Montenegro recorded €3.399 billion in merchandise imports and €434.4 million in exports during the first nine months of 2026, leaving a trade deficit of approximately €2.965 billion. Total goods trade increased by 2.5% year on year to €3.834 billion, according to preliminary MONSTAT data.
Exports rose by 4.8%, outpacing the 2.2% increase in imports. As a result, export revenues covered 12.8% of import costs, compared with 12.5% in the same period a year earlier.
Machinery and transport equipment represented the largest import category, with a value of €787 million. This included €303.9 million worth of road vehicles. Mineral fuels and related materials led merchandise exports, generating €130.5 million, of which electric power accounted for €78.5 million.
Electricity is an important component of Montenegro’s export trade, but the value of these shipments remains considerably below the country’s expenditure on the wider range of imported machinery, consumer goods and other merchandise.
Serbia was Montenegro’s largest individual trading partner for both exports and imports. Montenegrin exports to Serbia amounted to €105.3 million, while imports from the country reached €597.2 million.
China and Germany were also among the leading sources of imported goods, supplying €438.4 million and €304.4 million, respectively.
Trade with CEFTA markets and the European Union remains relevant to Montenegro’s regional commercial links, including the reliability of transport connections, customs procedures and the application of predictable standards. The World Bank’s October Western Balkans report identifies non-tariff barriers and services-related costs as continuing constraints on regional exporters. Its findings concern the region as a whole rather than Montenegro specifically, but address challenges relevant to smaller economies seeking to expand export-oriented businesses.
