Preliminary data from Montenegro’s national statistical office indicates that the country’s total foreign trade in goods reached approximately €5.03 billion in 2025. This figure represents a growth of about 7.2 percent compared to the previous year, primarily driven by an increase in imports.
Imports surged by around 9.3 percent year-on-year, totaling an estimated €4.46 billion, while exports saw a decline of roughly 7 percent, amounting to approximately €572 million. Consequently, the export-to-import coverage ratio decreased to about 12.8 percent from over 15 percent the prior year, reflecting a widening trade deficit.
The export structure remained concentrated within a limited number of categories. Mineral fuels and lubricants, predominantly electricity exports, constituted the largest segment of outbound trade. The performance of exports continued to be influenced by energy market conditions and hydrological factors affecting electricity production and its cross-border sales.
Machinery and transport equipment were the leading imports, with road vehicles making up a considerable portion. Additionally, imports of consumer goods, industrial inputs, and energy products significantly contributed to the overall growth in trade, highlighting Montenegro’s reliance on foreign supplies for both consumption and investment.
Montenegro’s trade relationships with regional partners remained significant. Serbia emerged as the top destination for exports, followed by Bosnia and Herzegovina and Slovenia. In terms of imports, Serbia was also the largest supplier, alongside China and Germany, illustrating a blend of regional integration and dependence on major global manufacturing nations.
The 2025 trade figures underscore persistent structural characteristics within Montenegro’s economy, where imports consistently outstrip exports due to a narrow production base and strong demand for foreign goods. Although the rise in total trade volume points to active economic engagement, the growing imbalance between imports and exports poses challenges for external balance and emphasizes the need for expanding and diversifying export capabilities.
