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Sunday, May 19, 2024
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Montenegro’s trade: Export decline and import increase in 2023

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Montenegro witnessed a 3.7% decline in exports last year, while imports surged by 7.8%, as per the latest data from Monstat. This resulted in a decrease in the trade coverage ratio, which fell to 17.7% in 2023.

According to the final figures released by Monstat, Montenegro’s total foreign trade in goods reached approximately 4.5 billion euros last year, marking a 5.9% increase compared to the previous year.

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The import value into Montenegro was notably higher, standing at five and a half times the value of exports. Specifically, the export of goods amounted to 674.3 million euros, while imports totaled 3.81 billion euros. This led to a decrease in the trade coverage ratio compared to the previous year.

Electricity emerged as the dominant export, with exports totaling nearly 207 million euros. In contrast, imports were largely driven by expenditures on food, totaling around 700 million euros, and vehicle imports valued at 330 million euros.

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Analyzing the export structure based on the Standard International Trade Classification (SITC), Mineral fuels and lubricants (sector 3) emerged as the most prominent, amounting to 244.9 million euros.

On the other hand, Machinery and transport equipment (sector 7) were the primary imports, totaling 885.2 million euros.

Montenegro’s top export partners included Serbia, Bosnia and Herzegovina, and Slovenia, with significant export volumes to these countries. Meanwhile, Serbia, China, and Germany emerged as the leading import partners.

Overall, foreign trade in goods showed the strongest ties with CEFTA signatories and the European Union.

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