Exports preserve double digit growth

TIRANA, May 28 – Albania’s exports preserved their double digit growth rates even in April 2014 fuelled by a recovery in “minerals, fuels and electricity” and positive performance by garment and footwear exports. Data published by the country’s state statistical institute INSTAT show total exports in the first four months of 2014 reached 82 billion lek (Euro 577 million), up 11.2 percent compared to the same period last year.
Exports of minerals, fuels and electricity were back on top of Albanian exports at the end of the first four months of the year with a negligible difference over garment and footwear. With no electricity exports due to the drought period in early 2014, exports of minerals and fuels remained unchanged at 29 billion lek (Euro 203 million). Due to rising oil exports by Canada-based Bankers Petroleum, exports of minerals and fuels have emerged as Albania’s top exports in the past couple of years, overcoming the traditional garment and footwear products which this year are back on track with a 30 percent growth rate compared to the first four months of 2013.
Meanwhile, imports have returned to positive growth rates after declining by around 3 percent in 2012 and 2013, hinting sluggish consumption in a net importer such as Albania. INSTAT data shows total imports in the first four months of this year grew by 9 percent to 160 billion lek.
Imports of minerals, fuels and electricity top the import list with around 29 billion lek (Euro 203 million), up 10 percent compared to the first four months of 2013 mainly because of higher electricity exports.
Second come imports of machinery, equipment and spare parts, an indicator also measuring investments by the business community which rose by only 3.7 percent to 28.5 billion lek (Euro 200 million).
Fuelled by a 10 percent increase in imports, Albania’s trade gap registered a moderate increase in the first four months of this year despite exports continuing their positive performance. INSTAT data shows the trade gap rose by around 7 percent to 78 billion lek in the first four months of this year compared to 73 billion lek in the first four months of 2014.
In April 2014, trade exchanges with EU countries accounted for 67.2 percent of the total. Italy was the top trade partner with 36.4 percent of trade exchanges followed by Greece with 8.9 percent and Turkey with 6 percent.
Data published by the country’s Institute of Statistics show Albania’s exports grew by 15.6 percent in 2013, registering growth rates for the fourth consecutive year after the shrink in onset of the global crisis in 2009.
While the Albanian economy has considerably slowed down since the outbreak of the global economic crisis in late 2008, the good news is that exports have more than doubled in the past five years and the country has become less dependent on imports. The situation has considerably improved Albania’s trade gap although the slowdown in imports in 2012 and 2013 has been linked to shrink in consumption and investments.
Data published by the country’s state Institute of Statistics show the export/import coverage ratio rose to 48.1 percent in 2013 up from a mere 24.4 percent in 2009 and an average of 24 percent from 2000 to 2008.