BoA sees export growth

TIRANA, Sept. 1 – Albania’s exports are expected to grow this year, and 2010 will be the first time the country’s exports exceed 1 billion euros, the Bank of Albania says in its latest forecast.
Albanian-made products are increasingly finding a nicer flow in foreign markets now that the economy has improved somewhat. This comes as their quality has improved and free trade agreements allow them to be cheaper than they would otherwise be.
There is also an increased demand by foreign partners who are going through an economic crisis and need cheaper products made closer to consumers in Europe.
However, a big boost for Albanian exports appears to have come through energy production. Exports of electricity alone were about 15 million euros per month and made up more than 25 percent of total exports.
Other products with some weight in the basket included chromium and copper, clothes and food.
The central bank’s data shows that in this year’s first six months there were 602 million euros worth in exports, this being significantly closer to the annual level of 2009, which was a little more than 750 million euros.
Like anywhere else, 2009, the height of the international crisis was a blow to Albanian exports because European consumption decreased significantly. In 2008, exports were also close to meeting the 1 billion euro mark.
If Albanian exports in the remaining six months of the year follow the tendency of the first part, which is very likely to happen, it likely that the total sum will cross 1 billion euro mark, the bank predicts.
Albania is still a net importer of products but increasing exports is seen as a major element of its growing economy. It focuses most of its attention on minerals and agricultural products, with manufactured goods such as garments and shoes taking a back seat due to the global economic crisis and competition from bottom-priced Asian goods.