Montenegro’s first-half trade figures reveal an economy importing not only consumer goods but also the fuel, equipment, medicines and industrial inputs required for everyday operations. The resulting deficit is therefore embedded across energy, healthcare, transport, construction and household consumption rather than concentrated in one discretionary category.
Mineral fuels, oils and related products were Montenegro’s largest export category, generating €86.6 million, an increase of 11.3 per cent. Imports in the same category rose faster, by 12.3 per cent, to €214 million. The net energy-related goods deficit widened to approximately €127.4 million, compared with about €112.8 million a year earlier.
This position reflects the difference between having domestic electricity production and achieving broad energy self-sufficiency. Montenegro’s power sector, led by Elektroprivreda Crne Gore, can produce exportable electricity during favourable hydrological and generation periods. The wider economy still depends on imported petroleum products and transport fuels, leaving the external account exposed to oil prices, logistics costs and regional supply conditions.
Vehicle imports reached €214.5 million during the first six months. Imports of machinery, boilers and mechanical equipment increased 6.3 per cent to €171 million, while electrical machinery and equipment rose 4.2 per cent to €144.4 million.
Part of this machinery demand is investment-related and could improve future productive capacity. Yet machinery exports were just €7.5 million, while exports of electrical equipment amounted to €3.6 million. Montenegro is buying the equipment needed to operate and modernise its economy but has not developed a comparable industrial base capable of producing and exporting such goods.
Pharmaceutical trade presents an even sharper imbalance. Pharmaceutical imports rose 12.5 per cent to €128.2 million, while exports fell 29.1 per cent to €15.2 million. The category generated a deficit of about €113 million in six months.
The import structure also reflects the scale of construction and tourism. Imports of furniture, bedding and lighting equipment reached €73 million. Iron and steel products accounted for €66.3 million, plastics for €61.3 million, and stone, plaster, cement and related products for €21.5 million. Imports of optical, measuring and medical equipment rose 28 per cent to €34.7 million.
Several export categories showed growth. Aluminium exports increased 38.6 per cent to €16.8 million, beverage exports rose 25.6 per cent to €15.8 million, and inorganic chemicals advanced 30.6 per cent to €8.8 million. Ship and boat exports reached €3.9 million, while railway-related equipment exports increased to €1.5 million.
These gains remain too small to alter the wider balance. Montenegro’s export challenge is not simply the absence of one large factory. It is the limited depth of local supply chains, processing capacity, technical certification, logistics and access to finance for companies seeking to move from small domestic production into sustained exports.
The country’s EU integration process will make that transition more demanding. Producers will face tighter requirements covering product conformity, environmental performance, carbon reporting, supplier traceability and industrial quality management. Companies that invest early in compliant production systems may gain access to larger European supply chains, but the aggregate figures show that Montenegro is still much closer to being an import and service market than an industrial-export platform.
