The lower trade deficit was mainly attributed to a boost in mineral and electricity exports which rose by 163 percent compared to last April
TIRANA, July 7 – Rising exports continued lowering the country’s trade deficit even last May, with the monthly deficit dropping to 23.7 billion lek (230 million dollars), 7.6 percent less than the previous month and 19.2 percent less year-on-year, according to Institute of Statistics (INSTAT).
The INSTAT foreign trade report showed Albania exported 17.6 billion lek of goods in May 2010, 41.3 percent more than the previous month and 114.5 percent more than in May 2009, when Albanian exports were severely hit by the global crisis, especially with Italy and Greece, Albania’s main destinations of exports.
The lower trade deficit was mainly attributed to a boost in mineral and electricity exports which rose by 163 percent compared to last April.
Data show the Albania Power Corporation (KESH) managed to collect around 75 million euros from electricity exports during the first half of this year because of heavy rains improving the situation in the country’s hydropower plants which produce more than 90 percent of the country’s energy.
Increases were also registered in the “food, drinks and tobacco” group whose exports rose by 23.3 percent on a monthly basis.
The situation also improved for Albanian manufacturers who are seeing better times after the 2009 crisis. Textile and shoe exports in May 2010 increased by 16.3 percent, according to INSTAT’s foreign trade balance sheet.
The construction industry continued to suffer. INSTAT data show import of construction materials and metals fell by 3 percent compared to April 2009.
Import of excise goods continued increasing even in May reaching 6 billion lek (59 million dollars), 8.6 percent more than in April, accounting for 14.7 percent of the total imports.
Meanwhile, imports in May also increased to 41.4 billion lek (400 million dollars), 8.4 percent more than April 2010 and 10 percent more than May 2009.
Oil products are the main excise goods Albania imports, accounting for 71 percent of the total.
Trade with the European Union countries continued to hold the main share with 62 percent of the total. Italy remained Albania’s top trade partner with 40 percent of exports and 28 percent of imports. Second came neighbouring Greece with 5.3 percent of exports and 11 percent of imports.
Last April, the Albanian trade deficit registered 25.7 billion lek (257 million dollars) in increasing by 8.9 percent compared to March 2010 and dropping by 1 percent compared to April 2009, according to INSTAT foreign trade statistics.
