Exports rise by 20% to 1 billion euros in Jan-Sept

TIRANA, Oct. 26 – While domestic consumption and investments remain sluggish, exports are one of the main pillars keeping the Albanian economy moderately growing during this year along with the fiscal stimuli. Latest Bank of Albania data show Albanian exports during the first nine months of this year rose to 1.044 billion euros up from 865 million euros during the same period last year, registering a 20 percent increase. In September 2011, exports were at 121 million euros, up from 96 million euros in the previous month, and 100 million euros in September 2010, continuing their growing trend for the third month in a row after shrinking in May and June 2011. Meanwhile, imports during the first nine months of this year reached 2.813 billion euros, up from 2.521 billion euros during the first three quarters of 2010, registering an 11 percent increase. Imports in September 2011 rose to 331 million euros, up from 301 million euros a year ago. The trade deficit for the first nine months of this year stands at 1.769 billion euros. Garment and footwear products are Albania’s top exports followed by “Minerals, fuel and electricity,” The import list is led by “machinery, equipment and spare parts” followed by “Food, beverages and tobacco.” The European Union remains Albania’s main trade partner even last August, accounting for 63.1 percent of Albania’s exports and imports, with neighbouring Italy and Greece as the top partners.