Overview In 2019 Montenegro was the number 149 economy in the world in terms of GDP (current US$), the number 168 in total exports, the number 150 in total imports, the number 78 economy in terms of GDP per capita (current US$) and the number null most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Montenegro are Raw Aluminium ($81.4M), Aluminium Ore ($43M), Packaged Medicaments ($37.5M), Cars ($23.1M), and Zinc Ore ($15.5M), exporting mostly to Serbia ($68.6M), Hungary ($59.9M), China ($43.3M), Russia ($28.8M), and Bosnia and Herzegovina ($25.1M).

Imports The top imports of Montenegro are Refined Petroleum ($224M), Cars ($143M), Packaged Medicaments ($87M), Recreational Boats ($81.1M), and Rolled Tobacco ($53.9M), importing mostly from Serbia ($880M), Bosnia and Herzegovina ($233M), Croatia ($231M), Italy ($189M), and Greece ($169M).

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

Historical Data

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Yearly Exports

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Top Export (2019): Raw Aluminium, $81.4M

Top Destination (2019): Serbia, $68.6M

In 2019, Montenegro exported a total of $407M, making it the number 168 exporter in the world. During the last five reported years the exports of Montenegro have changed by -$251M from $658M in 2014 to $407M in 2019.

The most recent exports are led by Raw Aluminium ($81.4M), Aluminium Ore ($43M), Packaged Medicaments ($37.5M), Cars ($23.1M), and Zinc Ore ($15.5M). The most common destination for the exports of Montenegro are Serbia ($68.6M), Hungary ($59.9M), China ($43.3M), Russia ($28.8M), and Bosnia and Herzegovina ($25.1M).

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Yearly Imports

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Top Import (2019): Refined Petroleum, $224M

Top Origin (2019): Serbia, $880M

In 2019 Montenegro imported $2.97B, making it the number 150 trade destination in the world. During the last five reported years the imports of Montenegro changed by $93.1M from $2.88B in 2014 to $2.97B in 2019.

The most recent imports of Montenegro are led by Refined Petroleum ($224M), Cars ($143M), Packaged Medicaments ($87M), Recreational Boats ($81.1M), and Rolled Tobacco ($53.9M). The most common import partners for Montenegro are Serbia ($880M), Bosnia and Herzegovina ($233M), Croatia ($231M), Italy ($189M), and Greece ($169M).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

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).

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 (337), Preserved Meat (85.7), Chlorates and Perchlorates (76.9), Raw Aluminium (70.5), and Lead Ore (68). 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 Photograph film, rolls, unexposed, not paper (1.96), Equipment for physical and chemical analysis (1.72), Shafts, cranks, gears, clutches, flywheel, pulleys etc (1.6), Bar, rod nes, stainless steel, angles, shapes/sections (1.26), and Orthopaedic appliances (1.24). 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 Flavored Water (0.14), Crude Petroleum (0.14), Cement (0.14), Rough Wood (0.13), and Wheat Flours (0.13). 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 it is currently specialized 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 and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.