That dollar amount reflects a 73.9% increase from 5 years earlier in 2019 when Montenegro’s exports totaled $415.5 million.
Year over year, the value of Montenegrin exports decelerated by -1.9% compared to $736.4 million starting from 2022.
Based on the average exchange rate for 2023, Montenegro uses the euro which depreciated by -3.5% against the US dollar since 2019 but appreciated by 2.8% from 2022 to 2023. The weaker local currency since 2019 made Montenegro’s exports paid for in stronger US dollars relatively lesser expensive for international buyers.
Montenegro’s top 5 most valuable exports are electrical energy, unwrought aluminum, medication mixes, sawn wood then processed petroleum oils. Collectively, that group of major exports generated over half (55.9%) of overall Montenegrin shipments by value during 2023. Such a high percentage indicates a relatively concentrated portfolio of exported products.
Montenegro’s Major Trading Partners
The latest available country-specific data shows that 80.4% of products exported from Montenegro was bought by importers in: Serbia (28.6% of the Montenegrin total), Bosnia and Herzegovina (11.3%), Slovenia (11%), Czech Republic (4.4%), Hong Kong (4.3%), Luxembourg (4.2%), Switzerland (3.8%), Albania (3.3%), Germany (3.2%), Italy (2.7%), Poland (1.83%) and North Macedonia (1.76%).
From a continental perspective, 89.7% of Montenegro’s exports by value was delivered to European countries while 8.3% was sold to importers in Asia. Montenegro shipped another 1.6% worth of goods to buyers in North America.
Smaller percentages went to customers in Africa (0.4%), Latin America (0.05%) excluding Mexico but including the Caribbean then Oceania’s Australia and New Zealand (also 0.05%).
Given Montenegro’s population of 633,000 people, its total $722.5 million in 2023 exports translates to roughly $1,150 for every resident in the Southeastern European country. That dollar metric lags the average $1,200 per capita one year earlier in 2022.
Montenegro’s Top 10 Exports
The following export product groups represent the highest dollar value in Montenegrin global shipments during 2023 at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Montenegro.
- Mineral fuels including oil: US$264.8 million (36.7% of total exports)
- Aluminum: $84.5 million (11.7%)
- Wood: $53.7 million (7.4%)
- Beverages, spirits, vinegar: $45.3 million (6.3%)
- Pharmaceuticals: $44.8 million (6.2%)
- Meat: $27.9 million (3.9%)
- Machinery including computers: $26.9 million (3.7%)
- Ores, slag, ash: $24.5 million (3.4%)
- Vehicles: $17.3 million (2.4%)
- Electrical machinery, equipment: $13.6 million (1.9%)
Montenegro’s top 10 export product categories accounted for 83.5% of the overall value of its global shipments.
Beverages, spirits and vinegar was the fastest grower among the top 10 export categories, up by 140.3% from 2022 to 2023.
In second place for improving export sales was electrical machinery and equipment via a 34.2% advance.
Montenegro’s shipments of pharmaceuticals posted the third-fastest gain in value, up by 28.7%.
The leading decliner among Montenegro’s top 10 export categories was aluminum, recording a -55.4% year-over-year slowdown.
At the more granular four-digit Harmonized Tariff System code level, electrical energy represents Montenegro’s most valuable exported product at 31% of the country’s total. In second place were unwrought aluminum (10.7%) trailed by medication mixes in dosage (6.2%), sawn wood (4.2%), processed petroleum oils (3.8%), alcoholic beverages (3.6%), salted, dried or smoked meat (3.1%), fuel wood or chips and sawdust (2.4%), wine (2%) then lignite (1.8%).
Countries Driving Montenegro’s Best Trade Surpluses
The following types of Montenegrin product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Ores, slag, ash: US$24.5 million (Down by -4.8% since 2022)
- Aircraft, spacecraft: $5.5 million (Up by 67.3%)
- Raw hides, skins not furskins, leather: $2.2 million (Down by -9.3%)
- Copper: $1.8 million (Down by -61.5%)
- Woodpulp: $1.2 million (Down by -25.8%)
- Lead: $17,000 (Down by -76.1%)
Montenegro has highly positive net exports in the international trade of aluminum. In turn, these cashflows indicate Montenegro’s strong competitive advantages under the ores, slag and ash category for aluminum ores and concentrates as well as under the aluminum product category.
Countries Causing Montenegro’s Worst Trade Deficits
Montenegro incurred an overall -US$3.4 billion products-related trade deficit for 2023, expanding by 13.6% from -$3 billion in red ink one year earlier in 2022.
Below are exports from Montenegro that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Montenegro’s goods trail Montenegrin importer spending on foreign products.
- Vehicles: -US$345.3 million (Up by 50.7% since 2022)
- Machinery including computers: -$282.6 million (Up by 33.4%)
- Electrical machinery, equipment: -$244.2 million (Up by 13.7%)
- Mineral fuels including oil: -$161.5 million (Down by -62.8%)
- Pharmaceuticals: -$155.4 million (Up by 26%)
- Meat: -$129.1 million (Up by 31.7%)
- Furniture, bedding, lighting, signs, prefabricated buildings: -$128.1 million (Up by 25.1%)
- Articles of iron or steel: -$113 million (Up by 29.8%)
- Plastics, plastic articles: -$106.4 million (Up by 15.5%)
- Miscellaneous food preparations: -$84.2 million (Up by 24.5%)
Montenegro has highly negative net exports and therefore deep international trade deficits for cars, trucks, automotive parts or accessories and tractors under the vehicles product category.
Montenegrin Export Companies
Not one Montenegrin corporation ranks among Forbes Global 2000.
Wikipedia lists exports-related companies from Montenegro. Selected examples are shown below.
- Crnogorski Telekom (telecommunications)
- Jugopetrol Kotor (oil, gas)
- Plantaže (wine, grape brandy)
- Rudnici boksita a.d. Niksic (bauxite)
- Trebjesa brewery (beer)
In macroeconomic terms, Montenegro’s total exported goods represent 3.8% of its overall Gross Domestic Product for 2023 ($19 billion valued in Purchasing Power Parity US dollars). That 3.8% for exports to overall GDP in PPP for 2023 compares to 4.6% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Montenegro’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its jobless rate. Montenegro’s unemployment rate was 10.96% in August 2024, down from 16.43% for August 2023 based on Trading Economics metrics.
Montenegro’s capital city is Podgorica.
See also France’s Top 10 Exports, Italy’s Top 10 Exports and Top EU Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Europe: Montenegro. Accessed on November 17, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 17, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on November 17, 2024
International Trade Centre, Trade Map. Accessed on November 17, 2024
Investopedia, Net Exports Definition. Accessed on November 17, 2024
Wikipedia, Flag of Montenegro. Accessed on November 17, 2024
Wikipedia, Gross domestic product. Accessed on November 17, 2024
Wikipedia, List of Companies of Montenegro. Accessed on November 17, 2024
Wikipedia, Montenegro. Accessed on November 17, 2024
Wikipedia, Purchasing power parity. Accessed on November 17, 2024