Trade gap grows to 213 mln Euros

TIRANA, June 29 – Albania’s trade deficit continued growing even in May 2011, when it reached 30 billion lek (USD 300 million, 213 million euros), up 26.6 percent compared to May 2010 as year-on-year exports dropped while imports were up. Latest INSTAT data show exports in May 2011 registered 16.2 billion lek, up 14.2 percent compared to the previous month, but down 8.3 percent compared to May 2010. Meanwhile, imports rose to 46 billion lek, up 1.3 percent compared to the previous month and 11.7 percent compared to May 2010. The European Union remained Albania’s main trade partner even last December, accounting for 64.7 percent of Albania’s exports and imports. Italy was the top trade partner with 61 percent of total exports and 27 percent of imports followed by neighboring Greece with 5.1 percent of exports and 9.8 percent of imports. The import of excise goods, whose majority of around 74 percent is made up of oil products, dropped by 2.8 percent compared to last April. Excise good imports were worth 5.7 billion lek last May accounting for 12.3 percent of total imports. INSTAT data show the exports list in January-May 2011 was topped by “textile and footwear products” which rose by 16 percent year-on-year reaching 27 billion lek. Second came “minerals, fuel and electricity” whose exports also rose by 16 percent to 24.6 billion lek, up from 20.8 billion lek in the first five months of 2010. Exports of “construction materials and metals” rank third with 18.5 billion lek compared to only 11.7 billion lek in the first five months of 2010. Meanwhile, imports of machinery, equipment and spare parts” rose to 40.7 billion lek, up from 35.4 billion lek during the same period in 2011, a sign indicating that despite difficulties, businesses are still increasing investments in technology.