Albania imports more wheat, pays even more because of increased prices

Tirana, May 20 – Albania imported during the first quarter of 2008 around 100,000 ton corn including wheat compared to 87,000 ton during the same period last year. However, it paid 70 percent more than it did in 2007 because of the sharp increase of the food prices. In total, Albania paid ALL 32 billion for its corn imports compared to only ALL 18 billion it paid during the first quarter last year.
Data show that the trend is the same as last year. Albania imports more and pays even more for its corn imports. According to data released by the Albanian Centre for International Trade (ACIT), Albania imported last year 282,293 ton wheat, or 16 percent more than it did in 2006. However, because of the increase of prices of corn, Albania paid last year for its wheat imports $73.8 million compared to just $38.7 million in 2006. It means that the Albanians have paid 90 percent more in 2007 than they did in 2006 for their main alimentary product. In total, Albania imported in 2007, 0.3 percent less corn including wheat than it did in 2007. However, it paid at least $100 million more these products.
Russia is Albania’s main trade partner regarding the import of corn and especially wheat. According to data from ACIT, Albania imported from Russia almost 55 percent of its total corn imports, worth $60 million. During 2007, the corn imports from Russia increased by 95 percent compared to year 2006. Albania imports corn also from Egypt, Ukraine, Serbia, and Montenegro.
The increase of the corn prices in the world markets is being reflected on the price of bread in Albania. According to data from Albanian Institute of Statistic, the price of corn in Mars 2008 was 31 percent higher than in Mars 2007. Albania produces only one third of the corn consumed in the country. However, only a small part of the domestic product is sold to bakeries. Most of it is used by the farmers for their families. Therefore, the small variations in the amount of corn produced in Albania have almost no effect on the prices of corn and consequently on the price of bread.