The latest data published by the Bank of Albania show exports in April 2011 registered 100 million Euros, down from 121 million Euros in March 2011 and 143 million Euros last February
TIRANA, May 30 – Exports, which last year were the key driver of Albania’s economic growth, dropped for the second month in a row this year, signaling a lower contribution to this year’s GDP. The latest data published by the Bank of Albania show exports in April 2011 registered 100 million Euros, down from 121 million Euros in March 2011 and 143 million Euros last February. However, compared to 2010, exports in the first four months of this year have significantly increased, also due to electricity sales abroad resulting from the favourable hydro situation. Data show exports during January-April 2011 totalled 470 million Euros, up from 345 million Euros during the same period in 2010, registering a 26 percent increase. Meanwhile, imports continued to grow in the beginning of 2011– climbing to 1.15 billion Euros, compared to 995 million Euros in 2010. The exports’ falling trend and rising imports is leading to an increase in the country’s trade gap. Latest data published by the country’s Institute of Statistics showed Albania’s trade gap reached 31.5 billion lek (225 million Euros) in April 2011, up 21 percent compared to the previous month and up 22.4 percent year-on-year. 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) show 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.
