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Montenegro trade in 2024

In 2024, Montenegro exported $1.2 billion and imported $5 billion, a trade deficit of $3.8 billion. It was the world's 153rd-largest exporter, with 0.01% of world exports. Its top export was electricity (31.1% of the total) and its main trading partner was Serbia (19.1% of its trade).

Summary

Exports
$1.2billion
Imports
$5billion
Trade balance
-$3.8billion
Routes to the main partners. Width: trade value; color: estimated transport mode.SeaAirLand
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Products

What it exports

Electricity (31.1%) and copper ore (9.4%) together make up 40.5% of its exports.

  1. Electricity$367 million · 31.1%
    Main partner: Italy
  2. Copper ore$111 million · 9.4%
    Main partner: South Korea
  3. Unwrought aluminum$97 million · 8.2%
    Main partner: Spain
  4. Medicines in measured doses or retail packs$48 million · 4.1%
    Main partner: Serbia
  5. Spirits$42 million · 3.5%
    Main partner: Latvia
  6. Bauxite (aluminum ore)$40 million · 3.4%
    Main partner: China
  7. Zinc ore$30 million · 2.5%
    Main partner: Sweden
  8. Cured and smoked meat$27 million · 2.3%
    Main partner: Serbia
  9. Airplanes and helicopters$22 million · 1.8%
    Main partner: Poland
  10. Ferrous scrap$21 million · 1.7%
    Main partner: Turkey

What it imports

Refined petroleum (7%) and cars (6.4%) together make up 13.4% of its imports.

