Monaco
 

Trade 

At the end of the third quarter of 2025, Monaco's foreign trade, excluding France, was down compared to the first nine months of 2024. The overall volume of trade fell by €158.2 million, or nearly 5%. However, it remained above €3 billion. Exports barely changed (-€0.7 million, or -0.1%), but imports declined (-€157.5 million, or -6.8%). This reduced the trade deficit and increased the coverage rate (exports/imports) by 2.9 points to reach 42.3%. Since the beginning of this year, the Principality's share of trade with the European Union (EU) has fallen by 8.6 percentage points to a minority position. Transactions with the EU contracted by around 20%, mainly due to the sharp decrease in acquisitions (-€279.6 million). At the same time, trade with the rest of the world grew by 13.7% thanks to the combined increase in imports and exports (up €122.2 million and €70.2 million, respectively). Italy remained the leading trading partner, although the total value of trade fell by nearly 25%. The United Kingdom now ranks second, ahead of Germany. Jewellery once again accounted for the majority of international transactions, with the value of trade increasing by 11%. Automotive products and clothing followed, but both declined by 19% and 12%, respectively. 

Revenue 

At the end of September, the Principality's revenue, excluding Financial and insurance activities, fell by €317.8 million, or 2.1% compared to the third quarter of 2024. However, it remained above €15 billion. Although results improved in six major economic sectors (MES), those of five MESs declined, including Construction, which alone explains the overall fall. This sector saw its turnover decrease by nearly €400 million, or 19.5%. At €1.6 billion, this is the lowest figure achieved in the last four years. This result is due to the slowdown in building construction and in Masonry works and building structural works, following the completion of major projects in the Principality. Wholesale trade also contracted by more than €100 million as of 30 September 2025 (-2.6%). This decline is directly attributable to petroleum product traders, whose results fell by €128.8 million. The decrease in revenue for property dealers (-€114 million) weighed on Real Estate activities as a whole (-€70 million), despite a notable recovery in Real estate agencies (+€34.8 million). Results for Industry fell by €46.7 million, penalised by the Manufacture of rubber and plastic products (-€45.7 million). Conversely, Scientific and technical activities, administrative and support service activities increased by more than €100 million (+3.0%). This change is mainly due to a consulting firm, whose exceptional growth offset the slowdown among quantity surveyors, who were also impacted by the closure of major construction sites. Thanks in particular to the trade in collectible coins and stamps, but also in watches, jewellery, leather goods and clothing, Retail trade recorded an increase of almost €60 million (+3.4%). Accommodation and food service activities continued to grow at a similar rate in value terms (+€56.8 million, or +6.5%). The same applies to Other service activities (+€56.6 million), with the increase coming from Sports activities and amusement and recreation activities, and in particular from the Activities of sport clubs (+€28.2 million). 

Source: IMSEE Monaco Statistics