Montenegro’s merchandise trade deficit reached approximately 2.965 billion euros in the first nine months of 2026, as imports of 3.399 billion euros far exceeded exports of 434.4 million euros, trade figures covering the period show. Total goods trade amounted to 3.834 billion euros, up 2.5% year on year. Exports grew 4.8%, while imports rose 2.2%. The export-to-import coverage ratio increased to 12.8% from 12.5%, but imports remained substantially higher.
Machinery and transport equipment were the largest import category, at 787 million euros, including 303.9 million euros in road vehicles. Mineral fuels and related materials generated 130.5 million euros in exports, of which electric power accounted for 78.5 million euros.
Serbia was Montenegro’s largest individual trade partner for both exports and imports. Montenegro exported 105.3 million euros in goods to Serbia and imported 597.2 million euros. China supplied 438.4 million euros of imports, while Germany supplied 304.4 million euros.
Electricity had become an important trade item, but its exports did not offset the wider range of imported machinery, consumer goods and other merchandise. The regional importance of CEFTA markets and the European Union also highlights the value of reliable transport, transparent customs procedures and predictable standards.
The World Bank’s October Western Balkans report said non-tariff barriers and services costs continue to constrain regional exporters. Its estimates cover the Western Balkans as a whole, not Montenegro alone, but its diagnosis was described as relevant to Montenegro as a small economy seeking to develop export-oriented firms.
A lasting reduction in the deficit would require broader domestic production, stronger services exports and investment capable of competing internationally, rather than simply slower import growth.
