Spain becomes second major destination for exports

TIRANA, April 27 – At negligible levels until 2008, Albanian exports to Spain have registered a sharp increase during the past few years as the Iberian country struggles with a severe financial crisis. Latest INSTAT data rank Spain as Albania’s second most important trade partner for exports during the first quarter of this year with 4.7 billion lek (Euro 33 million) accounting for 10 percent of total exports. Traditional top trade partner Italy ranks first with around 26 billion lek, or 57 percent of the total exports.
Bank of Albania data show Albanian exports to Spain have been growing from around 1 million euro annually until 2008, to 8 million euros in 2009, 40 million euros in 2010 and 50 million euros in 2011.
Albanian imports from Spain have also been at around 50 million euros annually during the past few years. No data are made available on the kind of goods both countries exchange most.
Exports to crisis-hit Greece, Albania second major trade partner, rose by 16 percent to 2.66 billion lek while Kosovo ranked the fourth major destination of exports with 2.3 billion lek, up 7 percent year-on-year.
Exports to other traditional partners such as Turkey and China considerably shrank in the first quarter of 2012. Exports to Turkey, which last year was the second major destination, fell by 2.7 times to 1.6 billion lek. Exports to China also fell by 2.7 times to 763 million lek.