Montenegro, despite being a small country in southeastern Europe, actively engages in international trade. Its key trade partners are a mix of neighboring countries and global economic powers. The main trade partners of Montenegro include:
1. European Union (EU): Montenegro’s integration into the EU has significantly boosted trade relations with member states. The EU is the country’s largest trade partner, both in terms of exports and imports. Montenegro benefits from duty-free access to the EU market for most goods.
2. Serbia: As a neighboring country, Serbia is a significant trade partner for Montenegro. They have strong economic ties, including trade in goods and services, as well as investment flows.
3. Russia: Montenegro has historical links with Russia, which remain reflected in trade relations. Major exports to Russia include aluminum and tourism-related services. Additionally, Russian tourists are significant contributors to Montenegro’s tourism sector.
4. Bosnia and Herzegovina: Montenegro shares a border with Bosnia and Herzegovina, leading to active trade between the two countries. Key areas of trade include machinery, vehicles, and mineral fuels.
5. Italy: Italy has substantial economic cooperation with Montenegro, particularly in the tourism sector. Italian tourists and investors play a crucial role in Montenegro’s economy. Furthermore, Italian companies have participated in infrastructure projects in Montenegro.
6. Germany: Germany ranks among the top trade partners for Montenegro, primarily due to its investment presence. German companies have invested in various sectors, such as tourism, energy, and infrastructure.
7. Croatia: Montenegro’s coastal proximity to Croatia has fostered trade ties, mainly in the tourism and energy sectors.
8. Turkey: Turkey has gained importance as a trade partner for Montenegro in recent years. Key areas of cooperation include construction, energy, and tourism, with Turkish investments playing a significant role.
9. China: China has been steadily increasing its presence in Montenegro through infrastructure investments. Projects such as the Bar-Boljare Highway and Port of Bar have strengthened bilateral ties and trade relations.
10. Slovenia: Slovenia, another neighboring country, has trade relations with Montenegro, primarily in the areas of machinery, transport equipment, and pharmaceuticals.
It is worth noting that these are not the only trade partners of Montenegro, but they represent some of the most prominent and significant ones. Montenegro continues to explore opportunities to expand trade relations with other countries to diversify its economy and increase its global presence.
Prepared by www.mercosur.me