304.4 million euros. Exports to the European Union rose about 18.9% to almost 150 million euros, increasing the bloc’s share of Montenegro’s total goods exports from 30.4% to 34.5%.
Imports from the EU amounted to 1.54 billion euros, and the goods deficit with the bloc reached 1.39 billion euros. CEFTA signatories accounted for the largest share of Montenegro’s exports, 47.4%, or 205.9 million euros.
In September, exports were 61.5 million euros, about 26.3% higher than in September of the previous year. Imports reached 404.2 million euros and were slightly higher than in the same month a year earlier. The monthly goods deficit narrowed about 3.4%, from 354.8 million euros to 342.7 million euros, but the decrease did not change the nine-month result, when exports covered only slightly more than one-eighth of imports.
