Montenegro’s Trade Deficit Narrows in January

Montenegro’s trade deficit shrank to €175.1 million in January 2026, down from €200.8 million a year earlier. The narrowing was driven by a 16.3% drop in imports to €204.3 million, led by lower purchases of machinery and transport equipment (-20.4%), manufactured goods (-25%), chemicals (-17.4%), and food and live animals (-8.7%). Exports, however, fell 32.7% to €29.2 million, weighed down by steep declines in mineral fuels, lubricants, and related materials (-44.2%), crude materials (-42.8%), machinery and transport equipment (-47.3%), and food and live animals (-11.0%).

Montenegro’s trade deficit widened to EUR 276.8 million in November 2025 from EUR 246.4 million in the same period of the previous year. Exports dropped by 26.2% year-on-year to EUR 49.4 million, while imports increased by 4.1% to EUR 326.2 million. From January to November period, the trade deficit expanded to EUR 3,496.2 compared to EUR 3,174.4 million in the corresponding period last year. On a cumulative basis, exports declined by 7.2% to EUR 507.4 million, weighed down by lower shipments in manufactured goods classified chiefly by material (-24.4%), machinery and transport equipment (-21.9%), beverages and tobacco (-12.1%), and animals oils and fats (-15.1%). Meanwhile, imports rose by 7.6% to EUR 4,003.7 million, driven by higher arrivals of animals oils and fats (18.3%), machinery and transport equipment (10.3%), and beverages and tobacco (9.7%).

Montenegro’s trade deficit widened to EUR 351.1 million in October 2025 from EUR 312.5 million in the corresponding month of the previous year. Exports fell by 6.5% year-on-year to EUR 43.7 million, while imports climbed by 9.9% to EUR 394.8 million. From January to October, the trade deficit increased to EUR 3,219.4 million in the same period last year. On a cumulative basis, exports decreased by 4.5% to EUR 458.1 million, dragged down by declines in machinery and transport equipment (-32.2%), manufactured goods classified by material (-17.1%), and beverages and tobacco (-8.1%). Meanwhile, imports grew by 7.9% to EUR 3,677.5 million, driven by higher purchases of beverages and tobacco (+10.1%), machinery and transport equipment (+10.1%), and food and live animals (+7.7%).