Serbia and Montenegro
Serbia and Montenegro combine neighbourhood, economic cooperation and sectoral agreements. Consular protection, defence and European integration frameworks complement dialogue on infrastructure and political contacts.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08History and institutional framework
Diplomatic relations between the states were established on 22 June 2006.
What merchandise trade shows
In 2025, goods trade between Serbia and Montenegro totalled 1,777 million current USD.
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Serbia to Montenegro, at 146.4 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 1,777 M USD | 2025 · Comtrade |
| Goods: Serbia to Montenegro | 1,629.44 M USD | 2025 · Comtrade |
| Goods: Montenegro to Serbia | 147.56 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Serbia to Montenegro | 4.37 % | 2025 · Comtrade |
| Export share: Montenegro to Serbia | ||
| Investment stock: Serbia in Montenegro | ||
| Investment stock: Montenegro in Serbia |
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; reporters RWA, SAU, SEN, SGP, SRB · Goods; full calendar year; reporter SRB. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Serbia to Montenegro
- 2025 · UN Comtrade; reporters RWA, SAU, SEN, SGP, SRB · Goods; full calendar year; reporter SRB. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Montenegro to Serbia
- 2025 · UN Comtrade; reporters RWA, SAU, SEN, SGP, SRB · Goods; full calendar year; reporter SRB. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Serbia to Montenegro
- 2025 · UN Comtrade; reporters RWA, SAU, SEN, SGP, SRB · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Serbia | Montenegro |
|---|---|---|
| Nominal GDP | 99.95 billion USD2025 · WB | 9.23 billion USD2025 · WB |
| GDP per capita | 15,262.05 USD2025 · WB | 14,816.84 USD2025 · WB |
| GDP growth | 2.03 %2025 · WB | 2.74 %2025 · WB |
| Policy interest rate | ||
| Inflation · annual average | 3.89 %Annual average · 2025 · WB | 3.9 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | ||
| Unemployment | 7.12 %ILO est.2025 · WB | 13.57 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -2.2 %IMF est.2025 · IMF | -3.6 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 42.4 %IMF est.2025 · IMF | 67.1 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -4.9 %2025 · WB | -20.38 %2025 · WB |
| Population | 6,549,143World Bank est.2025 · WB | 623,129World Bank est.2025 · WB |
| Area | 84,990 km²2023 · WB | 13,888 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 USDSerbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.Montenegro: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP per capita
- Current USD per personSerbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.Montenegro: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP growth
- Annual real change (%)Serbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.Montenegro: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Policy interest rate
- Central bank instrument (%)
- Inflation · annual average
- Average annual change in headline CPI (%)Serbia: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series. Observation year, not download date.Montenegro: 2025 · Annual average CPI change (%) · World Bank · Annual World Bank observation, with its original year; not monthly data.
- 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 institutionSerbia: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.Montenegro: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Annual World Bank observation, with its original year; not monthly data.
- Budget balance
- General government (% of GDP)Serbia: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Montenegro: 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)Serbia: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Montenegro: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPSerbia: 2025 · World Bank · Official World Bank series. Observation year, not download date.Montenegro: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Population
- PeopleSerbia: 2025 · World Bank · World Bank est. · Extrapolated estimate identified by the World Bank; not a census for the reference year.Montenegro: 2025 · World Bank · WB est. · The source indicates an extrapolated population; this is not a census count.
- Area
- Total area in km²; territorial coverage of the sourceSerbia: 2023 · World Bank · Official World Bank series. Observation year, not download date.Montenegro: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- 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.
Serbia to Montenegro
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 146.4 M USD2025 · Source |
| Vehicles and components | 129.1 M USD2025 · Source |
| Pharmaceutical products | 103 M USD2025 · Source |
| Machinery and mechanical appliances | 99.7 M USD2025 · Source |
| Electrical and electronic equipment | 79.9 M USD2025 · Source |
| Dairy products, eggs and honey | 32.7 M USD2025 · Source |
| Metal ores | 25 M USD2025 · Source |
| Meat and edible offal | 15.9 M USD2025 · Source |
Montenegro to Serbia
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 47.6 M USD2025 · Source |
| Meat and edible offal | 33.6 M USD2025 · Source |
| Pharmaceutical products | 5.8 M USD2025 · Source |
| Electrical and electronic equipment | 4.9 M USD2025 · Source |
| Vehicles and components | 0.952 M USD2025 · Source |
| Machinery and mechanical appliances | 0.446 M USD2025 · Source |
| Dairy products, eggs and honey | 0.0369 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | Serbia to Montenegro | Montenegro to Serbia |
|---|---|---|---|
| 2021 | 1,063.4 | 969.8 | 93.6 |
| 2022 | 1,364.6 | 1,174.2 | 190.4 |
| 2023 | 1,483.1 | 1,323.9 | 159.2 |
| 2024 | 1,572.2 | 1,418.8 | 153.4 |
| 2025 | 1,777 | 1,629.4 | 147.6 |
Connections between people
Cooperation on representation and consular protection in third countries was signed in April 2013 and another agreement on European Union accession processes in December. Resident missions in Podgorica and Belgrade provide bilateral channels; their European integration agreements do not mean European membership has been obtained. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Serbia living in Montenegro | ||
| Residents from Montenegro living in Serbia | ||
| Study and training: Serbia in Montenegro | ||
| Study and training: Montenegro in Serbia | ||
| Academic stays: Serbia in Montenegro | ||
| Academic stays: Montenegro in Serbia | ||
| Travel: Serbia to Montenegro | ||
| Travel: Montenegro to Serbia |
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.
History and institutional framework
Diplomatic relations between the states were established on 22 June 2006. The profile highlights defence agreements signed on 20 November 2007 and economic cooperation on 29 October 2009. [1]
The scale of both economies
Nominal GDP for Serbia is 100 billion USD (2025), compared with 9.2 for Montenegro (2025). The reference populations are 6.55 and 0.623 million, respectively. In the same year, the economy of Serbia was 10.83 times that of Montenegro 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. [5] [6] [7] [8]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
Cooperation on representation and consular protection in third countries was signed in April 2013 and another agreement on European Union accession processes in December. Dritan Abazović visited Serbia on 29 and 30 June 2022. Resident missions in Podgorica and Belgrade provide bilateral channels; their European integration agreements do not mean European membership has been obtained. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Serbia and Montenegro) totalled 1,777 million current USD. Shipments from the first to the second were 1,629.4 million; those in the opposite direction, 147.6 million. The difference between the two flows was 1,481.9 million, in favour of Serbia. 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]
The partner's share of exports
Sales from Serbia to the partner represented 4.37% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Five years of trade trends
The consistent series shows 1,063.4 million USD in 2021 and 1,777 million in 2025. The change between the two endpoints was +67.1 % in current dollars. The highest annual value in the period was recorded in 2025, at 1,777 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [3]
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Serbia to Montenegro, at 146.4 million USD in 2025. Within the selected chapters, mineral fuels and oils stands out in shipments from Montenegro to Serbia, at 47.6 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. [4]
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 — SRB-MNE
Serbia's Ministry of Foreign Affairs · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade; reporters RWA, SAU, SEN, SGP, SRB · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade / SRB · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade; reporters SRB · Institutional source · Accessed: 2026-10-08
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — gdp
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
- Official series — population
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade; reporters SRB
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.