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Monday, April 22, 2024
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Montenegro’s January trade report: Significant export declines in energy and metals

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The external trade in January is characterized by a nearly 50 percent drop in exports, primarily due to a drastic decline in the value of exported electricity by as much as 85 percent. Statisticians have calculated a significant reduction in the export of aluminum and bauxite as well.

According to preliminary data from Monstat, Montenegro’s total external trade in goods in January amounted to 260.8 million euros, which is 13.8 percent less compared to the same period last year. The exported goods were valued at 44 million euros, a decrease of 49.9 percent compared to the corresponding period. Imports increased by one percent, reaching 216.8 million euros. The trade balance coverage by exports was 20.3 percent, half of what it was last year during the same period.

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The export of aluminum was worth 1.34 million euros, representing a 40 percent decline. There was also a 28.6 percent decrease in the export of bauxite, amounting to 1.82 million euros. In the first month, the export of food amounted to 3.38 million euros, which is 3.3 percent more than last year. Meat and its processed products dominated with 2.34 million euros, showing a 17.6 percent increase, while the export of fruits and vegetables in January was valued at 615 thousand euros, decreasing by 11.7 percent.

In the import structure, machinery and transport equipment were most represented, totaling 55.5 million euros, with road vehicles accounting for 20.4 million euros. The value of imported vehicles increased by 31.7 percent, while fuel imports decreased by 2.5 percent to 16.4 million euros.

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In January, 42.34 million euros were spent on food imports, a 3.9 percent increase. Meat imports cost 13.3 million, vegetables and fruits 5.22 million, and cereals and cereal products 4.88 million euros.

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