A tiny country in Southeastern Europe with a name meaning Black Mountain in the official Montenegrin language, Montenegro shipped US$660.7 million worth of exported products around the world in 2024.

That dollar amount results from an 80.5% acceleration from 5 years earlier in 2020 when Montenegro’s exports totaled $366 million.

Year over year, the value of Montenegrin exports dropped by -8.6% compared to $722.5 million starting from 2023.

Based on the average exchange rate for 2024, Montenegro uses the euro which flatlined via a 0.2% gain from 2023 to 2024. The slightly stronger European Union currency made Montenegro’s exports paid for in weaker US dollars modestly more expensive for international buyers starting from American currency.

Montenegro’s top 5 most valuable exports are electrical energy, medication mixes in dosage, unwrought aluminum, processed petroleum oils, then aluminum ores and concentrates. Collectively, that subgroup of major exports generated over two-fifths (40.7%) of overall Montenegrin shipments by value during 2024. Such a high percentage indicates a relatively concentrated portfolio of exported products.

The latest available country-specific data shows that 74.8% of products exported from Montenegro was bought by importers in: Serbia (30.2% of the Montenegrin total), Bosnia/Herzegovina (7.4%), Switzerland (6.1%), Slovenia (5.2%), Albania (4.8%), Poland (3.9%), mainland China (3.5%), Italy (3.2%), Ukraine (3%), Germany (2.61%), Luxembourg (2.56%) and the Czech Republic (2.3%).

From a continental perspective, 89.2% of Montenegro’s exports by value was delivered to European countries while 9.3% was sold to importers in Asia. Montenegro shipped another 0.9% worth of goods to buyers in North America.

Smaller percentages went to customers in Africa (0.4%), Latin America excluding Mexico but including the Caribbean (0.1%) then Oceania mostly Australia (0.05%).

Montenegro has applied to join the European Union, with anticipated membership by 2028. Montenegro shipped almost a third (31%) of its total exports to the EU.

Given Montenegro’s population of 634,000 people, its total US$660.7 million in 2024 exports translates to roughly $1,050 for every resident in the Southeastern European country. That dollar metric lags the average $1,150 per capita one year earlier in 2023.

Montenegro’s Top 10 Exports

The following export product groups represent the highest dollar value in Montenegrin global shipments during 2024 at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Montenegro.

1. Mineral fuels including oil: US$167 million (25.3% of total exports)
2. Beverages, spirits, vinegar: $48.9 million (7.4%)
3. Aluminum: $48 million (7.3%)
4. Ores, slag, ash: $45.9 million (6.9%)
5. Wood: $45.3 million (6.9%)
6. Pharmaceuticals: $41.9 million (6.3%)
7. Aircraft, spacecraft: $41.6 million (6.3%)
8. Meat: $34.8 million (5.3%)
9. Machinery including computers: $20.4 million (3.1%)
10. Vehicles: $15.8 million (2.4%)

Montenegro’s top 10 export product categories accounted for 77.1% of the overall value of its global shipments.

Aircraft and spacecraft represent the fastest grower among the top 10 export categories, up by 275.4% from 2023 to 2024.

In second place for improving export sales was ores, slag and ash sub-category via an 87% advance.

Montenegro’s shipments of meat posted the third-fastest gain in value, up by 24.8%.

The leading decliner among Montenegro’s top 10 export categories was aluminum, recording a -43.2% year-over-year drop.

At the more granular four-digit Harmonized Tariff System code level, electrical energy represents Montenegro’s most valuable exported product at 18.8% of the country’s total. In second place were medication mixes in dosage (6.34%) trailed by unwrought aluminum (6.29%), processed petroleum oils (4.7%), aluminum ores and concentrates (4.6%), salted, dried or smoked meat (4.3%), sawn wood (4.1%), alcoholic beverages (3.9%), aircraft and spacecraft (3.3%) then parts of aircraft or spacecraft (3%).

