Monaco: Trade Profile

Foreign Trade in Figures

Monaco's economy is open to trade. 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. In 2023, products from the Manufacture of motor vehicles took the lead in Monaco's international trade, surpassing those from the Manufacture of jewellery, bijouterie, and musical instruments, which experienced a decline of over 20%. Along with plastic products, these three categories now represent nearly one-fourth of all transactions in terms of value (Statistics Monaco). In 2023, The Principality's most exported products abroad are from Other manufacturing (including jewellery, perfumes, cosmetics, chemicals, and pharmaceuticals), comprising nearly half of exports, despite a 20% decrease from 2022 to 2023. This is followed by Manufacture of electrical, computer, and electronic equipment, accounting for 17.7%, and Manufacture of machinery at 14.3%. Notably, exports of transport equipment increased by over half. The most imported products in Monaco are from Other manufacturing, accounting for 45.9% of total imports after a 19% increase. Following are products from Manufacture of electrical, computer and electronic equipment, and Manufacture of machinery, constituting 21.2% and 16.4% of imports, respectively.

The breakdown of the Principality's trade by geographical area remains relatively stable compared to the previous year. Europe continues to lead with a trade volume of EUR 2.8 billion, representing more than three-quarters of transactions in terms of value. Trade with Asia, America, and Africa, while trailing behind, each increased by approximately EUR 20 million. In 2023, Monaco's top three customers (excluding France) remained consistent: Italy led with nearly a fifth of exports at 228 million euros, followed by Germany (16.2%) and Switzerland (9.1%).

After two years of robust recovery post the health crisis, foreign trade indicators in 2023 show more moderate trends, though remaining positive overall. Imports surged by over 11% to EUR 2.4 billion, marking the second-highest level since 2019. However, exports declined by 4.6% this year to EUR 1.2 billion, primarily due to a notable drop in sales of products from the Manufacture of jewellery, bijouterie, and musical instruments. Over the decade, imports more than doubled (+120.6%), whereas exports saw a modest growth of only 11.1%. With the growing disparity between exports and imports, the trade deficit soared by almost 35%, causing the coverage rate to decrease by 8.5 points (data Statistics Monaco).

To go further, check out our service Import controls and Export Controls

To go further, check out our service Import-Export Flows

List of tariffs and local taxes that apply to your product on our service Customs Duties

Trade Compliance

International Economic Cooperation: The Principality of Monaco is a sovereign and independent state, linked closely to France by the Treaty of July 1918 & 1945 and the Agreement of 1963.
Useful Resources
National Organisation of Intellectual Property: The Intellectual Property Division.

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