Montenegro's trade gap narrows 21.4% m/m in October.

By bne IntelliNews November 28, 2011
Montenegro's trade deficit expanded by 2.5% y/y to EUR 1,134.5mn in the period from January to October, down from 3.5% y/y at the end of Q3, according to the statistics office preliminary figures. It accounted for 34.6% of the projected year-end GDP, down from 35.6% reported in the same period last year. Imports rose by 11% y/y to EUR 1,514.6mn, while exports surged by 47.4% y/y to EUR 380.1mn. 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 October alone, the trade gap narrowed by 6.7% y/y to EUR 102.5mn, after rising by 13.5% y/y in September. The improvement was due to exports surging by 67.4% y/y, while imports increased more slowly - by 8.7% y/y. In monthly terms, the October gap plunged by 21.4% due to significant decreased in imports (by 12.8% m/m) and sound expansion of exports (by 13.7% m/m). .
External trade, EUR mn
2009 2010 2010/2009 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Jan-Oct-11 change y/y, %
Trade balance -1,377.1 -1,326.8 -3.7% -126.0 -152.0 -141.8 -130.1 -130.5 -102.5 -1,134.5 2.5%
Exports 277.0 330.4 19.3% 33.5 33.0 34.0 42.0 42.4 48.2 380.1 47.4%
Imports 1654.0 1657.1 0.2% 159.5 184.9 175.8 172.1 172.9 150.8 1514.552 11.0%
Source: Monstat
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