Montenegro is rich in natural resources and has great potential for agriculture. But on paper, things look a bit strange. Montenegro is listed as a major exporter of oil and even airplanes, even though we don`t actually produce them.
Last year, our biggest export was electricity, worth €114 million, out of a total export value of €615 million. Other key exports included beverages (€45.1 million), ores (€42.5 million), medicines (€38.7 million), aircraft parts (€38.4 million), aluminium (€38 million), oil (€28.7 million), and dried meat (€26.2 million). Meanwhile, total imports reached €4.08 billion almost seven times more than our exports.
Unfortunately, despite having potential, we import 15 times more food than we export, which drives up food prices. One interesting fact is that Montenegro exported €11.8 million worth of firewood and briquettes last year, mostly to Kosovo (€5 million), which has restricted logging to protect its forests. That`s how we ended up with the saying, “Firewood and timber go to Kosovo because they save their forests.“
Even with all the imports, there are some surprising exports too. Montenegro has become a significant exporter of chocolate and cocoa products, with €3 million in sales though this might actually be re-exported goods. And of course, we`re known for Nikšićko beer, but even that`s complicated. Nikšićko is also brewed in Serbia, so our exports are small and mostly go to Kosovo (€1.7 million), Bosnia and Herzegovina (€1.3 million), and Albania (€1 million).
Montenegro really needs to think about long-term solutions for reducing its trade deficit. Diversifying the economy by developing agriculture, manufacturing, and the IT sector could be a game changer for sustainable growth. Also, relying less on the public sector and shifting resources toward private businesses could make a big difference. Buying local products isn`t just about economics it`s about investing in the country, supporting jobs, and keeping money in Montenegro. If we want a stronger economy, we should start with something simple supporting local businesses and understanding why that matters.
At the end of the day, this all makes you think Montenegro clearly has the potential to produce more, but for some reason, we`re still relying so much on imports. Instead of selling off our raw resources, maybe it`s time to invest in actually making something here. Otherwise, we`ll just keep sending out wood and bringing back overpriced food.
Written by our correspondent A.A.
