Montenegro recorded a €2.62 billion goods trade deficit in the first eight months of 2026 as merchandise imports approached €3 billion, while export growth remained limited. Preliminary MONSTAT data show that total merchandise trade increased 2.4% year on year to €3.37 billion during January-August.
Exports rose 2.0% to €372.9 million, while imports increased 2.5% to €2.994 billion. Export revenues covered only 12.5% of import value, leaving the coverage ratio unchanged compared with the same period a year earlier.
Machinery and vehicles lead import categories
Machinery and transport equipment accounted for €694.8 million of imports during the period. Road vehicles represented €269.6 million of that amount, reflecting demand for cars, construction equipment and other investment goods. The composition of imports indicates that part of the increase was associated with investment rather than consumption alone, particularly through purchases of machinery, vehicles and equipment.
Electricity supports export growth
On the export side, mineral fuels and lubricants generated €113.3 million, including approximately €73.6 million from electricity exports. The contribution from electricity improved as domestic generation recovered from the disruption caused by the extended reconstruction of the Pljevlja thermal power plant in 2025. Despite stronger energy exports, overall merchandise export growth remained below the rate of import growth.
Serbia remains largest trading partner
Montenegro’s merchandise trade remained concentrated among several major trading partners. Serbia was the country’s largest individual export market and source of imports. Montenegro exported €90.8 million of goods to Serbia while imports from the country reached €524.1 million.
China supplied a further €384.4 million of goods to Montenegro, while imports from Germany amounted to €270.2 million.
Services remain important for external balance
The January-August figures show merchandise imports continuing to increase faster than exports, even with higher electricity sales. Montenegro’s external position therefore remains heavily reliant on tourism and other service exports to offset the substantial merchandise trade gap.
EU accession and planned investment in energy, transport and logistics could gradually increase export capacity, particularly through electricity and regional trade links. For the first eight months of 2026, however, goods exports remained far below imports, with the merchandise deficit already exceeding €2.6 billion.
