Montenegro’s international merchandise trade exhibited growth in 2025, according to preliminary data from the country’s official statistical body. However, this expansion was accompanied by a notable decline in exports, as imports surged, resulting in a significant trade imbalance.
For the entire year of January to December 2025, Montenegro’s total foreign trade in goods reached approximately €5.03 billion, reflecting a 7.2 percent increase compared to 2024. This rise indicates heightened trade activity and increased demand for imported goods, driven by ongoing economic growth and investment inflows.
Despite the overall increase in trade volume, the performance of exports and imports varied significantly. Goods exports totaled €572.3 million, which marked a decline of about 7.0 percent year-on-year, suggesting weakening foreign sales in critical sectors or shifts in global demand. Conversely, imports rose sharply to €4.456 billion, an increase of 9.3 percent over the same period, leading to a substantial goods trade deficit and a deterioration in export coverage.
The export-to-import coverage ratio fell to 12.8 percent in 2025, down from 15.1 percent in 2024. This statistic indicates that for every €100 worth of goods imported by Montenegro, only about €12.80 was exported, highlighting persistent structural imbalances within the country’s merchandise trade.
In terms of product categories, mineral fuels and lubricants emerged as the largest export group, particularly driven by electricity exports valued at €136.9 million. This underscores the significance of energy-related goods within Montenegro’s export profile despite the overall decline in merchandise exports.
On the import side, machinery and transport equipment led the incoming goods category with imports totaling €1,106.2 million. A significant portion of these imports consisted of road vehicles, reflecting ongoing investments in transport infrastructure and vehicle fleets.
Montenegro’s primary merchandise export partners for 2025 included Serbia (€153.3 million), Bosnia and Herzegovina (€56.9 million), and Slovenia (€37.7 million), indicating strong regional trade connections within the Western Balkans and Central Europe. In contrast, the main sources of imports were Serbia (€777.8 million), China (€549.3 million), and Germany (€452.8 million), highlighting a robust demand for manufactured goods and capital equipment from both regional neighbors and major global markets.
The report also emphasizes that Montenegro’s foreign trade remains closely linked to its participation in regional trade frameworks such as CEFTA and its relationship with the European Union, which are crucial for both imports and exports in terms of volume and economic ties.
In conclusion, while Montenegro’s merchandise trade activity grew overall in 2025, the decline in exports alongside stronger import growth points to ongoing structural challenges that need addressing. Policymakers are urged to focus on export diversification, enhancing industrial output quality, and stimulating external demand as Montenegro continues its integration with regional markets and global value chains.
