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GROWING TRADE Cooperation
COOPERATION GROWING TRADE
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ccording to the data collated by the Chamber of Commerce and Industry of Serbia (CCIS), the total trade between Serbia and Montenegro from January to March 2022 amounted to 220.9 million euros, a 31.7% increase compared to the same period in 2021. Serbian exports to Montenegro amounted to 197.4 million euros, a 29.2% hike relative to the same period in 2021. Imports from Montenegro are also higher by 51.7% compared to the same period in 2021 and amounted to 23.5 million euros. The trade surplus stood at 173.8 million euros.
The most important products exported in the period from January to March 2022 are boilers, machinery, road vehicles, pharmaceutical products, electric devices and equipment and plastics, while, during the same period, Serbia mostly imported the following products from Montenegro - mineral fuels and oils, meat and meat-based products, wood, unclassified goods and pharmaceutical products.
In terms of Serbia’s total export in 2021, Montenegro ranks 8th with a 3.8% share. Regarding Serbia’s imports in 2020, Montenegro ranks 40th place with a 0.3% share in total Serbian imports.
Also, the SCC report states that in 2021, the trade in services between the two countries amounted to 445 million euros. In this period, Serbia exported services worth 219 million euros, which is an increase of 53.1% compared to 2020. In 2021, Serbia imported services from Montenegro worth 266 million euros, which is a 64.9% hike relative to 2020. The deficit in the trading in services in 2021 amounted to 7 million euros. In 2021, 6,132 domestic companies traded with Montenegro. Of this number, 5,546 only exported, 327 only im-
ported, while 359 companies both imported from and exported to Montenegro. There are 571 active companies in the Republic of Serbia which are majority-owned (over 50%) by legal or natural persons (citizens) from Montenegro.
The following economic branches in Serbia have the biggest potential to increase their export to Montenegro – automotive industry, alcoholic beverage industry, vinegar producers, dairy producers, producers of animal and vegetable fats and oils, plastics and plastic products and furniture.
Countries that are the largest foreign investors in Montenegro are - the Russian Federation, Azerbaijan, China, Switzerland, Italy, the USA, the UAE, Serbia, Germany and the Netherlands. Net foreign direct investments in 2020 reached 468 million euros. Montenegro plans to overhaul its road and rail networks and expand its air transport system. As of December 31, 2021, 571 companies founded by the Montenegrin citizens or legal entities registered in Montenegro were registered in Serbia. According to the data on Serbian investments, collated by the Central Bank of Montenegro, in the period from 2006 to June 2019, the total investments from Serbia amounted to 516.6 million euros.
