That dollar amount reflects an 84% increase since 2018 when Montenegro’s exports totaled $400.1 million.
Year over year, the value of Montenegrin exports accelerated 68.5% compared to $437.1 million for 2021.
Based on the average exchange rate for 2022, Montenegro uses the euro which depreciated by -12.1% against the US dollar since 2018 and weakened by -12.3% from 2021 to 2022. The weaker European Union currency in 2022 made Montenegro’s exports paid for in stronger US dollars relatively lesser expensive for international buyers.
Montenegro’s top 5 most valuable exports are unwrought aluminum, electrical energy, medication mixes, processed petroleum oils, then sawn wood. Collectively, that group of major exports generated over three-fifths (61.3%) of overall Montenegrin shipments by value during 2022. 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 82.5% of products exported from Montenegro were bought by importers in: Serbia (21.3% of the Montenegrin total), Switzerland (15.4%), Bosnia and Herzegovina (12.9%), Slovenia (7.3%), Luxembourg (5.2%), Italy (4.8%), Hong Kong (3%), Albania (2.9%), Germany (2.8%), Poland (2.4%), Türkiye (2.3%) and Czech Republic (2.1%).
From a continental perspective, 89.6% of Montenegro’s exports by value was delivered to European countries while 9% was sold to importers in Asia.
Tinier percentages went to buyers in North America, Africa (0.5%), Latin America (0.3%) excluding Mexico but including the Caribbean, then Australia (0.03%) in Oceania.
Given Montenegro’s population of 622,000 people, its total $736.4 million in 2022 exports translates to roughly $1,200 for every resident in the Southeastern European country. That dollar metric exceeds the average $700 per capita one year earlier in 2021.
Montenegro’s Top 10 Exports
The following export product groups represent the highest dollar value in Montenegrin global shipments during 2022 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$220.7 million (30% of total exports)
- Aluminum: $189.6 million (25.7%)
- Wood: $50.6 million (6.9%)
- Pharmaceuticals: $34.8 million (4.7%)
- Machinery including computers: $32.8 million (4.5%)
- Ores, slag, ash: $25.7 million (3.5%)
- Meat: $23 million (3.1%)
- Beverages, spirits, vinegar: $18.9 million (2.6%)
- Vehicles : $17.9 million (2.4%)
- Electrical machinery, equipment: $10.1 million (1.4%)
Montenegro’s top 10 exports accounted for 84.8% of the overall value of its global shipments.
Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 172.9% from 2021 to 2022.
In second place for improving export sales was aluminum via a 114.1% advance.
Montenegro’s shipments of vehicles posted the third-fastest gain in value, up by 89.8%.
The most modest gainer among Montenegro’s top 10 export categories was electrical machinery and equipment, thanks to a 7.4% upturn compared to 2021.
At the more granular four-digit Harmonized Tariff System code level, unwrought aluminum represents Montenegro’s most valuable exported product at 24.4% of the country’s total. In second place were electrical energy (24.3%) trailed by medication mixes in dosage (4.7%), processed petroleum oils (3.9%), sawn wood (also 3.9%), salted, dried or smoked meat (2.4%), fuel wood or chips and sawdust (2.2%), zinc ores and concentrates (also 2.2%), wine (1.8%) then lignite (1.7%).
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$25.7 million (Up by 9.2% since 2021)
- Aluminum: $24.5 million (Down by -50.2%)
- Wood: $6.6 million (Up by 52.7%)
- Copper: $4.5 million (Down by -7.7%)
- Aircraft, spacecraft: $3.3 million (Reversing a -$19.6 million deficit)
- Raw hides, skins not furskins, leather: $2.5 million (Up by 9.2%)
- Woodpulp: $1.6 million (Up by 24.8%)
- Lead: $71,000 (Down by -21.1%)
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 billion products-related trade deficit for 2022, expanding by 44.4% from -$2.1 billion in red ink one year earlier in 2021.
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.
- Mineral fuels including oil: -US$434.6 million (Up by 113.2% since 2021)
- Vehicles: -$229 million (Up by 62.3%)
- Electrical machinery, equipment: -$214.8 million (Up by 49%)
- Machinery including computers: -$211.8 million (Up by 34.1%)
- Pharmaceuticals: -$123.3 million (Down by -5.5%)
- Furniture, bedding, lighting, signs, prefabricated buildings: -$102.4 million (Up by 55.7%)
- Meat: -$98 million (Up by 45%)
- Plastics, plastic articles: -$92.1 million (Up by 21.4%)
- Articles of iron or steel: -$87.1 million (Up by 4.9%)
- Beverages, spirits, vinegar: -$76.4 million (Up by 47.5%)
Montenegro has highly negative net exports and therefore deep international trade deficits for refined petroleum oils, electrical energy and petroleum gas under the mineral fuels including oil 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 4.6% of its overall Gross Domestic Product for 2022 ($16.1 billion valued in Purchasing Power Parity US dollars). That 4.6% for exports to overall GDP in PPP for 2022 compares to 3.1% for 2021. Those percentages suggest a relatively increasing 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 averaged 16.68% in 2022, down from an average of 17.85% for one year earlier.
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 October 1, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 1, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 1, 2023
International Trade Centre, Trade Map. Accessed on October 1, 2023
Investopedia, Net Exports Definition. Accessed on October 1, 2023
Wikipedia, Flag of Montenegro. Accessed on October 1, 2023
Wikipedia, Gross domestic product. Accessed on October 1, 2023
Wikipedia, List of Companies of Montenegro. Accessed on October 1, 2023
Wikipedia, Montenegro. Accessed on October 1, 2023
Wikipedia, Purchasing power parity. Accessed on October 1, 2023