Spain continues strengthening its second top destination for Albanian exports, a position gained only in 2012, with exports in the first two months of 2013 more than trebling to 8 billion lek
TIRANA, March 26 – Driven by a sharp increase in “minerals, fuels and electricity” and a recovery in “garment and footwear,” Albania’s exports are showing stability in early 2012, despite sluggish trade with traditional top trade partners Italy and Greece. Data published by the country’s state Institute of Statistics (INSTAT) show Albanian exports in the first two months of 2013 grew to around 34 billion lek, (Euro 239) million up 18.6 percent compared to the first two months of last year. Back in 2012, exports in the first two months of the year were down by 20 percent to 198 million Euros affected by severe weather conditions and sluggish demand from EU partners, the destination of 80 percent of total exports.
“Minerals, fuels and electricity” were Albania’s top exports in January-February 2013, accounting for 12.6 billion lek or 37 percent of total exports. Second came the “garment and footwear” sector with 11 billion lek which overcame the negative growth rate since more than one year, registering a 9.4 percent growth rate compared to the first two months of 2012.
Exports to top trade partner Italy, the destination of more than half of Albanian exports, slightly declined by 4.4 percent to 16.2 billion lek in the first two months of 2012.
Spain continues strengthening its second top destination for Albanian exports, a position gained only in 2012, with exports in the first two months of 2013 more than trebling to 8 billion lek, compared to 2.5 billion lek in the first two months of 2012. Exports to China also grew by almost five times to around 2 billion lek, up from only 401 million lek in 2012. Neighbouring Kosovo ranked the fourth most important destination of Albanian exports in early 2013 with a total of 1.7 billion lek, up 38 percent compared to the first two months of 2012.
Meanwhile, imports continue registering negative growth rates reconfirming the sluggish domestic consumption in a net import country such as Albania but positively contributing to the narrowing of the trade deficit. In the first two months of 2013, Albania imported 67 billion lek of goods, down 10 percent compared to the first two months of 2012. At 12.5 billion lek, down 12 percent compared to the first two months of 2012, imports of “machinery, equipment and spare parts” continue registering negative growth rates revealing that investments remain sluggish. Albania’s trade deficit in the first two months of 2013 dropped to 33 billion lek, down from 45 billion lek in January-February 2012.
Affected by sluggish demand from crisis-hit EU partners, the destination of three-quarters of total exports, Albania’s export growth rate halved in 2012 while imports shrank unveiling the poor domestic consumption, which is the key driver of economic growth. Statistics show Albanian exports rose by 8.2 percent in 2012, down from 20 percent in 2011. In 2012, Albania exported 213 billion lek of goods (Euro 1.5 billion), up from 197 billion lek in 2011.
Minerals and fuels were the only products keeping crisis-hit Albanian exports growing at a moderate pace in 2012, at a time when the “garment and footwear” industry, until recently the top exporting industry shrank.
