Montenegro’s merchandise trade deficit reached approximately 2.965 billion euros in the first nine months of 2026, as imports of 3.399 billion euros far exceeded exports of 434.4 million euros, according to trade figures. Total goods trade amounted to 3.834 billion euros, up 2.5% year on year.
Exports grew 4.8% from a year earlier, compared with 2.2% growth in imports. The export-to-import coverage ratio rose to 12.8% from 12.5%, but imports continued to substantially exceed exports, leaving the trade imbalance in place.
Machinery and transport equipment were the largest import category, worth 787 million euros, while road vehicles accounted for 303.9 million euros. Mineral fuels and related materials generated 130.5 million euros in exports, and electric power accounted for 78.5 million euros. Electricity had become an important trade item, but its exports did not offset imports of machinery, consumer goods and other merchandise.
Serbia was Montenegro’s largest individual trading partner for both exports and imports. Montenegro exported 105.3 million euros in goods to Serbia and imported 597.2 million euros. China supplied 438.4 million euros of imports, while imports from Germany totalled 304.4 million euros.
The regional importance of CEFTA markets and the European Union highlights the value of reliable transport, transparent customs procedures and predictable standards. The World Bank’s October Western Balkans report said non-tariff barriers and services costs continue to constrain regional exporters. Its estimates cover the Western Balkans as a whole, not Montenegro alone, but the report’s diagnosis was described as relevant to Montenegro as a small economy seeking to develop export-oriented firms.
A lasting reduction in the deficit would require broader domestic production, stronger services exports and investment capable of competing internationally, rather than simply slower import growth.
