The Montenegrin economy relies heavily on tourism, foreign investments and trade. Import and export in Montenegro is supported by the local authorities through a series of measures to liberalize the trade regime. If you want to open a company in Montenegro, you should know that the key commodities of the country are manufactured goods, agricultural products and raw materials. Our experts in company formation in Montenegro can give you details about the trading sector of the economy.
Montenegro is credited as the 167th largest export economy in the world. Major trade policy reforms have been implemented by the Montenegrin authorities in order to become a member of the World Trade Organization. The custom duties have been lowered and the tariff and non-tariff barriers have been removed.
When it comes to exports, in 2015, Montenegro relied on raw aluminum (21.6%) electricity (9.4%), wood products (5.5%), dried vegetables and wines (4.9%). Montenegrin companies operating in the steel industry where accounted for exporting bars of iron or non-alloy steel. The top export destinations of Montenegro are: Serbia, Italy, Bosnia and Herzegovina, Belgium and Pakistan.
Products imported in Montenegro in 2015 included: petroleum oils and oils obtained from bituminous minerals (7.6%), cars and vehicles motors (3.7%), pharmaceutical products (2.7%) and electrical energy (2.2%). Companies manufacturing food products in Montenegro imported fresh or frozen meat, accounting for 2.3% of the total imports in the country. The imported goods and merchandise come mainly from: Serbia, China, Croatia and Italy.
If you want to set up a company in the trading sector, you can rely on our specialists in company registration in Montenegro for professional assistance.
After obtaining its independence, Montenegro signed the Stabilization and Association agreement with the European Union in 2007. This agreement is aimed at creating free trade within the EU, based on fair, stable and transparent rules. The main features of the Montenegro trade agreement are:
• Enabling the free movement of workers within the region;
• Free movement of capital;
• Liberalizing the custom related documentation – reducing the number of import licenses needed by Montenegrin companies;
• Protecting the intellectual property rights.
Don`t hesitate to contact our Montenegro company formation agents if you need more details on how to start a trading company in this country.