The total volume of foreign trade of Montenegro in the first five months of this year reached €1.16 billion, which is 3.3% more compared to the same period last year. According to MONSTAT, Montenegro exported goods worth €155.3 million and imported €1.01 billion.
Trade Balance Remains Negative
As we can see, imports are almost seven times higher than exports, which means the trade balance is negative. However, this “loss” is more than covered by tourism and real estate investments.
What Montenegro Exports and Imports
Interestingly, the main exports are raw materials, iron, and metal. Until recently, I was sure that Montenegro’s main exports were wine and prosciutto, but MONSTAT shows otherwise.
When it comes to imports, the largest expenses go toward machinery and transportation equipment, including various transport-related goods.
Montenegro’s Key Trade Partners
The main export destinations are:
- Serbia (€38.2 million)
- Hungary (€19.5 million)
- Bosnia (€14.4 million)
The top import sources are:
- Serbia (€185 million)
- Germany (€94 million)
- China (€88.6 million)
Conclusion
In general, Montenegro’s export volume remains low. This confirms what many already know — there is little local production. For the country’s development, this is a disadvantage. However, for foreigners like us, it may be seen as a benefit, since it contributes to better environmental conditions.
It also becomes clear that the “gap” in the trade balance must be filled by other sources of income — namely, tourism (which grows by 10% annually) and real estate sales.
