Montenegro’s merchandise exports weakened significantly during the first five months of 2026, but electricity moved in the opposite direction.
Total goods exports fell 9.4% year on year to €214.8 million. The Ministry of Finance attributes part of the decline to a 65.8% fall in exports of other transport equipment and a 27.5% decline in exports of bauxite mineral ores.
Electricity exports, by contrast, increased 3.3% to €63.2 million.
The figures underline the increasing importance of the power sector to Montenegro’s merchandise export base. Electricity alone represented close to three tenths of reported goods-export value during the period.
That concentration creates both an opportunity and a vulnerability.
On one side, Montenegro possesses an export category capable of generating foreign revenue while other important merchandise segments are contracting. Higher domestic electricity production during the period also supports that position.
On the other side, an export structure increasingly reliant on electricity can become sensitive to generation conditions and regional wholesale prices. Strong hydro output in one period may improve exports substantially, while unfavourable hydrology could reverse the position.
The decline in bauxite-related exports is particularly relevant from a structural perspective. Mineral resources have historically formed part of Montenegro’s industrial and export identity, while the contraction in transport-equipment exports shows additional weakness outside electricity.
The broader message is that Montenegro’s export challenge is no longer simply about increasing total volume. It is about creating additional export categories capable of approaching the scale and resilience electricity currently provides.
Without that diversification, merchandise trade may remain heavily influenced by a relatively narrow set of sectors whose output can fluctuate substantially from year to year.
