Montenegro’s export figures for the initial four months show a notable decline compared to the same period last year, amounting to nearly 73 million euros or over 26%. The primary contributor to this downturn is the electricity sector.
According to Monstat data, the export earnings from electricity during the first four months of this year totaled 43.97 million euros, marking a significant decrease of over 110 million euros compared to the corresponding period last year, where electricity exports exceeded 155 million euros. This indicates a substantial 71.7% drop in electricity exports. The decline in exported electricity’s value is largely attributed to the decrease in market prices for this commodity.
In addition to the electricity sector, the export performance of aluminum has also witnessed a significant setback. The export value of this non-ferrous metal stood at nearly 17 million euros, compared to almost 31 million euros in the same period last year, reflecting a decline of 45%.
While the export downturn in electricity and aluminum accounts for a combined decrease of over 125 million euros, other sectors have shown improvements. The export of food and live animals surged by 20%, reaching almost 14 million euros, and beverage exports tripled, climbing from 3.4 million euros to 10.2 million euros. Similarly, there was a noteworthy rise in the export of mineral ores and metal scrap, growing by 114% to 21.7 million euros from 10.14 million euros last year.
The export performance of chemical products also experienced growth, increasing from 15.3 million euros to 19.6 million euros, marking a 28% rise compared to the previous year. Machinery and transport equipment exports showed significant expansion, soaring from 16.1 million euros to 42.2 million euros, representing a remarkable 161.4% increase. This boost was primarily driven by the category of other transport vehicles and equipment, with exports surging from 2.3 million euros to 26.8 million euros.
Furthermore, there was a notable uptick in clothing exports, which rose from 1.5 million euros to 4 million euros over the same period.
Overall, Montenegro’s total foreign trade turnover for January-April 2024 amounted to 1.452 billion euros, indicating a 3.6% increase compared to the corresponding period last year. While exports reached 204.9 million euros, imports stood at 1.247 billion euros, reflecting a 26.2% decline and a 10.9% increase, respectively, compared to the same period last year.
