Preliminary statistics from Montenegro’s official statistical agency reveal that the country’s international merchandise trade experienced growth in 2025. However, the trade balance remains heavily weighted towards imports, with exports showing a decline compared to the previous year.
For the entire year of 2025, Montenegro’s total foreign trade in goods reached around €5.03 billion, reflecting an overall increase of 7.2 percent from 2024. This growth indicates heightened trading activity and increased demand for imported goods, driven by ongoing economic expansion and investment flows.
Despite the upward trend in trade volume, the performance of exports and imports varied significantly. Goods exports amounted to €572.3 million, representing a decrease of 7.0 percent year-on-year, which suggests weakening foreign sales in crucial sectors or changes in global demand dynamics. In contrast, goods imports surged, totaling €4.456 billion, an increase of 9.3 percent over the same period. This resulted in a considerable goods trade deficit and a deterioration in export coverage.
The export-to-import coverage ratio fell to 12.8 percent in 2025, down from 15.1 percent in 2024. This indicates that for every €100 of goods imported, Montenegro exported only about €12.80, highlighting persistent structural imbalances within the country’s merchandise trade.
An analysis of trade by product categories reveals that mineral fuels and lubricants, particularly through electricity exports, constituted the largest export group, valued at €136.9 million. This underscores the significance of energy-related products in Montenegro’s export profile, despite the overall decline in merchandise exports.
On the import side, machinery and transport equipment led incoming goods in 2025, with total imports in this category reaching €1,106.2 million. Within this category, road vehicles represented a considerable portion, indicating ongoing investments in transport infrastructure and vehicle fleets.
The primary merchandise export partners for Montenegro in 2025 included Serbia (€153.3 million), Bosnia and Herzegovina (€56.9 million), and Slovenia (€37.7 million). This points to sustained regional integration and trade connections within the Western Balkans and Central Europe. Conversely, leading sources of imports were Serbia (€777.8 million), followed by China (€549.3 million), and Germany (€452.8 million), reflecting strong demand for manufactured goods and capital equipment from both neighboring countries and major global markets.
The data also indicates that Montenegro’s foreign trade remains closely linked to its involvement in regional trade frameworks, with the CEFTA trade area and the European Union being significant trading blocs for both imports and exports regarding overall volume and economic ties.
This data illustrates that while Montenegro’s merchandise trade activity increased in aggregate terms during 2025, the simultaneous decline in exports alongside robust import growth highlights ongoing structural challenges within its trade framework.
