Montenegro
2021 Product Exports | Imports: $828M | $3.73B, 165 of 226 | 150 of 226
2021 Per Capita Product Exports | Imports: $1.34k | $6.02k, 114 of 219 | 81 of 219
2019 Service Exports | Imports : $1.9B | $689M, 81 of 108 | 101 of 108
Overview In 2021 Montenegro was the number 165 economy in the world in terms of total exports and the number 150 in total imports.
Exports The top exports of Montenegro are Copper Ore ($117M), Raw Aluminium ($102M), Electricity ($75.4M), Dried Legumes ($71.9M), and Packaged Medicaments ($58.9M), exporting mostly to Serbia ($130M), Spain ($93.9M), Pakistan ($78.1M), Switzerland ($63.4M), and South Korea ($47.2M).
Imports The top imports of Montenegro are Refined Petroleum ($374M), Electricity ($133M), Packaged Medicaments ($113M), Cars ($112M), and Recreational Boats ($87.2M), importing mostly from Serbia ($961M), Greece ($355M), Croatia ($276M), China ($266M), and Bosnia and Herzegovina ($235M).
Location Montenegro borders Albania, Bosnia and Herzegovina, Croatia, and Serbia by land and Italy by sea.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe 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.
Latest Data
#permalink to sectionThe 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.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2021): Copper Ore, $117M
Top Destination (2021): Serbia, $130M
In 2021, Montenegro exported a total of $828M, making it the number 165 exporter in the world. During the last five reported years the exports of Montenegro have changed by $399M from $429M in 2016 to $828M in 2021.
The most recent exports are led by Copper Ore ($117M), Raw Aluminium ($102M), Electricity ($75.4M), Dried Legumes ($71.9M), and Packaged Medicaments ($58.9M). The most common destination for the exports of Montenegro are Serbia ($130M), Spain ($93.9M), Pakistan ($78.1M), Switzerland ($63.4M), and South Korea ($47.2M).
Market Growth
#permalink to sectionFastest Growing Export Markets (2020 - 2021)
- Spain, $91.3M (+ 3.58k%)
- Switzerland, $50M (+ 374%)
- South Korea, $44M (+ 1.35k%)
Service Trade
#permalink to sectionService Trade
#permalink to sectionMontenegro 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).
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionMontenegro has a high level of specialization in Dried Legumes (136), Lead Ore (114), Chlorates and Perchlorates (86.7), Preserved Meat (63.2), and Aluminium Ore (54.8). 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
#permalink to sectionThe highest complexity exports of Montenegro according to the product complexity index (PCI) are Chemical Analysis Instruments (1.65), Rolling Machines (1.55), Electric Furnaces (1.53), Transmissions (1.43), and Gaskets (1.41). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe top export opportunities for Montenegro according to the relatedness index, were Rough Wood (0.15), Gold (0.15), Shaped Wood (0.14), Cement (0.14), and Flavored Water (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.
Product Space
#permalink to sectionThe 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.
Diversification Frontier
#permalink to sectionThe 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.
