Montenegro experienced a significant drop in its foreign trade during January 2024, with total trade valued at €233.5 million, marking an 18.8% decrease compared to the same month last year. According to preliminary data from Monstat, the country’s export value amounted to €29.2 million, reflecting a sharp decline of 32.7% from January 2023. In contrast, imports were reported at €204.3 million, down by 16.3%.
The coverage of imports by exports stood at 14.3%, a decline from 17.7% in the same period last year. This decrease indicates a growing trade imbalance as the import value continues to outstrip exports.
Electricity Imports Rise Sharply
A notable detail from the trade data is the surge in imported electricity, which soared by an impressive 86.8% to reach €6.76 million in January 2024. This contrasts sharply with the value of exported electricity, which dropped by 46.4% to €8.4 million, down from €15.7 million in January 2023. The significant increase in imports indicates a shift in energy dependence amid changing market conditions.
In terms of overall exports, the largest contribution came from mineral fuels and lubricants, amounting to €10 million, primarily driven by electricity exports. The overall decline in export values reflects broader economic pressures facing Montenegro’s trade partners.
Sector Trends and Key Trading Partners
The import structure revealed that machinery and transportation devices dominated with a total value of €48.1 million, including €20.9 million from motor vehicles. Food imports also represented a significant expenditure; Montenegro spent €42.13 million on food imports during January, which is an 8.7% decrease year-on-year. Conversely, food exports generated €3.06 million, an 11% decline compared to the previous year.
Montenegro’s primary trading partners for exports were Serbia, with €7.8 million, followed by Bosnia and Herzegovina at €4.8 million and Luxembourg at €2.1 million. On the import side, Serbia again led the way with €33.5 million, followed closely by China at €25.9 million and Germany at €19.1 million.
The overall trade exchange was most robust with signatories of the Central European Free Trade Agreement (CEFTA) and the European Union (EU), highlighting Montenegro’s integration within regional trade networks.
This trade data underscores the challenges facing Montenegro’s economy as it navigates fluctuating global markets and energy demands. The significant shifts in electricity imports and exports reflect broader trends that could have lasting effects on the country’s economic landscape.
