Montenegro’s merchandise exports declined sharply in the first five months of 2026, while electricity exports increased, making power one of the stronger-performing categories in the country’s external trade.
Total goods exports fall to €214.8 million
Montenegro exported €214.8 million of goods in January-May, down 9.4% year on year. According to the Ministry of Finance, the decline was partly driven by a 65.8% decrease in exports of other transport equipment and a 27.5% reduction in exports of bauxite mineral ores. The weaker performance of these categories contributed to the overall contraction in merchandise exports during the period.
Electricity exports increase to €63.2 million
Electricity exports developed differently from the broader goods trade. Montenegro exported €63.2 million worth of electricity in the first five months, an increase of 3.3% compared with the corresponding period of 2025.
Electricity therefore accounted for close to three tenths of total reported goods-export value during January-May. Higher domestic electricity production during the period also supported the position of power exports within Montenegro’s merchandise trade.
Export structure remains concentrated
The contrasting movements in electricity and other merchandise categories have increased the relative importance of the power sector in Montenegro’s export base. Electricity provides an export category generating foreign revenue while other significant merchandise segments have recorded declines.
At the same time, electricity exports are linked to domestic generation conditions and regional wholesale electricity prices. Changes in generation conditions can therefore affect the value and availability of electricity for export. The contraction in bauxite mineral-ore exports represents a decline in another established component of Montenegro’s industrial and export structure. Exports of other transport equipment also recorded a substantial reduction, leaving electricity among the categories that increased during the period.
The January-May figures show €63.2 million in electricity exports against total merchandise exports of €214.8 million, while other transport equipment and bauxite mineral ores recorded declines of 65.8% and 27.5%, respectively. The composition of merchandise exports therefore remained concentrated among a relatively limited number of categories, with electricity increasing its relative share as overall goods exports weakened.
