Montenegro's Jan-Sep trade deficit rises to 31.5% of GDP.

By bne IntelliNews October 26, 2011
Montenegro's trade deficit expanded by 3.6% y/y to EUR 1,032.1mn in the first nine months of 2011, up from 2.3% y/y in January-August, according to the statistics office preliminary figures. It accounted for 31.5% of the projected year-end GDP, down from 32.1% reported in the same period last year. Imports rose by 11.2% y/y to EUR 1,363.6mn, while exports surged by 44.7% y/y to EUR 331.5mn. 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 September alone, the trade deficit expanded by 13.3% y/y to EUR 130.2mn, after rising by revised 3.6% y/y in August. In monthly terms, however, the September gap narrowed marginally by 0.2%, sustaining the trend for a third month in a roll. The improvement was due to exports surging by 54.2% y/y, while imports increased more slowly - by 21.2% y/y.

External trade, EUR mn
2009 2010 2010/2009 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Jan-Sep-11 change y/y, %
Trade balance -1,377.1 -1,326.8 -3.7% -126.0 -152.0 -141.8 -130.5 -130.2 -1,032.1 3.6%
Exports 277.0 330.4 19.3% 33.5 33.0 34.0 41.7 42.4 331.5 44.7%
Imports 1654.0 1657.1 0.2% 159.5 184.9 175.8 172.2 172.6 1363.602 11.2%
Source: Monstat
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