Preliminary data from Montenegro’s official statistical body indicates that the country’s international merchandise trade expanded in 2025, but the trade balance remained heavily skewed toward imports, while exports declined relative to the previous year.
For the full period January–December 2025, Montenegro’s total foreign trade in goods reached approximately €5.03 billion, marking an overall rise of 7.2 percent compared with the same period in 2024. This increase reflects heightened trade activity and stronger demand for foreign-sourced products, particularly amid ongoing economic expansion and investment flows.
Despite the overall increase in trade volume, the composition of that trade showed mixed performance between exports and imports. Goods exports totalled €572.3 million, but this figure was about 7.0 percent lower year-on-year, indicating weakening foreign sales in key sectors or shifts in global demand patterns. Meanwhile, goods imports climbed sharply, reaching €4.456 billion, an increase of 9.3 percent over the same period. The result was a significant goods trade deficit and a marked deterioration in export coverage.
The export-to-import coverage ratio declined accordingly, standing at just 12.8 percent in 2025, down from 15.1 percent in 2024. In practical terms, this means that for every €100 of goods Montenegro imported, it exported only about €12.80 worth of products, underscoring persistent structural imbalances in the country’s merchandise trade dynamics.
Looking at the structure of trade by product categories, mineral fuels and lubricants — particularly electricity exports— represented the single largest export group under the standard international trade classification system, with an export value of €136.9 million. This highlights the role of energy-related goods in Montenegro’s merchandise export profile, even though overall merchandise exports declined in 2025.
On the import side, machinery and transport equipment dominated the incoming goods basket in 2025, with imports in this category totalling €1,106.2 million. Within this grouping, road vehicles accounted for a substantial share, reflecting ongoing investment in transport infrastructure, vehicle fleets and related industries.
Montenegro’s top merchandise export partners in 2025 included Serbia (€153.3 million), Bosnia and Herzegovina (€56.9 million), and Slovenia (€37.7 million), indicating continued regional integration and trade linkages within the Western Balkans and Central Europe. Meanwhile, the leading sources of imports were Serbia (€777.8 million), China (€549.3 million), and Germany (€452.8 million), pointing to strong demand for manufactured goods, intermediate products and capital equipment from both neighbouring and major global markets.
The release also notes that Montenegro’s foreign trade continues to be closely tied to its participation in regional trade frameworks, with the CEFTA trade area and the European Union remaining the most significant trading blocs for both imports and exports in terms of overall volume and economic linkages.
In summary, while Montenegro’s merchandise trade activity grew in 2025 in aggregate terms, the decline in exports alongside stronger import growth points to ongoing structural trade challenges. Addressing these imbalances through export diversification, higher-value industrial output, and targeted external demand stimulation remains a priority for economic policymakers as the country navigates broader integration with regional markets and global value chains.
