Preliminary data from Monstat on foreign trade in goods for the previous year show that once again, the highest export revenue was from electricity, earning 206.8 million euros from its sale. Statisticians have calculated a significant decrease in exports compared to previous years, particularly of significant Montenegrin export products such as aluminum and bauxite. On the other hand, the value of imported vehicles increased by 44.4% compared to 2022, while food imports amounted to 744.5 million euros, which is 17% higher than in 2022.
The total foreign trade in goods of Montenegro in the previous year, according to preliminary data from Monstat, amounted to 4.48 billion euros, which is 5.9% higher than in 2022.
Exports amounted to goods worth 674.3 million euros, which is 3.7% less than in 2022. Imports were higher by 7.7% and amounted to 3.8 billion euros. The trade balance coverage ratio was 17.7%, lower than in 2022 when it was 19.8%.
In the export structure, according to the Standard International Trade Classification (SITC), mineral fuels and lubricants (sector 3) were the most represented, amounting to 239.8 million euros, including electricity with 206.8 million euros and others.
The value of exported electricity increased by 21.6% in the previous year compared to 2022 when it was worth 170.16 million euros.
In addition to the export of electricity, the export of non-ferrous metals, namely aluminum, stood out, with a value of 67.42 million euros last year, which is even 60% less than in 2022 when the export was worth 171.3 million euros.
There was also a decline in the export of mineral ores, with bauxite ore dominating the decrease by 27.2% compared to 2022. The export of bauxite ore was worth 30.3 million euros last year, while in 2022, it was worth 41.7 million euros.
In the previous year, food exports amounted to 40.3 million euros, which is 6.3% less than in 2022.
