Trade deficit with neighbouring countries increases

TIRANA, May 20 – The signing of the free trade agreement, CEFTA, has increased the trade deficit of Albania with its neighbouring countries. According to data released by the General Directorate of Customs, the imports from these countries to Albania during the first four months of 2008, were increased by ALL 4 billion reaching at ALL 29 billion. During the same period the Albanian exports to its neighbours increased by only ALL 1.47 billion, or 3 times less than the increase of imports. In total, during the period January-April, Albania exported ALL 5.58 billion to its neighbouring countries. The trade deficit between Albania and neighbours for the first four months of this year reached at ALL 23.5 billion. The acts show that the Albanian economy is so weak that we cannot compete even with our closest neighbours. Therefore, we cannot draw full advantage from the agreements of free trade. (Tirana Times Staff)