TIRANA, Jan. 28 – Affected by a sharp drop in international oil and base metal prices, Albania’s exports dropped by 5 percent in 2015, returning to negative growth rates after a contraction in 2009 soon after the onset of the global financial crisis.
Data published by the country’s state statistical institute, INSTAT, shows Albania’s exports dropped by 5 percent to 243 billion lek (€1.74 billion) affected by a sharp 25 decline in exports of “minerals, fuel and electricity” the country’s top exports in the past few years.
Garment and footwear exports, the country’s traditional top exports, led the country’s exports growing by 4.8 percent to 90 billion lek (€644 million).
Italy continued remaining Albania’s top trading partner in 2015 accounting for half of Albania’s exports and a third of imports.
China overtook crisis-hit neighboring Greece as the second largest trading partner due to a considerable drop in imports from the traditional partner which has been struggling with prolonged recession.
Albania’s imports slightly dropped by 0.5 percent in 2015, hinting sluggish domestic consumption in a net importer such as Albania.
Meanwhile, imports of “machinery, equipment and spare parts,” an indicator also measuring private investments in the country, rose by 11 percent to 117 billion lek (€839 million) leading the country’s imports.
Albania’s trade gap also slightly rose by 1.6 percent to 301 billion lek (€2.1 billion) in 2015 with the export-import coverage ratio dropping to 44.7 percent.
