Montenegro's 11-month trade gap at 37.9% of GDP.

By bne IntelliNews January 9, 2012
Montenegro's trade deficit expanded by 2.8% y/y to EUR 1,241.2mn in the period from January to November, up from revised 2.7% y/y at the end of October, according to the statistics office preliminary figures. It accounted for 37.9% of the projected year-end GDP, down from 38.9% reported in the same period last year. Imports rose by 10% y/y to EUR 1,659.2mn, while exports surged by 38.9% y/y to EUR 418mn. The major item imported remains food and livestock while the major export industry is the metal industry. The main exports destinations for the domestic producers were Hungary, Serbia and Greece while the major imports partners were Serbia, Greece and Bosnia and Herzegovina. In November alone, the trade gap expanded by 4.6% y/y to EUR 105.4mn, after falling by 6.1% y/y in October. The deterioration was due to declining exports - by 11.8% y/y, which is the highest annual decrease reported since the start of the year. Imports also fell y/y - by 0.3% y/y after rising by 9.2% in the previous month. In monthly terms, the October gap rose by 2.1% due to a significant decrease in exports (by 21.5% m/m) and lower imports (by 5.4% m/m).
External trade, EUR mn
2009 2010 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Jan-Nov-11 change y/y, %
Trade balance -1,377.1 -1,326.8 -141.9 -130.4 -130.6 -103.2 -105.4 -1,241.2 2.8%
Exports 277.0 330.4 34.0 42.0 42.4 48.2 37.9 418.0 38.9%
Imports 1654.0 1657.1 175.9 172.4 173.0 151.4 143.2 1659.186 10.0%
Source: Monstat
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