Montenegro’s foreign trade in goods showed an overall rise in 2025, driven by increased import activity, but exports declined, resulting in a widening trade imbalance and continued reliance on foreign markets for merchandise.
According to official data from MONSTAT, Montenegro’s total merchandise trade in goods — measured as the combined value of exports and imports — reached €5.03 billion in the period from January to December 2025, marking a 7.2 percent increase compared with the previous year. This trend reflects increased commercial flows amid broader economic activity, investment demand, and consumer spending.
Despite the uptick in total trade, goods exports declined over the year. Exports totalled €572.3 million in 2025, which represents a 7.0 percent decrease compared with 2024. The fall in merchandise exports highlights ongoing challenges for Montenegrin producers competing in foreign markets or meeting regional demand, and underscores the need for export diversification and competitiveness enhancements.
In contrast, imports grew significantly, reaching €4.456 billion, an increase of 9.3 percent year-on-year. The expansion in imports was broad-based but was particularly pronounced in categories such as machinery and transport equipment — sectors critical for investment, infrastructure development and the operation of domestic businesses.
The export-to-import coverage ratio, a key indicator of trade balance health, declined in 2025. Montenegro exported just €12.8 worth of goods for every €100 worth of imports, down from 15.1 percent in 2024. This widening gap between export receipts and import bills underscores persistent structural trade imbalances and the economy’s high dependency on foreign-produced goods.
Looking at trade partners, Serbia remained Montenegro’s largest export market, accounting for €153.3 million worth of goods, followed by Bosnia and Herzegovina (€56.9 million) and Slovenia (€37.7 million). On the import side, Serbia also led as the biggest supplier, with imports valued at €777.8 million, followed by China (€549.3 million) and Germany (€452.8 million). These partner patterns illustrate Montenegro’s deep trade linkages in the region and beyond, reinforcing the importance of both neighbouring and global supply chains for the domestic economy.
By commodity group, mineral fuels and lubricants — with electricity exports representing a significant share — were the largest export category, with a value of €136.9 million in 2025. Among import categories, machinery and transport equipment dominated the list, with road vehicles representing a notable portion of total imported goods at €1,106.2 million, reflecting ongoing investment, transport fleet acquisition, and related business activity.
The MONSTAT release also noted that Montenegro’s merchandise trade remains highly integrated with regional and European markets. The European Union and CEFTA (Central European Free Trade Agreement) area continue to account for the bulk of Montenegro’s trade flows, with considerable volumes of both imports and exports transacted within these frameworks.
The divergence between rising imports and declining exports in 2025 poses a significant policy challenge for Montenegrin authorities. While higher trade volumes can signal a growing economy, the persistent trade deficit driven by external purchases rather than domestic sales points to the need for targeted strategies to bolster export competitiveness, stimulate production in tradable sectors, and enhance integration into higher value-added segments of international markets.
Overall, the 2025 merchandise trade figures reflect a dual dynamic in Montenegro’s economy: sustained demand for foreign goods to support investment and consumption, alongside continued pressure on domestic exporters to capture greater market share abroad. In the context of the country’s broader economic planning, addressing these trade imbalances remains central to strengthening long-term growth prospects.
