The EU remained the largest export market for Montenegrin goods, with its share in total exports rising to 55% in the first ten months of 2010, from 51% a year earlier. During the same period the share of Central European Free Trade Agreement (CEFTA) countries in Montenegro's exports declined to 40% of the total, from 46.3% in the first ten months of 2009. Serbia remained the biggest single-country destination for Montenegrin exports, with a share of 23.2% in January-October, shrinking from 27.6% a year earlier, which reflected the growing competitive disadvantage stemming from the weakening of the Serbian dinar. Greece and Italy remained in second and third place, respectively, with the share of the former at 19.3% and that of the latter at 11.3% of total exports, representing a modest decline compared with the year-earlier period. Exports to several smaller EU markets rose robustly, with sales to Hungary soaring by 99.6% year on year, to Austria by 67.7%, and to the Netherlands by 52%.

The share of the EU in Montenegro's total imports remained largely stable, declining to 37.4% in the first ten months of 2010, from 38% a year earlier. The share of CEFTA countries as a source of imports increased by 1.3 percentage points to 40.6% during the same period. Serbia retained its position as the biggest source of Montenegrin imports, with a 26.2% share of the total in January-October, which represented a modest year-on-year contraction. There was little change in the value of imports from Montenegro's other main trade partners, Greece, China and Germany, except for Bosnia and Hercegovina (BiH), which increased sales to Montenegro by 52.4% year on year in the first ten months of 2010.

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