Montenegro’s external trade structure illustrates one of the country’s most persistent economic challenges. Despite strong tourism revenues and investment inflows, the country maintains a significant trade deficit driven by high levels of imports and limited export diversification.
In 2025, Montenegro’s total foreign trade reached €5.0285 billion, representing 7.2% annual growth.
However, exports declined 7.0% to €572.3 million, reflecting structural weaknesses in industrial production and energy exports.
Electricity exports fell 16.7%, largely due to reduced generation during reconstruction works at the Pljevlja thermal power plant, Montenegro’s largest electricity facility. At the same time, exports of aluminum alloys declined 35.3%, underscoring the vulnerability of Montenegro’s export base to fluctuations in a small number of industrial sectors.
Imports increased 9.3% to €4.456 billion, driven by strong domestic demand and the country’s limited industrial production capacity.
The largest import categories included machinery and transport equipment valued at €1.106 billion, food products valued at €841.6 million, and industrial goods valued at €672.7 million.
This pattern reflects a structural economic model in which tourism revenues and foreign investment finance high levels of imports. While this model can sustain growth for extended periods, it leaves the economy vulnerable to external shocks that affect tourism demand or investment flows.
