Montenegro’s total foreign trade in goods amounted to approximately €5.03 billion in 2025, according to preliminary data released by the national statistical office. This represents an increase of about 7.2 percent compared with the previous year, reflecting higher overall trade activity driven primarily by growth in imports.
Imports rose by roughly 9.3 percent year on year, reaching an estimated €4.46 billion, while exports declined by around 7 percent, totalling approximately €572 million. As a result, the export-to-import coverage ratio fell to about 12.8 percent, compared with more than 15 percent a year earlier, highlighting a widening trade imbalance.
The structure of exports remained concentrated in a limited number of categories. Mineral fuels and lubricants, led largely by electricity exports, accounted for the largest share of outbound trade. Export performance continued to be affected by energy market conditions and hydrological factors, which influence electricity production and cross-border sales.
On the import side, machinery and transport equipment dominated, with a significant portion related to road vehicles. Imports of consumer goods, industrial inputs, and energy products also contributed substantially to the overall increase, underlining Montenegro’s strong dependence on foreign supply for both consumption and investment needs.
Regional partners remained central to Montenegro’s trade profile. Serbia was the leading destination for exports, followed by Bosnia and Herzegovina and Slovenia, confirming the importance of nearby markets for Montenegrin goods. In terms of imports, the largest suppliers were Serbia, China, and Germany, reflecting a combination of regional integration and reliance on major global manufacturing economies.
The 2025 figures reinforce long-standing structural characteristics of Montenegro’s economy, where imports significantly exceed exports due to a narrow production base and high demand for foreign goods. While the increase in total trade volume indicates active economic engagement, the growing gap between imports and exports continues to weigh on external balance and highlights the challenge of expanding and diversifying export capacity.
