North Macedonia as a small and open economy, highly integrated into international trade has export - oriented growth model. The main challenge for the Macedonian government is the improvement of the economic situation in the country, taking into account the country specificities and aspiration of the country for EU membership. The paper investigates the relationship between export structure and economic development in the Republic of North Macedonia, decomposing the change in the growth of exports into four components (Global component, Geographical component, Composition component and Performance component) using the constant market shares (CMS) approach. The paper focuses on the export volume, destination and product mix using the secondary data from UNComtrade database, the third disaggregation level according to SITC Rev.3. The findings from analysis can enhance the government in taking corrective action in terms of product mix, business partners, or individual sectoral policies. This would identify the products and markets, which are of the great importance for the North Macedonian exports, respectively for the economic development of the country.