Montenegro’s foreign trade showed significant trends in January 2024, with the value of imported electricity rising dramatically by 86.8% compared to the same month last year. Preliminary data from the Statistical Office of Montenegro, known as Monstat, reveals that the total foreign trade exchange for January reached €233.5 million, reflecting an 18.8% decline compared to January 2023.
The export figures indicate a challenging month for Montenegrin goods, with exports amounting to €29.2 million, which is 32.7% lower than the previous year. The coverage of imports by exports stood at 14.3%, a decrease from 17.7% during the same period last year.
Electricity Imports and Exports
The structure of exports, according to the Standard International Trade Classification (SITC), showed that mineral fuels and lubricants dominated, accounting for approximately €10 million of the total. Within this category, electricity exports were valued at €8.4 million, which marks a significant drop of 46.4% from €15.7 million in January 2023.
On the other hand, the value of imported electricity reached €6.76 million in January 2024. This increase highlights a notable shift in the energy market, as it contrasts sharply with the previous year’s statistics, reinforcing the trend of rising dependency on imported energy sources.
Overall Trade Dynamics
Montenegro’s imports were primarily dominated by machinery and transport equipment, totaling €48.1 million. This category includes road vehicles valued at €20.9 million. The food sector also saw a decline in trade, with the country spending €42.13 million on food imports, which is 8.7% less than the previous year. In contrast, food exports generated €3.06 million, reflecting an 11% decrease year-on-year.
The leading foreign trade partners for Montenegro included Serbia, which accounted for €7.8 million in exports, followed by Bosnia and Herzegovina at €4.8 million, and Luxembourg at €2.1 million. In terms of imports, Serbia was again the top partner with €33.5 million, followed closely by China at €25.9 million and Germany at €19.1 million.
The data indicates that Montenegro’s trade relations remain strongest with the signatories of the Central European Free Trade Agreement (CEFTA) and the European Union (EU), underscoring its ongoing integration into regional and international markets.
