Montenegro's 2013 foreign trade gap narrows 4% to EUR 1.4bn, equalling to 42% of GDP.

By bne IntelliNews January 28, 2014

Montenegro's foreign trade gap shrank 3.9% to EUR 1.4bn in 2013 following a 6.2% expansion a year ago, as exports increased whereas imports declined, statistics office data showed. The deficit equalled to 42.2% of the full-year GDP projection, down from 46% a year ago, according to IntelliNews calculations.

The 2013 export-import coverage ratio strengthened to 21.2% from 20.1% in 2012 but remained among the lowest in the region.

Exports rose 2.4% to EUR 376mn in 2013, following a 19.3% contraction the year before. The increase was mainly driven by higher sales abroad of electricity (up 150% to EUR 96mn), metalliferous ores and metal scrap (up 8% to 34mn) and cork and wood (up 14% to EUR 17mn), which cumulatively accounted for around 40% of total exports.

Imports shrank 2.6% to EUR 1.8bn last year, after edging down 0.2% in 2012, dragged down by lower demand for petroleum and petroleum products (down 11% to EUR 191mn), electricity (down 49% to EUR 54mn), and road vehicles (down 5% to EUR 92mn).

The trade gap with EU28 increased by a moderate 1.2% to EUR 628mn (45% share in total trade deficit) as exports dropped by 17.5% y/y to EUR 156mn, while imports shrank 3.2% to EUR 784mn. On the other hand, the country's trade gap with CEFTA countries narrowed by 10.3% y/y to EUR 501mn (36% share in total trade gap) on the back of a 29.3% growth in exports and 2.2% lower imports.

In December alone, the trade gap widened by 6.8% y/y to EUR 114.3mn as imports (up 6.7% y/y to EUR 149mn) grew faster than exports (up 6.4% to EUR 35mn).

External trade, EUR mn 2009 2010 2011 2012 2013 Change,y/y,%
Trade balance -1,377.2 -1,326.9 -1,368.9 -1,453.9 -1,397.7 -3.9
Exports 277.0 330.4 454.4 366.9 375.5 2.4
Imports 1,654.2 1,657.3 1,823.3 1,820.8 1,773.2 -2.6
Source: Monstat          

Related Articles

US diplomats fail to persuade Montenegro’s opposition to return to parliament

Opposition parties in Montenegro have said they are willing to resume dialogue with the ruling party, but a series of meetings with the US State ... more

Fiscal consolidation measures to slow Montenegro’s 2017 GDP growth to 3%, IMF says

The International Monetary Fund (IMF) revised down its forecast for Montenegro’s ... more

Montenegrin PM's brother accused of making "death threat" to journalist

The Western Balkans Regional Platform for Advocating Media Freedom and Journalists’ Safety, a network of journalists' associations and media trade unions in Western Balkans countries, ... more

Dismiss