  1. Refined petroleum$347 million · 7%
    Main partner: Greece
  2. Cars$318 million · 6.4%
    Main partner: Germany
  3. Medicines in measured doses or retail packs$171 million · 3.5%
    Main partner: Germany
  4. Electricity$123 million · 2.5%
    Main partner: Bosnia and Herzegovina
  5. Unwrought aluminum$96 million · 1.9%
    Main partner: Bahrain
  6. Pork$90 million · 1.8%
    Main partner: Spain
  7. Vaccines, blood and antisera$81 million · 1.6%
    Main partner: Switzerland
  8. Trucks$76 million · 1.5%
    Main partner: Germany
  9. Cameras and broadcast equipment$73 million · 1.5%
    Main partner: China
  10. Furniture$63 million · 1.3%
    Main partner: Serbia
By Harmonized System chapter (96)
ChapterExportsImports
27 · Oil, gas and coal$397 million$497 million
26 · Ores and slag$201 million$38 million
76 · Aluminum$107 million$153 million
22 · Beverages and spirits$61 million$136 million
30 · Pharmaceuticals$48 million$261 million
88 · Aircraft and spacecraft$41 million$40 million
84 · Mechanical machinery$38 million$405 million
44 · Wood$36 million$61 million
02 · Meat and offal$34 million$163 million
87 · Vehicles$22 million$510 million
72 · Iron and steel$21 million$73 million
85 · Electrical and electronic equipment$19 million$316 million
36 · Explosives and matches$12 million$13 million
74 · Copper$11 million$5 million
62 · Woven clothing$11 million$101 million
28 · Inorganic chemicals$10 million$8 million
73 · Iron and steel products$9 million$128 million
89 · Ships and boats$9 million$39 million
71 · Gems and precious metals$8 million$24 million
16 · Prepared meat and fish$6 million$50 million
93 · Weapons and ammunition$6 million$10 million
07 · Vegetables$5 million$40 million
90 · Precision and medical instruments$5 million$81 million
39 · Plastics$5 million$141 million
86 · Railway equipment$5 million$5 million
08 · Fruit and nuts$4 million$54 million
68 · Stone, plaster and cement articles$4 million$33 million
48 · Paper and paperboard$3 million$66 million
94 · Furniture and lighting$3 million$134 million
47 · Wood pulp$3 million$19 thousand
18 · Cocoa and chocolate$3 million$37 million
38 · Miscellaneous chemicals$2 million$31 million
42 · Leather goods and bags$2 million$22 million
41 · Hides and leather$2 million$69 thousand
25 · Salt, stone and cement$2 million$69 million
15 · Fats and oils$2 million$26 million
33 · Perfumes and cosmetics$2 million$67 million
91 · Watches and clocks$2 million$14 million
29 · Organic chemicals$2 million$11 million
23 · Animal feed and food waste$2 million$34 million
64 · Footwear$2 million$66 million
70 · Glass$1 million$47 million
49 · Books and printed matter$1 million$12 million
61 · Knitted clothing$1 million$62 million
09 · Coffee, tea and spices$885 thousand$25 million
12 · Oilseeds and grains$883 thousand$6 million
95 · Toys and sports gear$840 thousand$42 million
63 · Home textiles and used clothing$807 thousand$18 million
10 · Cereals$733 thousand$13 million
20 · Preserved fruit and vegetables$614 thousand$42 million
21 · Food preparations$570 thousand$92 million
34 · Soap and cleaning products$503 thousand$40 million
19 · Baked goods and cereal products$391 thousand$86 million
69 · Ceramics$309 thousand$46 million
97 · Art and antiques$268 thousand$676 thousand
17 · Sugar and sweets$264 thousand$20 million
24 · Tobacco$264 thousand$44 million
04 · Dairy, eggs and honey$264 thousand$87 million
83 · Miscellaneous metal goods$247 thousand$20 million
05 · Other animal products$234 thousand$1 million
01 · Live animals$210 thousand$51 million
06 · Live plants and flowers$169 thousand$10 million
96 · Other manufactured goods$152 thousand$21 million
40 · Rubber$151 thousand$40 million
32 · Dyes, paints and tanning agents$141 thousand$48 million
82 · Tools and cutlery$135 thousand$19 million
92 · Musical instruments$135 thousand$1 million
37 · Photographic goods$89 thousand$1 million
11 · Milling products and malt$88 thousand$25 million
57 · Carpets and rugs$81 thousand$5 million
52 · Cotton$78 thousand$4 million
78 · Lead$57 thousand$42 thousand
35 · Glues, starches and enzymes$47 thousand$5 million
79 · Zinc$36 thousand$463 thousand
45 · Cork$33 thousand$543 thousand
65 · Hats$30 thousand$3 million
46 · Wicker and basketware$26 thousand$593 thousand
55 · Synthetic staple fibers$25 thousand$959 thousand
56 · Felt, nonwovens and rope$20 thousand$4 million
54 · Synthetic filaments$18 thousand$2 million
59 · Coated and technical textiles$16 thousand$2 million
67 · Feathers and artificial flowers$13 thousand$1 million
53 · Other plant fibers$12 thousand$112 thousand
03 · Fish and seafood$12 thousand$30 million
81 · Other base metals$10 thousand$914 thousand
80 · Tin$10 thousand$98 thousand
66 · Umbrellas and canes$6 thousand$3 million
31 · Fertilizers$6 thousand$6 million
75 · Nickel$2 thousand$102 thousand
43 · Fur and fur goods$1 thousand$238 thousand
58 · Special fabrics and lace$583$289 thousand
51 · Wool$428$68 thousand
60 · Knitted fabric$0$1 million
13 · Gums and plant extracts$0$274 thousand
14 · Other plant products$0$89 thousand
50 · Silk$0$15 thousand

Trading partners

Its main destination is Italy (23.5% of exports) and its main source is Serbia (19.6% of imports).

Who it sells to

PartnerValue (USD millions)ShareMode
Italy27723.5%Sea
Serbia19816.8%Land
South Korea94.98%Sea
Bosnia and Herzegovina62.75.3%Land
Switzerland43.33.7%Sea
Spain42.53.6%Sea
China41.93.6%Sea
Germany37.73.2%Sea
Sweden36.63.1%Sea
Slovenia363.1%Sea

Who it buys from

PartnerValue (USD millions)ShareMode
Serbia97319.6%Land
China53710.8%Sea
Germany4268.6%Sea
Croatia2966%Land
Bosnia and Herzegovina2895.8%Land
Italy2855.8%Sea
Greece2655.4%Sea
Turkey2044.1%Sea
Poland1342.7%Sea
France1122.3%Sea

Overview 1995–2024

In 2024, Montenegro accounted for 0.01% of world exports, compared with 0.01% in 2006.

