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Tuesday, May 28, 2024
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Montenegro sees drop in exports during initial two months, reflecting trade changes

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During the initial two months of this year, Montenegro’s foreign trade has witnessed a notable downturn, primarily attributed to a significant drop in export figures. Notably, the value of exported electricity plummeted by a staggering 81.1 percent, equating to an 81 million euro reduction compared to the corresponding period last year.

Statistical analysis indicates a marked decrease in aluminum exports, once a cornerstone of Montenegro’s export portfolio. Conversely, there has been a noteworthy surge in the importation of vehicles, which saw a 40.9 percent increase in value during January and February. Additionally, expenditures on food imports totaled 97.66 million euros, reflecting a 6.3 percent rise compared to the same period last year.

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Preliminary data from Monstat reveals that Montenegro’s total foreign trade in goods for the first two months amounted to 637.3 million euros, representing a modest 0.4 percent increase compared to the previous year. However, the value of exported goods saw a significant decline, dropping by 31.9 percent to 107.9 million euros, while imports surged by 11.2 percent, reaching 529.4 million euros. Consequently, the coverage of imports by exports experienced a notable decline from 33 to 20.4 percent.

In terms of export composition, machinery and transport equipment emerged as the primary categories, accounting for 34.2 million euros, followed by other transport vehicles and equipment totaling 26 million euros. Notably, the value of exported electricity witnessed a substantial decrease to 18.8 million euros, marking an 81.1 percent decline compared to the same period last year.

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Furthermore, there was a considerable reduction in aluminum exports, which amounted to 9.9 million euros in the first two months, representing a 44.6 percent decrease compared to the previous year. Conversely, bauxite exports experienced a notable uptick, rising by 89 percent compared to the same period last year, reaching a value of 8.8 million euros.

In the realm of food exports, a positive trend was observed with a total value of 6.9 million euros, showcasing a 19.8 percent increase compared to the previous year. Notably, meat and meat products dominated food exports, recording a 49.8 percent increase compared to the same period last year.

On the import side, machinery and transport equipment remained predominant, with a total value of 137.9 million euros, notably driven by a surge in road vehicle imports. Importation of petroleum products saw a slight decrease to 38.6 million euros. Additionally, expenditures on food imports increased to 97.6 million euros, with notable expenses allocated to meat, vegetables, fruits, cereals, and cereal products.

In terms of trade partners, Serbia, the Czech Republic, and Poland emerged as the primary export destinations, while Serbia, China, and Germany dominated imports.

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