Montenegro Trade Deficit Hits Record High

Montenegro's trade deficit widened to €396.5 million in June 2026 from €366.4 million a year earlier. This marks the highest trade deficit on record, as imports rose 7.7%, outpacing a 3.2% increase in exports. In the first half of the year, imports increased 3.4% year-on-year to €2,177.9 million, driven mainly by higher purchases of mineral fuels, lubricants and related materials (12.3%), animal oils and fats (8.4%), chemicals (5.9%), and machinery and transport equipment (1.6%). Meanwhile, exports fell 7.4% to €261.4 million, weighed down by lower shipments of machinery and transport equipment (-39.1%), chemicals (-27.6%), and crude materials (-18.4%). Europe remained Montenegro's main trading partner, accounting for 94.3% of exports and 78.8% of imports.

Montenegro’s trade deficit widened to €348.7 million in May 2026 from €338.2 million in the same month last year. Exports rose 7.5% year-on-year to €39.1 million, while imports grew 3.5% to €387.7 million. On a cumulative basis, the trade deficit expanded to €1,512.8 million from €1,458.4 million a year earlier. Exports fell 9.4% to €214.8 million, weighed down by lower sales of crude materials (-19.8%), chemicals (-35.4%), machinery and transport equipment (-39.3%), and miscellaneous manufactured articles (-9.2%). Meanwhile, imports increased 1.9% to €1,727.6 million, driven largely by stronger purchases of beverages and tobacco (+6.6%), animal oils and fats (+26.9%), minerals, fuels, and related materials (+7.5%), and chemicals (+5.5%). Among trading partners, Europe accounted for the largest share of both exports and imports, representing 94.5% and 78.7%, respectively.

Montenegro’s trade deficit widened to €289.1 million in February 2026 from €274.3 million in the same month last year. Exports fell 11.4% year-on-year to €47.5 million, while imports rose 2.6% to €336.5 million. On a cumulative basis, the trade deficit narrowed to €465.3 million from €475.1 million a year earlier. Exports dropped 20.9% to €76.6 million, weighed down by lower sales of crude materials (-29.7%), mineral fuels (-4.4%), chemicals (-21.5%), and machinery and transport equipment (-61.1%). Meanwhile, imports declined 5.2% to €542.0 million, with weaker purchases of crude materials (-6.5%), mineral fuels (-18.3%), animal oils and fats (-2.9%), chemicals (-5.2%), and food and live animals (-0.6%). Among trading partners, Europe accounted for the largest share of both exports and imports, representing 95.2% and 76.9%, respectively.