Exports and imports

Exports grew 65% since 2006

USD billions (current). Bars: trade balance (green surplus, red deficit).

  • Exports 1.2
  • Imports 5
  • Balance -3.8

Source: CEPII BACI

Show the numbers
YearExportsImportsTrade balance
1995$0$0$0
1996$0$0$0
1997$0$0$0
1998$0$0$0
1999$0$0$0
2000$0$0$0
2001$0$0$0
2002$0$0$0
2003$0$0$0
2004$0$0$0
2005$0$0$0
2006$717 million$2 billion-$1.3 billion
2007$703 million$3.2 billion-$2.5 billion
2008$757 million$4 billion-$3.3 billion
2009$548 million$2.5 billion-$2 billion
2010$494 million$2.3 billion-$1.8 billion
2011$675 million$2.7 billion-$2 billion
2012$681 million$2.6 billion-$1.9 billion
2013$607 million$2.5 billion-$1.9 billion
2014$660 million$2.7 billion-$2 billion
2015$446 million$2.3 billion-$1.8 billion
2016$443 million$2.6 billion-$2.2 billion
2017$654 million$2.9 billion-$2.3 billion
2018$524 million$3.5 billion-$2.9 billion
2019$511 million$3.3 billion-$2.8 billion
2020$510 million$2.8 billion-$2.3 billion
2021$847 million$3.4 billion-$2.6 billion
2022$2.1 billion$4.4 billion-$2.3 billion
2023$1.6 billion$4.7 billion-$3.1 billion
2024$1.2 billion$5 billion-$3.8 billion

World rank

Montenegro rose from 157th to 153rd among the world's exporters

Rank among 222 countries by export value (1st at the top).

  • 157th in 2006
  • 153rd in 2024

Source: CEPII BACI

Show the numbers
YearRank
1995—
1996—
1997—
1998—
1999—
2000—
2001—
2002—
2003—
2004—
2005—
2006157th
2007159th
2008161st
2009165th
2010169th
2011168th
2012167th
2013173rd
2014169th
2015175th
2016173rd
2017168th
2018167th
2019168th
2020168th
2021164th
2022146th
2023153rd
2024153rd

What it sells

Oil, gas and coal became its top export group: from 7% to 34%

% of exports by Harmonized System chapter.

  • Other 21%
  • Wood 3%
  • Mechanical machinery 3%
  • Aircraft and spacecraft 4%
  • Pharmaceuticals 4%
  • Beverages and spirits 5%
  • Aluminum 9%
  • Ores and slag 17%
  • Oil, gas and coal 34%

Source: CEPII BACI

Show the numbers
Chapter19952024
Oil, gas and coal0%33.6%
Ores and slag0%17%
Aluminum0%9.1%
Beverages and spirits0%5.2%
Pharmaceuticals0%4.1%
Aircraft and spacecraft0%3.5%
Mechanical machinery0%3.2%
Wood0%3%
Other0%21.3%

Who it trades with

China went from 3% to 9% of Montenegro's trade

% of total trade (exports + imports) with each partner.

  • Serbia 19%
  • China 9%
  • Italy 9%
  • Germany 8%
  • Bosnia and Herzegovina 6%

Source: CEPII BACI

Show the numbers
Partner19952024
Serbia0%19.1%
China0%9.4%
Italy0%9.2%
Germany0%7.6%
Bosnia and Herzegovina0%5.7%

Production hubs

Largest industrial emission sources (Climate TRACE, 2025)

No hubs above the globe threshold.

View on the globe

Largest economic production hubs (gridded GDP, 2024)

  • Podgorica$16.4 billion (PPP, 2021 dollars)
View on the globe

Sources and methodology

Sources and licenses

Methodology

Goods trade from CEPII BACI (BACI_HS92_V202601), in current US dollars, with exports and imports reconciled between countries. The transport mode is our own estimate based on value per kilo and geography. Ranks are computed among the countries with data each year. Services are not included. Data up to 2024.

Neighboring countries

Main partners

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