Exports during the first seven months of this year are estimated at 827 million euros, compared to 694 million euros during the same period last year, registering an increase of only 16 percent
TIRANA, Aug. 29 – Albania’s trade gap registered a slight decrease last July as exports returned to growth while imports registered moderate increase. INSTAT data show Albania’s trade gap in July 2011 reached almost 30 billion lek (USD 300 million, Euro 214 million), down 0.4 percent compared to the previous month and 3.5 percent compared to July 2010.
Exports rose to 17.8 billion lek, up 32.4 percent year-on-year while imports were up 7.4 percent compared to Jul 2010.
The European Union remained Albania’s main trade partner even last December, accounting for 69.1 percent of Albania’s exports and imports. Italy was the top trade partner with 56.4 percent of total exports and 33.8 percent of imports followed by neighboring Greece with 5.5 percent of exports and 11.2 percent of imports.
The import of excise goods, whose majority of around 76 percent is made up of oil products, dropped by 4.8 percent compared to last April. Excise good imports were worth 7.1 billion lek last July accounting for 15 percent of total imports.
INSTAT data show the exports list in January-July 2011 was topped by “textile and footwear products” which rose by 16 percent year-on-year reaching 39.5 billion lek. Second came “minerals, fuel and electricity” whose exports also rose by 14 percent to 33 billion lek, up from 28.5 billion lek in the first seven months of 2010. Exports of “construction materials and metals” rank third with 26.5 billion lek compared to only 18 billion lek in the first seven months of 2010.
Meanwhile, imports of machinery, equipment and spare parts,” which top the import list rose by 10 percent to 58.7 billion lek, up from 53 billion lek during the same period in 2011, a sign indicating that despite difficulties, businesses are still increasing investments in technology.
Bank of Albania data published in Euro show exports in July 2011 returned to growth after shrinking for two consecutive times in May and June. Exports during the first seven months of this year are estimated at 827 million euros, compared to 694 million euros during the same period last year, registering an increase of only 16 percent. Exports in July 2011 climbed to 127 million euros, up from 116 million euros in the previous month and 99 million euros in July 2010, according to central bank data.
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.
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.
