Electricity exports reduce March trade deficit

TIRANA, May 10 – Albania’s trade deficit in March 2010 registered 23.6 billion leks (172 million euros), increasing by 14.1 percent compared to February 2010 but dropping by 7.5 percent compared to March 2009, according to the latest data by the Institute of Statistics (INSTAT).
The reduction of the trade deficit was mainly a result of a boom in electricity exports by the Albanian Power Corporation, KESH, considering the heavy rainfall. KESH exported roughly 40 million euros worth of electricity in the first quarter of 2010. The additional exports in April are expected to bring an additional 17 million euros into KESH’s coffers.
INSAT data show Albania exported 14.6 billion leks of goods in March 2010, 28 percent more than the previous month and 83 percent more compared to March 2009.
Imports also rose to 38.2 billion leks, increasing by 19.3 percent compared to February 2010 and 14 percent year-on-year.
Trade with European Union countries continued to make up 65.6 percent of the country’s total with Italy and Greece as the main trade partners.
Italy continued remaining Albania’s top trade partner with 48.3 percent of exports and 26 percent of imports.
Greece ranked second with 6.1 percent of total exports and 14.4 percent of imports.
The biggest increase was observed in the “mineral, fuel and electricity” group whose exports increased by 67.7 percent compared to last February, said INSTAT.
Increases were also reported in the export of “machinery, equipment and spare parts” with 34.5 percent, “construction materials and metals” with 27.3 percent, “wood and paper products” by 19 percent.
Meanwhile, the import of construction materials and metals in March increased by 47 percent, that of wood and paper products by 24.2 percent, machinery and spare parts by 23.1 percent, food, drinks and tobacco by 15.8 percent.
According to INSTAT, the import of excise goods in March 2010 reached 3.9 billion leks, accounting for 10.2 percent of the total imports.
Austria, Greece, Germany, Italy, Kosovo were some of the partner countries with which export and import increased.