Montenegro Trade Deficit Hits Record High

Montenegro’s trade deficit narrowed to €325.5 million in August 2026 from €359.8 million a year earlier. Exports jumped by 49.9% year-on-year to €57.5 million, while imports fell by 3.8% to €383.0 million. On a cumulative basis, the trade deficit widened to €2,620.6 million from €2,555.5 million a year earlier. Exports rose by 2.0% to €372.9 million, driven largely by increased shipments of food and live animals (+120.8%), beverages and tobacco (+15.5%), mineral fuels, lubricants, and related materials (+16.9%), and manufactured goods, classified chiefly by material (+73.4%). Meanwhile, imports grew by 2.5% to €2,993.6 million, lifted by higher purchases of chemicals (+4.5%), animal oils and fats (+3.7%), miscellaneous manufactured articles (+5.3%), and commodities and transactions not classified elsewhere in the SITC (+21.8%). Among trading partners, Europe accounted for the largest share of both exports and imports, representing 94.0% and 79.3%, respectively.

Montenegro’s trade deficit widened to €378.5 million in July 2026 from €370.9 million a year earlier. Imports rose 3.4% year-on-year to €430 million, while exports jumped 14.3% to €51.5 million. On a cumulative basis, the trade deficit expanded to €2,295.3 million from €2,195.7 million a year earlier. Imports increased by 3.4% to €2,608.2 million, driven largely by stronger purchases of mineral fuels, lubricants, and related materials (+15.6%), chemicals (+5.9%), and miscellaneous manufactured articles (+6.3%). Meanwhile, exports fell by 4.4% to €312.9 million, weighed down by decreased sales of crude materials, inedible, except fuels(-15.6%), chemicals (-17.5%), and machinery and transport equipment (-38.0%). Among trading partners, Europe accounted for the largest share of both exports and imports, representing 93.8% and 79.1%, respectively.

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.