Overview In 2020 Montenegro was the number 167 economy in the world in terms of total exports and the number 151 in total imports.

Exports The top exports of Montenegro are Raw Aluminium ($65.2M), Electricity ($56.9M), Packaged Medicaments ($54M), Dried Legumes ($34.1M), and Aluminium Ore ($22.4M), exporting mostly to Serbia ($117M), Slovenia ($41.7M), Pakistan ($38.3M), Germany ($36.5M), and China ($26.9M).

Imports The top imports of Montenegro are Refined Petroleum ($118M), Cars ($98.1M), Packaged Medicaments ($89.4M), Broadcasting Equipment ($81.8M), and Electricity ($72M), importing mostly from Serbia ($779M), China ($249M), Croatia ($205M), Bosnia and Herzegovina ($170M), and Italy ($151M).

Location Montenegro borders Albania, Bosnia and Herzegovina, Croatia, and Serbia by land and Italy by sea.

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The following section uses the most recent trade data from partners of Montenegro.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Historical Data

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Top Export (2020): Raw Aluminium, $65.2M

Top Destination (2020): Serbia, $779M

In 2020, Montenegro exported a total of $508M, making it the number 167 exporter in the world. During the last five reported years the exports of Montenegro have changed by $63.8M from $444M in 2015 to $508M in 2020.

The most recent exports are led by Raw Aluminium ($65.2M), Electricity ($56.9M), Packaged Medicaments ($54M), Dried Legumes ($34.1M), and Aluminium Ore ($22.4M). The most common destination for the exports of Montenegro are Serbia ($117M), Slovenia ($41.7M), Pakistan ($38.3M), Germany ($36.5M), and China ($26.9M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

Montenegro Exports Services (2018): $2.55B

Montenegro Imports Services (2018): $993M

In 2018, Montenegro exported $2.55B worth of services. The top services exported by Montenegro in 2018 were Personal travel ($1.63B), Transportation ($519M), Other business services ($149M), Computer and information services ($113M), and Construction services ($75.5M).

The top services imported by Montenegro in 2018 were Transportation ($414M), Other business services ($213M), Computer and information services ($134M), Personal travel ($94.8M), and Construction services ($62.5M).

Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Montenegro are Olive oil, virgin (45%) and Milk (1%-6% Fat) (44.4%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

*The tariffs applied to imports for Montenegro are:
136: Most Favoured Nation duty rate treatement
160: Preferential tariff for Albania
172: Preferential tariff for Bosnia and Herzegovina
220: Preferential tariff for European Union countries (SAA) Stabilisation and Association Agreement
238: Preferential tariff for Iceland
263: Preferential tariff for Macedonia, Former Yugoslav Republic of
281: Preferential tariff for Norway
292: Preferential tariff for Russian federation
307: Preferential tariff for Switzerland and Liechtenstein
318: Preferential tariff for the republic of Moldova
322: Preferential tariff for Turkey
325: Preferential tariff for Ukraine
403: Montenegro Preferential tariff for Least Developed Countries (LDCs)

Economic Complexity

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Most Specialized Products by RCA Index

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Montenegro has a high level of specialization in Aluminium Ore (135), Dried Legumes (94.1), Chlorates and Perchlorates (82.9), Preserved Meat (71.3), and Electricity (59.8). Specialization is measured using RCA, an index that takes the ratio between Montenegro observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Montenegro according to the product complexity index (PCI) are Equipment for physical and chemical analysis (1.75), Shafts, cranks, gears, clutches, flywheel, pulleys etc (1.47), Bar, rod nes, stainless steel, angles, shapes/sections (1.43), Machinery for making felt, nonwovens, including hats (1.32), and Saturated acyclic monocarboxylic acids, derivatives (1.06). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Montenegro according to the relatedness index, are Rough Wood (0.15), Gold (0.15), Bran (0.14), Wheat Flours (0.14), and Fruit Juice (0.14). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Montenegro is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.

Relatedness Space

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This network shows the products most related to the production structure of Montenegro. These are products that tend to be co-exported with the products that Montenegro exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.