Montenegro flag Montenegro: Economic and Political Overview

Foreign trade figures of Montenegro

Foreign Trade in Figures

Montenegro is a small country open to foreign trade, which represents around 119% of its GDP (World Bank, latest data available). In order to become a WTO member, Montenegro has established major trade policy reforms, which include the elimination of import quotas, the reduction of import licenses and prohibitions, the streamlining of customs procedures, and the elimination of tariff and non-tariff barriers. According to 2023 figures by Monstat, the country mainly exports electric current (30.7% of the total), non-ferrous metals (10.7%), cork and wood (6.5%), medicinal and pharmaceutical products (6.2%), beverages (6.2%), and metalliferous ores and metal scrap (5.3%); whereas imports are led by road vehicles (8.7%), petroleum, petroleum products and related materials (8.5%), medicinal and pharmaceutical products (5.0%), meat and meat preparations (4.5%), non-metallic mineral manufactures (4.3%), and miscellaneous manufactured articles (4.2%).

In 2023, the European Union as a whole is the main trading partner, accounting for 36.1% of total exports and 45.8% of imports (data Monstat). On a country level, the main export destinations were Serbia (28.3%), Bosnia-Herzegovina (11.2%), Slovenia (10.9%), Czechia (4.4%), Luxembourg (4.2%), and Kosovo (3.9%), with imports coming chiefly from Serbia (17.4%), Germany (9.7%), Greece (6.4%), Italy (6.1%), and Croatia (5.9%). Montenegro and the EU signed a Stabilisation and Association Agreement (SAA), which is expected to ultimately lead Montenegro to become a member of the EU.

The country has a structural trade deficit: in 2023, Montenegro exported USD 679 million worth of goods against USD 4.1 billion in imports (-8.5% and +11.1%, respectively); whereas exports of services (at USD 3 billion, led by tourism revenues) were higher than imports (USD 1.1 billion – data WTO). In the same year, the trade deficit was estimated at 18.6% of the GDP (from 22.8% one year earlier - data World Bank). According to preliminary figures from Monstat, Montenegro's total external trade in goods for January–December 2024 reached EUR 4,692.8 million, up 4.6% from the same period in 2023. Exports totalled EUR 615.0 million (down 8.8%), while imports stood at EUR 4,077.7 million (up 7.0%).

 
Foreign Trade Values 20202021202220232024
Imports of Goods (million USD) 2,4042,9563,7044,1224,141
Exports of Goods (million USD) 419515742729633
Imports of Services (million USD) 5617451,0121,1481,175
Exports of Services (million USD) 7641,7992,3772,9882,903

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20202021202220232024
Foreign Trade (in % of GDP) 87.0105.0125.9118.5112.4
Trade Balance (million USD) -1,873-2,262-2,788-3,231-3,574
Trade Balance (Including Service) (million USD) -1,669-1,135-1,436-1,398-1,849
Imports of Goods and Services (Annual % Change) -20.113.721.35.95.5
Exports of Goods and Services (Annual % Change) -47.681.922.79.0-3.2
Imports of Goods and Services (in % of GDP) 61.062.274.468.667.5
Exports of Goods and Services (in % of GDP) 26.042.851.550.044.9

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2025 (e)2026 (e)2027 (e)2028 (e)2029 (e)
Volume of exports of goods and services (Annual % change) 2.44.22.82.02.0
Volume of imports of goods and services (Annual % change) 3.63.12.32.12.2

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Montenegro benefits from the European Union ATP protocol (Autonomous Trade Preferences) which allows it to export to the EU without Customs duties on 95% of products.

 

The country has signed a free trade agreement CEFTA which gives it access to the south-east free market, which represents 30 million consumers.

The free trade treaty signed with Russia allows Montenegrin products free access to Russia, that is to a market of 150 million consumers.

 

Main Partner Countries

Main Customers
(% of Exports)
2024
Serbia 30.2%
Bosnia and Herzegovina 7.4%
Switzerland 6.1%
Slovenia 5.2%
Albania 4.8%
See More Countries 46.3%
Main Suppliers
(% of Imports)
2024
Serbia 17.3%
China 11.8%
Germany 10.2%
Italy 6.2%
Greece 5.9%
See More Countries 48.6%

Source: Comtrade, 2025. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

0.7 bn USD of products exported in 2023
Electrical energyElectrical energy 31.0%
Unwrought aluminiumUnwrought aluminium 10.7%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 6.2%
Wood sawn or chipped lengthwise, sliced or peeled,...Wood sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or end-jointed, of a thickness of > 6 mm 4.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.8%
See More Products 44.1%
4.1 bn USD of products imported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 8.3%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 6.1%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.4%
Meat of swine, fresh, chilled or frozenMeat of swine, fresh, chilled or frozen 2.2%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 1.9%
See More Products 78.1%

Source: Comtrade, 2025. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2025. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: October 2025