Montenegro’s goods trade deficit reached about €2.62 billion in the first eight months of 2026 as imports approached €3 billion, while export growth remained modest.
Preliminary MONSTAT data show total merchandise trade rose 2.4% year on year to €3.37 billion in January-August.
Exports increased 2.0% to €372.9 million, while imports grew 2.5% to €2.994 billion.
Exports covered only 12.5% of imports, unchanged from a year earlier.
Machinery and transport equipment accounted for €694.8 million of imports, including €269.6 million of road vehicles, reflecting strong demand for cars, construction equipment and other investment goods.
On the export side, mineral fuels and lubricants generated €113.3 million, including about €73.6 million from electricity exports.
The electricity contribution improved as domestic generation recovered from the disruption caused by the extended reconstruction of the Pljevlja thermal power plant in 2025.
Trade remained concentrated around several major partners.
Serbia was Montenegro’s largest individual market and supplier, taking €90.8 million of exports while selling €524.1 million of goods to Montenegro.
China supplied another €384.4 million, while imports from Germany reached €270.2 million.
The figures show imports continuing to grow faster than exports despite stronger energy sales.
Part of the increase reflects investment rather than consumption alone, particularly purchases of machinery, vehicles and equipment.
Montenegro’s external position therefore continues to rely heavily on tourism and other service exports to offset the merchandise gap.
EU accession and planned investment in energy, transport and logistics could gradually improve export capacity, particularly through electricity and regional trade links.
For now, however, the January-August figures show little change in the underlying trade balance: goods exports are rising, but not fast enough to narrow a deficit that already exceeds €2.6 billion.
