Trading in Montenegro
Trading in MontenegroUpdated on Thursday 18th January 2018
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The economy in Montenegro relies heavily on its trade and the foreign investment. The local authorities have, therefore, adopted several measures to liberalize the trade regime in the country. In this article, our lawyers in Montenegro present a few details related to trading in Montenegro.
Exports in Montenegro
The exports in Montenegro decreased by 10.6% year-on-year to EUR 29 million in November 2017. From January to November 2017, the exports increased with 14% compared to the same period of 2016.
The highest dollar value in the local global shipments during 2016 were:
• Aluminum: USD 72.4 million (20.4% of the total exports);
• Mineral fuels including oil: USD 57.1 million (61.1% of the total exports);
• Wood: USD 32.1 million (9.1%);
• Beverages, spirits, vinegar: USD 22.5 million (6.3%);
• Other goods: our Montenegro lawyers can offer assistance in setting up a company in this sector.
Imports and exports in Montenegro
Montenegro is ranked as the 167th largest export market worldwide. The crucial trade policy reforms have been adopted by the local government so that the country can join the World Trade Organization.
Therefore, the custom duties have been decreased and the tariff and non-tariff barriers have been lifted. Our attorneys in Montenegro can offer further information related to this subject.
Manufactured goods, raw materials and agricultural produce represent the main export goods in Montenegro.
In 2015, the country’s main exports were raw aluminum (21.6%), electricity (9.4%), wood products (5.5%) and others. Local companies which operate in the steel sector were registered to export bars of iron or non-alloy steel.
The main import commodities of the country are fuels and lubricants, machinery and transport, as well as chemical and manufactured products.
Companies which manufacture food products in the country imported fresh or frozen meat, accounting for 2.3% of the total imports in Montenegro. Our lawyers in Montenegro provide assistance in setting up a company in the trade industry in this country.
The imported products and merchandise come especially from Serbia, China, Croatia and Italy.
If you need to know more about the imports and exports in Montenegro, or for help in setting up a business here, please contact our law firm in Montenegro.