Countries Driving Montenegro’s Best Trade Surpluses

The following types of Montenegrin product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Ores, slag, ash: US$45.8 million (Up by 87.3% since 2023)
2. Aircraft, spacecraft: $38.3 million (Up by 600.4%)
3. Copper: $6 million (Up by 240.1%)
4. Explosives, pyrotechnics, matches: $3.8 million (Reversing a -$895,000 deficit)
5. Inorganic chemicals: $3.3 million (Down by -287.8%)
6. Woodpulp: $1.5 million (Up by 24.9%)
7. Raw hides, skins not furskins, leather: $1.5 million (Down by -34.1%)
8. Railways, streetcars: $699,000 (Reversing a -$2.8 million deficit)
9. Lead: $15,000 (Down by -11.8%)

Montenegro has highly positive net exports in the international trade of aluminum. In turn, these cashflows indicate Montenegro’s strong competitive advantages under the ores, slag and ash category for aluminum ores and concentrates as well as under the aluminum product category.

Countries Causing Montenegro’s Worst Trade Deficits

Montenegro incurred an overall -US$3.74 billion products-related trade deficit for 2024, expanding by 10.2% from -$3.39 billion in red ink one year earlier in 2023.

Below are exports from Montenegro that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Montenegro’s goods trail Montenegrin importer spending on foreign products.

1. Vehicles: -US$408 million (Up by 18.2% since 2023)
2. Machinery including computers: -$320.2 million (Up by 13.3%)
3. Mineral fuels including oil: -$293.4 million (Up by 81.7%)
4. Electrical machinery, equipment: -$275.1 million (Up by 12.6%)
5. Pharmaceuticals: -$182.8 million (Up by 17.6%)
6. Furniture, bedding, lighting, signs, prefab buildings: -$130.4 million (Up by 1.8%)
7. Meat: -$129.5 million (Up by 0.3%)
8. Articles of iron or steel: -$123.2 million (Up by 9.0%)
9. Plastics, plastic articles: -$112.7 million (Up by 6.0%)
10. Dairy, eggs, honey: -$89.8 million (Up by 8.2%)

Montenegro has highly negative net exports and therefore deep international trade deficits for cars, trucks, automotive parts or accessories and tractors under the vehicles product category.

Montenegrin Export Companies

Not one Montenegrin corporation ranks among Forbes Global 2000.

Wikipedia lists exports-related companies from Montenegro. Selected examples are shown below.

• Crnogorski Telekom (telecommunications)
• Jugopetrol Kotor (oil, gas)
• Plantaže (wine, grape brandy)
• Rudnici boksita a.d. Niksic (bauxite)
• Trebjesa brewery (beer)

 
In macroeconomic terms, Montenegro’s total exported goods represent 3.3% of its overall Gross Domestic Product for 2024 ($20.1 billion valued in Purchasing Power Parity US dollars). That 3.3% for exports to overall GDP in PPP for 2024 compares to 3.8% for 2023. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Montenegro’s total economic performance, albeit based on a short timeframe.

Another key indicator of a country’s economic performance is its jobless rate. Montenegro’s unemployment rate was 9.45% in November 2025, down from 11.4% for the prior year based on Trading Economics statistics.

Montenegro’s capital city is Podgorica.

See also France’s Top 10 Exports, Italy’s Top 10 Exports and Top EU Export Countries

Research Sources:
Central Intelligence Agency, The World Factbook Europe: Montenegro. Accessed on February 11, 2026

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on February 11, 2026

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 11, 2026

International Trade Centre, Trade Map. Accessed on February 11, 2026

Investopedia, Net Exports Definition. Accessed on February 11, 2026

Wikipedia, Flag of Montenegro. Accessed on February 11, 2026

Wikipedia, Gross domestic product. Accessed on February 11, 2026

Wikipedia, List of Companies of Montenegro. Accessed on February 11, 2026

Wikipedia, Montenegro. Accessed on February 11, 2026

Wikipedia, Purchasing power parity. Accessed on February 11, 2026