Montenegro's foreign trade deficit shrank by 6.5% y/y to EUR 928.5mn in January-August 2013 due to rising exports and falling imports, statistics office data showed on September 25. The gap accounted for 26.4% of the full-year GDP forecast, down from 29.7% a year earlier, according to IntelliNews calculations.
The export-import coverage ratio strengthened to 21.6% for the first eight months of 2013 from 19.8% a year earlier, remaining among the lowest in the region.
Montenegro's imports declined 4.4% y/y to EUR 1.2bn in January-August dragged down by falling domestic demand for electricity (down 55% y/y to EUR 37mn), petroleum products (down 16% to EUR 126mn) and metalliferous ores and metal scrap (down 33% to EUR 23mn).
January-August exports went up 4.3% y/y to EUR 256mn supported by higher sales of electricity (up 207% y/y to EUR 76mn).
Weak metal sector activity continued denting the overall exports growth, reflecting reduced production of troubled aluminum smelter KAP and steel mill Zeljezara Niksic. Sales of non-ferrous metals contracted 43% y/y to EUR 55.8mn in January-August, while iron and steel exports fell 29% to EUR 9.6mn over the period. Their share in total exports dropped to 26% in January-August from 45% a year earlier and over 65% at end-2008.
|External trade, EUR mn||2009||2010||2011||2012||Jan-Aug'12||Jan-Aug'13||Change,y/y,%|
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