Monaco: Trade Profile
Monaco's economy is open to trade. Despite the declining pace of growth in global trade, the Principality of Monaco’s foreign trade continued to rise in 2021 (+23% year-on-year). The country's customs regulations conform to French and EU policies. The two nations are part of a customs union, and the capital is free to move without restrictions between the two. As a result, the Principality is part of the European Union customs zone, without being a member of the EU. French customs service collects duties on cargo that unloads in Monaco and pays a share to the Principality. Monaco imposes a tax on exports to all countries, except France. Monaco mainly purchases products from the textile industry, other manufacturing industries and manufactured transportation materials.
More than three-quarters of Monegasque trade is with partners on the European continent and mostly with members of the European Union, especially Italy, which took over Germany as the main destination of Monaco's exports and remained its top supplier in 2022 (19.8% and 14.6% of total exports, respectively - not taking into account France). According to Monaco Statistics, the other main exports market were Switzerland (9.5%), the UK (8.9%), and Spain (7.5%). Italy was also the main import origin (24.4%), followed by Germany (10.8%), the UK (10.7%), China (8.1%), and Switzerland (5.3%). The EU-27 accounted for 83.7% of total exports and 72% of imports.
The latest figures from Monaco Statistics show that in 2022 the overall volume of trade (excluding France) stood above EUR 3.5 billion, up by 18% year-on-year. Exports reached EUR 1.3 billion, marking an all-time record, whereas imports totalled EUR 2.1 billion (+19.8% and +16.8% year-on-year). In the same year, the total trade deficit increased by almost 12%, reaching EUR 773.7 million.
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Latest Update: May 2023
