The foreign trade exchange of Montenegro in the first nine months of this year has been marked by a 16.2% decline in exports and a significant increase in the trade deficit, primarily due to a sharp drop in the value of exported electricity compared to the same period last year. This is mainly the result of lower electricity prices on international markets this year and unfavorable hydrological conditions. Statisticians have also calculated a significant reduction in the export of aluminum, which had been one of Montenegro’s most important export products in recent years.
According to preliminary data from the Montenegrin Statistical Office (Monstat), the total foreign trade turnover of Montenegro in the first nine months amounted to 3.48 billion euros, which is a 2.7% increase compared to the same period last year.
Exports
The value of exported goods amounted to 433.1 million euros, which is 16.2% less than in the same period last year. Imports totaled 3.04 billion euros, an increase of 6.1%.
- The coverage of imports by exports was 14.2%, which is lower compared to the same period last year when it stood at 18%.
In terms of export structure, according to the Standard International Trade Classification (SITC), the largest share of exports was in mineral fuels and lubricants (sector 3), amounting to 98.2 million euros, of which 69.3 million euros was electricity and the rest was other items.
The value of exported electricity in the first nine months dropped by as much as 62.5%, amounting to 115.36 million euros, compared to 184.6 million euros in the same period last year.
There was also a significant drop in the export value of non-ferrous metals, particularly aluminum, which was valued at 26.88 million euros in the first nine months, a 55.3% decrease compared to 60.19 million euros in the same period last year.
However, there was a notable increase in the export of mineral ores, particularly bauxite, which rose by 87.8% compared to last year. This export totaled 45.2 million euros in the first nine months, compared to 24.07 million euros in the same period last year.
Food exports in the first nine months amounted to 35.44 million euros, an increase of 11.6% compared to the same period last year.
In food exports, the dominant items were meat and meat products, valued at 25.02 million euros, up by 25.2% from last year. Meanwhile, the export of fruits and vegetables amounted to 4.95 million euros, a decrease of 23.3% compared to last year.
Imports
In terms of import structure, the largest share was in machinery and transport equipment (sector 7), valued at 735.5 million euros, which includes road vehicles amounting to 276.9 million euros and other items.
The value of imported road vehicles in the first nine months was 16% higher than in the same period last year.
Montenegro spent 71.38 million euros on electricity imports in the first nine months, which is 54.6% more than in the same period last year, when the expenditure was 46.19 million euros.
In the first nine months, food imports amounted to 573.8 million euros, a 2.4% increase compared to the same period last year.
Montenegro spent 129 million euros on meat imports, a 4% increase compared to last year. The import of fruits and vegetables amounted to 90.9 million euros, which is 5.2% more than last year. Meanwhile, imports of cereals and cereal products decreased by 5.4%, totaling 73.92 million euros.
Main trade partners
The largest export partners were Serbia (124.5 million euros), Bosnia and Herzegovina (27.7 million euros) and Slovenia (25 million euros).
The largest import partners were Serbia (523.6 million euros), China (355.6 million euros) and Germany (294.2 million euros).
The highest volume of foreign trade was with the signatories of the Central European Free Trade Agreement (CEFTA) and the European Union (EU).
