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2022
Product
Exports | Imports $1.32B | $4.73B154 of 226 |  145 of 226
2022
Per Capita Product
Exports | Imports $2.14k | $7.68k89 of 220 |  68 of 220

About

Overview In 2022 Montenegro was the number 154 economy in the world in terms of total exports and the number 145 in total imports.

Exports The top exports of Montenegro are Copper Ore ($335M), Electricity ($262M), Raw Aluminium ($237M), Aluminium Ore ($47.2M), and Packaged Medicaments ($43.9M), exporting mostly to South Korea ($321M), Serbia ($159M), Italy ($125M), Switzerland ($116M), and Bosnia and Herzegovina ($95.5M).

Imports The top imports of Montenegro are Electricity ($592M), Refined Petroleum ($419M), Raw Aluminium ($188M), Cars ($148M), and Packaged Medicaments ($110M), importing mostly from Serbia ($1.15B), China ($387M), Italy ($378M), Croatia ($330M), and Greece ($317M).

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

Latest Trends

Latest Trade

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Y-AXIS SCALE

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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

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Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

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

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2022)Copper Ore$335M
Top Destination (2022)South Korea$321M

In 2022, Montenegro exported a total of $1.32B, making it the number 154 exporter in the world. During the last five reported years the exports of Montenegro have changed by $672M from $646M in 2017 to $1.32B in 2022.

The most recent exports are led by Copper Ore ($335M), Electricity ($262M), Raw Aluminium ($237M), Aluminium Ore ($47.2M), and Packaged Medicaments ($43.9M). The most common destination for the exports of Montenegro are South Korea ($321M), Serbia ($159M), Italy ($125M), Switzerland ($116M), and Bosnia and Herzegovina ($95.5M).

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Exports (2022)
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Destinations (2022)
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Market Growth

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Growth
Fastest Growing Export Markets (2021 - 2022)
South Korea$274M (+ 579%)
Italy$90.4M (+ 262%)
Bosnia and Herzegovina$55.3M (+ 138%)
Fastest Growing Import Markets (2021 - 2022)
Serbia$194M (+ 20.2%)
Italy$194M (+ 105%)
Greece$134M (+ 73%)

Total Export Growth by Market (2021 - 2022)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Montenegro Exports Services (2019)$1.9B
Montenegro Imports Services (2019)$689M

In 2019, Montenegro exported $1.9B worth of services. The top services exported by Montenegro in 2019 were Personal travel ($1.23B), Other transport ($234M), Miscellaneous business, professional, and technical services ($117M), Air transport ($85M), and Sea transport ($73.8M).

The top services imported by Montenegro in 2019 were Other transport ($249M), Miscellaneous business, professional, and technical services ($155M), Personal travel ($58.2M), Air transport ($50.3M), and Construction in the compiling economy ($42.5M).

Service Exports (2019)

Service Imports (2019)

Economic Complexity

Most Specialized Products by RCA Index

Montenegro has a high level of specialization in Aluminium Ore (117), Copper Ore (66.9), Preserved Meat (56), Raw Aluminium (46.2), and Tobacco Processing Machines (37.9). Specialization is measured using RCA, an index that takes the ratio between Montenegro observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Montenegro according to the relatedness index, were Cement (0.12), Hard Liquor (0.12), Flavored Water (0.12), Non-fillet Fresh Fish (0.12), and Shaped Wood (0.12). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Montenegro is not specialized in.

Product Space

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

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.

Relatedness Space (2022)

Diversification Frontier

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Depth

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.

Diversification Frontier

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