Bank of Albania data published in Euro show exports during January-April 2011 rose by 27 percent to 470 million Euros year-on-year but dropped by 8 percent in May and June
TIRANA, July 26 – After a significant increase during the first four months of this year, Albanian exports dropped for two consecutive times in May and June 2011. Bank of Albania data published in Euro show exports during January-April 2011 rose by 27 percent to 470 million euro year-on-year but dropped by 8 percent in May and June.
In total, Albanian exports during the first half of this year registered 700 million Euros, up 15 percent compared to the first half of 2010, when they were at 595 million Euros.
Central bank data show processed goods account for more than 60 percent of Albanian exports of combustible material and unprocessed products.
Latest INSTAT data show exports in May 2011 registered 16.2 billion lek, up 14.2 percent compared to the previous month, but down 8.3 percent compared to May 2010. Meanwhile, imports rose to 46 billion lek, up 1.3 percent compared to the previous month and 11.7 percent compared to May 2010. A study published by Open Data Albania research agency shows Albania’s exports are among the lowest in the region as far as their GDP contribution is concerned. Data show that Albania’s exports account for only 9.5 percent of the GDP– far lower than in neighboring Macedonia and Montenegro, and Serbia where rates vary from 17 to 37 percent. The same study shows imports in Albania account for 35.8 percent of the GDP compared to 47.6 percent in Kosovo, 59.7 percent in Macedonia and 67.6 percent in Montenegro. Experts who conducted the study based on Bank of Albania and IMF findings describe exports as a key factor to the domestic economic development, especially for Albania and Kosovo. “Countries such as Albania and Kosovo should follow the necessary steps to increase exports through increasing product quality and specializing in goods and services they manage to produce more efficiently than other countries.” Albania’s main exports are textiles, while machinery remains the main import. A report published by the Albanian Centre for Competitiveness and International Trade (ACIT) shows total exports in 2010, amounted to 161 billion ALL and increased by 55.7% as compared to 2009. Their growing trend continued even in January and February 2011. The sharp increase is due mainly to metals and electricity exports.
