Montenegro’s Deputy Prime Minister and Minister for Economic Development, Nik Đeljošaj, claims that Montenegro does not show signs of economic dependence on Serbia and that economic exchange is driven by market principles. However, official data tells a more complex story.
In 2024, Serbia accounted for about 17.2% of Montenegro’s total imports (€699.2 million out of €4.07 billion) and nearly one-third of Montenegro’s exports (€184.5 million out of €615 million) went to the Serbian market. Nearly one in four tourists staying overnight in Montenegro was Serbian.
The Airport of Montenegro earned €10.7 million in 2024, with €7 million coming from the Serbian national airline and €3.7 million from Air Montenegro. Luka Bar’s business cooperation with Serbian companies generated 35-45% of its revenue between 2021 and 2024. Additionally, 63% of Montenegro’s Railway Transport revenues last year came from international ticket sales to Serbia.
Vijesti also recalls past tensions, such as Serbia’s temporary export bans on basic foodstuffs and sunflower oil during the COVID-19 pandemic and in mid-2024. These bans, though sometimes unofficial, caused concern in Montenegro over supply disruptions. Serbian producers protested the oil export restrictions, highlighting domestic tensions.
Journalist Miša Brkić notes that analyses of Serbia-Montenegro relations are often influenced by historical and emotional ties, complicating objective assessments of their economic interdependence.
