Montenegro: Terms of trade adjustment (constant LCU)

Key figures

What the numbers say

In 2025, Montenegro's terms of trade adjustment (constant LCU) fell 46.95 million on 2024 (from 591.66 million to 544.71 million).

Across the 18 yearly changes before that (2007 to 2024), the average change was +37.1 million and a typical year strayed about 94.21 million from that (the standard deviation). This year's change was 0.9 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 188.16 million in 2021 and the biggest yearly fall was 243.25 million in 2020. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2016 to 2025 the straight-line trend is upward, about 47.51 million a year. A straight line explains 69% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

A straight-line projection, tested first

Extending that straight line gives about 757.16 million for 2028. We show this only because the same method, fitted on earlier years, predicted 2023 to 2025 better than "no change" would have: its average miss was 83.37 million, against 116.09 million for assuming no change. Treat it as a continuation of the recent pattern, not a forecast of events: it cannot see a recession, a policy change or a revision to the data.

See how a linear trend forecast works and the guide on forecasting without fooling yourself.

How it compares

In 2025, Montenegro had the 66th highest value of the 128 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Montenegro in the 2025 ranking

• Estonia — 63rd of 128: 1.52 billion
• Sudan — 64th of 128: 962.5 million
• São Tomé and Principe — 65th of 128: 805.18 million
• Slovenia — 67th of 128: 299.97 million
• Croatia — 68th of 128: 259.43 million
• Seychelles — 69th of 128: 239.2 million

What this measures

The terms of trade adjustment is equal to the capacity to import (current price value of exports of goods and services deflated by the import price index) less exports of goods and services in constant prices. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment varies by country. This series is expressed in local currency units.

All 20 values

Terms of trade adjustment (constant LCU) in nearby economies

• Albania — 90.65 billion (2025)
• Armenia — -348.18 billion (2025)
• Austria — -7.2 billion (2025)
• Belarus — -4.07 billion (2025)
• Belgium — -20.53 billion (2025)
• Bosnia and Herzegovina — -180.02 million (2025)
• Bulgaria — -68.12 million (2025)
• Croatia — 259.43 million (2025)
• Cyprus — 85.17 million (2025)
• Czechia — 47.02 billion (2025)

More economic policy & debt data for Montenegro

• Adjusted savings, mineral depletion (current US$) — US$651,532 (2021)
• Medium and high-tech manufacturing value added (% manufacturing value added) — 14.86% (2024)
• Adjusted savings, carbon dioxide damage (current US$) — US$105.26 million (2021)
• GDP (current US$) — US$9.23 billion (2025)
• GDP (current LCU) — 8.17 billion (2025)
• GDP, linked series (current LCU) — 8.17 billion (2025)
• GDP (constant 2015 US$) — US$5.47 billion (2025)
• GDP (constant LCU) — 4.66 billion (2025)
• GDP, PPP (current international $) — 22.07 billion (2025)
• GDP, PPP (constant 2021 international $)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Montenegro's terms of trade adjustment (constant LCU)?

544.71 million in 2025, according to the World Bank (World Development Indicators).

How has it changed since 2006?

It is up 815.07% from -76.18 million in 2006. The highest value was 619.25 million in 2023 and the lowest -76.18 million in 2006.

Source

World Bank, World Development Indicators, indicator NY.TTF.GNFS.KN, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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