Montenegro recorded a merchandise trade deficit of €2.97 billion in the first nine months of 2026, as imports reached approximately €3.4 billion and exports totalled €434.4 million, according to MONSTAT data.
Although exports grew faster than imports, the difference was not sufficient to significantly reduce the gap. Exports increased 4.8% year on year, while imports rose by 2.2%. Export revenues covered just 12.8% of import expenditure, with the deficit expanding by approximately €54.6 million compared with the same period a year earlier.
Serbia remained Montenegro’s largest supplier of imported goods, with deliveries worth approximately €597.2 million. China ranked second, accounting for imports of €438.4 million. Electricity was among the contributors to export revenue, generating approximately €78.5 million in sales abroad. Montenegro continued to record substantial energy imports, with purchases of oil and petroleum products reaching around €354 million, up 50.9%.
The figures highlight the contrast between electricity exports and continued dependence on imported fuels, leaving the economy exposed to movements in international energy prices despite the development of additional domestic renewable-electricity capacity.
The merchandise trade balance does not include tourism and other services, which generate significant foreign-currency income and partly offset the goods deficit in the broader current account. Montenegro nevertheless remains heavily dependent on imported consumer goods, vehicles, machinery, fuel and a substantial share of construction materials. Growth in tourism, property investment and household consumption can therefore increase economic activity while also driving higher demand for foreign products.
The same pattern applies to investment projects. Hotel developments, road construction and renewable-energy investments generate domestic economic activity but frequently require imported machinery and equipment before producing future revenue.
Expanding export capacity therefore depends on the development of sectors that can generate recurring income from international markets. Electricity, tourism, logistics, digital services and selected manufacturing activities represent potential sources of export revenue.
EU accession could improve access to external markets, but membership alone would not fundamentally alter Montenegro’s trade structure. Domestic companies would still need to develop the capacity to supply goods and services competitively beyond the domestic market.
With imports remaining nearly eight times higher than exports, the first nine months of 2026 continued to show the scale of Montenegro’s merchandise trade imbalance.
