In 2025, Montenegro’s merchandise trade experienced notable growth primarily driven by a surge in imports, despite a decline in exports. This trend has resulted in an increasing trade imbalance, highlighting the country’s ongoing dependence on foreign markets for goods.
Official data from MONSTAT indicates that the total value of Montenegro’s merchandise trade reached €5.03 billion from January to December 2025, marking a 7.2 percent increase compared to the previous year. This growth reflects heightened commercial activity, bolstered by investment demand and consumer spending.
Contrary to the overall trade expansion, goods exports fell to €572.3 million, which is a 7.0 percent decrease from 2024. This decline underscores the challenges faced by Montenegrin producers in competing internationally and meeting regional demand, emphasizing the need for improved export diversification and competitiveness.
On the other hand, imports saw a significant rise, totaling €4.456 billion, an increase of 9.3 percent year-on-year. The growth in imports was broad-based, particularly noticeable in machinery and transport equipment, which are essential for investment and infrastructure development within the country.
The export-to-import coverage ratio, an important indicator of trade balance health, deteriorated in 2025. Montenegro exported only €12.8 worth of goods for every €100 worth of imports, down from 15.1 percent in 2024. This widening gap highlights persistent structural imbalances in trade and the economy’s heavy reliance on foreign goods.
In terms of trade partners, Serbia emerged as Montenegro’s largest export market with exports valued at €153.3 million, followed by Bosnia and Herzegovina at €56.9 million, and Slovenia at €37.7 million. Conversely, Serbia also topped the list of import sources with imports worth €777.8 million, followed by China at €549.3 million, and Germany at €452.8 million. These figures illustrate Montenegro’s deep-rooted trade connections within the region.
The largest export category was comprised of mineral fuels and lubricants, with electricity exports contributing significantly to a total value of €136.9 million. In contrast, machinery and transport equipment dominated import categories, particularly road vehicles, which accounted for €1,106.2 million, reflecting ongoing investments and business activities.
The MONSTAT report further emphasizes that Montenegro’s merchandise trade is closely linked to regional and European markets, with the European Union and CEFTA (Central European Free Trade Agreement) areas being crucial for both imports and exports.
The disparity between rising imports and falling exports presents a significant challenge for Montenegrin policymakers. While increased trade volumes can indicate economic growth, the persistent trade deficit driven by external purchases necessitates targeted strategies to enhance export competitiveness and stimulate domestic production.
The 2025 merchandise trade data encapsulates a complex narrative within Montenegro’s economy: sustained demand for foreign goods coupled with ongoing pressures on local exporters to expand their market presence internationally. Addressing these imbalances is vital for fostering long-term economic growth.
