TIRANA, Feb. 4 – Trade exchanges with top trade partners Italy and Greece registered a significant recovery in 2014, despite Albania’s exports registering their lowest growth rate since the onset of the global crisis in 2009.
Data published by the country’s state statistical institute, INSTAT, show trade exchanges with top trade partner Italy rose to around 297 billion lek (around Euro 2 billion), up 4.5 percent compared to 2013.
Albania’s exports to Italy rose by 16 percent to 133 billion lek (Euro 933 million) while imports were down by 3.5 percent to 164 billion lek (Euro 1.15 billion).
Meanwhile, trade exchanges with Greece, the country’s second top trade, rose to around 61 billion lek, up 15 percent compared to 2013.
Albania’s exports to Greece grew by 14 percent to 8.8 billion lek (Euro 62 million) while imports were up by 14 percent to 52 billion lek (Euro 365 million).
Albania’s prospects for 2015 have in particular improved as top trade partner Italy is heading toward recovery and Greece has escaped 6-year recession.
Greece’s escape of its crippling six-year recession with two consecutive positive growth rates in the second and third quarter of 2014 is good news for the economy in Albania where the neighbouring country is the second top trade partner and the largest foreign investor. However, three consecutive quarterly negative growth rates in Italy, the country’s top trade partner and one of the key foreign investors, unveils that the Albanian economy continues suffering negative impacts from these two eurozone economies, which are host to around 1 million Albanian migrants and the main source of migrant remittances.
Prospects for 2015 appear rather more optimistic as Italy is expected to register positive growth of 0.8 percent overcoming its recession in the 2012-2014 period, according to IMF forecasts.
The two neighbouring countries account for around 50 percent of Albania’s trade exchanges, being the top investors in Albania and the overwhelming source of migrant remittances.
