Montenegro’s foreign trade in goods has reached approximately €5.03 billion in 2025, marking a year-on-year increase of about 7.2 percent, as reported by the national statistical office. This growth is largely attributed to a significant rise in imports, which have outpaced exports and contributed to a widening trade deficit.
Imports surged by roughly 9.3 percent compared to the previous year, totaling an estimated €4.46 billion, while exports experienced a decline of around 7 percent, amounting to approximately €572 million. Consequently, the export-to-import coverage ratio fell to about 12.8 percent from over 15 percent in the prior year, highlighting the ongoing trade imbalance faced by the country.
The export structure remains heavily reliant on a limited range of categories. The largest share of exports was attributed to mineral fuels and lubricants, particularly electricity. The performance of these exports has been influenced by fluctuating energy market conditions and hydrological factors that affect electricity production and cross-border sales.
On the import front, machinery and transport equipment were predominant, with road vehicles representing a significant portion. Additionally, imports of consumer goods, industrial inputs, and energy products have played a crucial role in driving the overall increase in trade volume, underscoring Montenegro’s substantial dependence on foreign supplies for consumption and investment.
Regional trading partners have remained vital to Montenegro’s trade dynamics. Serbia emerged as the top destination for Montenegrin exports, followed by Bosnia and Herzegovina and Slovenia. In terms of imports, Serbia was also the largest supplier, alongside China and Germany, reflecting both regional integration and reliance on major global manufacturing economies.
The data from 2025 highlights persistent structural characteristics within Montenegro’s economy, where imports consistently surpass exports due to a limited production base and high demand for foreign goods. While the increase in total trade volume suggests active economic engagement, the growing disparity between imports and exports poses challenges for external balance and emphasizes the need for enhancing and diversifying export capacities.
