Bank of Albania says the decline of trade volume is mostly to blame on the international financial crisis which hit both Albania’s exports and imports with main EU trade partners.
By Tirana Times Staff
TIRANA, Nov. 16 – Albania’s foreign trade volume shrank by 10 percent in 2009’s first two quarters, the country’s central bank says.
Bank of Albania said in a report that the decline of trade volume is mostly due to the international financial crisis which hit both exports and imports with Albania’s main trade partners in the European Union.
Albania’s foreign trade is mostly focused on neighboring EU countries, mainly Italy and Greece.
Exports to the EU took 67 percent of overall volume, with 48 percent going to Italy. However, Albania’s importing partners are more diverse. Italian imports took only between 20 and 27 percent of the total, depending on the month. And there is a growing commercial importance of China, Russia and Turkey.
The balance of services recorded a negative result for the second consecutive quarter. The account deficit remained almost at the same level with that of the second quarter of 2008, but it recorded an improvement of 14 percent in quarterly terms.
Revenues and expenses have remained virtually at the same level in annual terms, and Albania continued to be a net importer of transportation services, according to the central bank.
