Montenegro and Azerbaijan
Montenegro and Azerbaijan combine tourism investment, seasonal air connections and economic dialogue. The April 2025 consultations highlighted Portonovi as an existing project and proposed strengthening energy, agriculture and finance, with frameworks and meetings still awaiting development.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
Periša Kastratović and Elnur Mammadov led consultations in Baku on 4 April 2025.
What merchandise trade shows
In 2025, goods trade between Montenegro and Azerbaijan totalled 0.685 million current USD.
Documented trade sectors
Within the selected chapters, pharmaceutical products stands out in shipments from Montenegro to Azerbaijan, at 0.47 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 0.685 M USD | 2025 · Comtrade |
| Goods: Montenegro to Azerbaijan | 0.653 M USD | 2025 · Comtrade |
| Goods: Azerbaijan to Montenegro | 0.0316 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Montenegro to Azerbaijan | ||
| Export share: Azerbaijan to Montenegro | ||
| Investment stock: Montenegro in Azerbaijan | ||
| Investment stock: Azerbaijan in Montenegro |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade · Goods; full calendar year; reporter AZE. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
- Goods: Montenegro to Azerbaijan
- 2025 · UN Comtrade · Goods; full calendar year; reporter AZE. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
- Goods: Azerbaijan to Montenegro
- 2025 · UN Comtrade · Goods; full calendar year; reporter AZE. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Montenegro | Azerbaijan |
|---|---|---|
| Nominal GDP | 9.23 billion USD2025 · WB | 75.94 billion USD2025 · WB |
| GDP per capita | 14,816.84 USD2025 · WB | 7,410.72 USD2025 · WB |
| GDP growth | 2.74 %2025 · WB | 1.45 %2025 · WB |
| Policy interest rate | ||
| Inflation · annual average | 3.9 %Annual average · 2025 · WB | 5.62 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | ||
| Unemployment | 13.57 %ILO est.2025 · WB | 5.46 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -3.6 %IMF est.2025 · IMF | 2.6 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 67.1 %IMF est.2025 · IMF | 20.1 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -20.38 %2025 · WB | 4.58 %2025 · WB |
| Population | 623,129World Bank est.2025 · WB | 10,246,996World Bank est.2025 · WB |
| Area | 13,888 km²2023 · WB | 86,600 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDMontenegro: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Azerbaijan: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP per capita
- Current USD per personMontenegro: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Azerbaijan: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)Montenegro: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Azerbaijan: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Policy interest rate
- Central bank instrument (%)
- Inflation · annual average
- Average annual change in headline CPI (%)Montenegro: 2025 · Annual average CPI change (%) · World Bank · Annual World Bank observation, with its original year; not monthly data.Azerbaijan: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series. Observation year, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency stated
- Unemployment
- % of the labour force; definition used by the stated institutionMontenegro: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Annual World Bank observation, with its original year; not monthly data.Azerbaijan: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.
- Budget balance
- General government (% of GDP)Montenegro: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Azerbaijan: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Montenegro: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Azerbaijan: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPMontenegro: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Azerbaijan: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Population
- PeopleMontenegro: 2025 · World Bank · WB est. · The source indicates an extrapolated population; this is not a census count.Azerbaijan: 2025 · World Bank · World Bank est. · Extrapolated estimate identified by the World Bank; not a census for the reference year.
- Area
- Total area in km²; territorial coverage of the sourceMontenegro: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.Azerbaijan: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Montenegro to Azerbaijan
Azerbaijan to Montenegro
| Product or sector | Value / share |
|---|---|
Connections between people
They also examined parliamentary cooperation, agriculture, finance and culture, and anticipated an upcoming joint economic commission. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Montenegro living in Azerbaijan | ||
| Residents from Azerbaijan living in Montenegro | ||
| Study and training: Montenegro in Azerbaijan | ||
| Study and training: Azerbaijan in Montenegro | ||
| Academic stays: Montenegro in Azerbaijan | ||
| Academic stays: Azerbaijan in Montenegro | ||
| Travel: Montenegro to Azerbaijan | ||
| Travel: Azerbaijan to Montenegro |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
The scale of both economies
Nominal GDP for Montenegro is 9.2 billion USD (2025), compared with 75.9 for Azerbaijan (2025). The reference populations are 0.623 and 10.25 million, respectively. In the same year, the economy of Montenegro was 0.122 times that of Azerbaijan in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [4] [5] [6] [7]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Bilateral context
Periša Kastratović and Elnur Mammadov led consultations in Baku on 4 April 2025. The Montenegrin delegation also met Jeyhun Bayramov, Hikmet Hajiyev and Finance officials. [1]
Cooperation and bilateral issues
Portonovi, in Herceg Novi, was cited as an example of Azerbaijani investment already realised and a possible reference for other initiatives. The Montenegrin side expressed interest in energy and in finalising its legal framework soon, indicating that this work remained pending. Participants highlighted the contribution of seasonal air connections to the growth of Azerbaijani tourism. They also examined parliamentary cooperation, agriculture, finance and culture, and anticipated an upcoming joint economic commission. Future projects must be distinguished from the existing tourism complex: the statement does not announce new energy disbursements or concluded agreements in that area. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Montenegro and Azerbaijan) totalled 0.685 million current USD. Shipments from the first to the second were 0.653 million; those in the opposite direction, 0.0316 million. The difference between the two flows was 0.622 million, in favour of Montenegro. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
Documented trade sectors
Within the selected chapters, pharmaceutical products stands out in shipments from Montenegro to Azerbaijan, at 0.47 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [3]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — MNE-AZE
Government of Montenegro · Institutional source · Accessed: 2026-10-08
- UN Comtrade annual data; reused verified primary payload, not re-downloaded
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Official series — gdp
World Bank · Institutional source · Accessed: 2026-10-07
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — population
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.