Montenegro’s foreign trade in goods experienced an overall increase in 2025, primarily attributed to heightened import activity, despite a decrease in exports. This shift has resulted in a widening trade deficit, indicating the country’s ongoing dependence on international markets for merchandise.
According to data from MONSTAT, the total value of Montenegro’s merchandise trade reached €5.03 billion from January to December 2025, reflecting a 7.2 percent rise compared to the previous year. This growth is indicative of increased commercial activity, driven by investment demands and consumer spending.
However, the year saw a decline in goods exports, which totaled €572.3 million, representing a 7.0 percent drop from 2024. This reduction highlights the persistent challenges faced by Montenegrin producers in competing within foreign markets and fulfilling regional demand, emphasizing the need for improved export diversification and competitiveness.
On the other hand, imports surged significantly, amounting to €4.456 billion, marking a year-on-year increase of 9.3 percent. The growth in imports was widespread but particularly notable in categories such as machinery and transport equipment, which are essential for investment and infrastructure development.
The export-to-import coverage ratio, an important indicator of trade balance health, declined in 2025. Montenegro exported only €12.8 worth of goods for every €100 worth of imports, down from 15.1 percent in 2024. This widening gap underscores ongoing structural trade imbalances and highlights the economy’s heavy reliance on foreign-produced goods.
In terms of trade partners, Serbia remained Montenegro’s largest export market, with exports valued at €153.3 million, followed by Bosnia and Herzegovina at €56.9 million, and Slovenia at €37.7 million. On the import side, Serbia also topped the list as the main supplier, with imports reaching €777.8 million, followed by China at €549.3 million, and Germany at €452.8 million. These figures reflect Montenegro’s strong trade connections within the region and its reliance on both neighboring and global supply chains.
By commodity group, the largest export category was mineral fuels and lubricants, including significant electricity exports valued at €136.9 million. In contrast, machinery and transport equipment led import categories, with road vehicles accounting for a substantial portion of total imports at €1,106.2 million, highlighting ongoing investment needs and transport fleet expansions.
The MONSTAT report also indicated that Montenegro’s merchandise trade is closely linked to regional and European markets. The European Union and the CEFTA (Central European Free Trade Agreement) area continue to dominate Montenegro’s trade flows, with substantial volumes of both imports and exports occurring within these frameworks.
The disparity between rising imports and falling exports presents a significant policy challenge for Montenegrin authorities. While increased trade volumes can signal economic growth, the persistent trade deficit driven by external purchases rather than domestic sales underscores the necessity for targeted strategies aimed at enhancing export competitiveness, stimulating production in tradable sectors, and fostering integration into higher value-added segments of international markets.
The 2025 merchandise trade statistics illustrate a dual dynamic within Montenegro’s economy: sustained demand for foreign goods alongside ongoing pressures on domestic exporters to secure a larger market share internationally. Addressing these trade imbalances remains crucial for strengthening long-term economic growth prospects.
