TIRANA, Dec. 5 – Albania’s trade gap grew to 30.2 billion lek (USD 300 million) in October 2011, up 15.9 percent year-on-year but 5.4 percent compared to Sep 2011. Latest data from the country’s Institute of Statistics (INSTAT) show Albania exported around 17.1 billion lek of goods in Oct. 2011, up only 1 percent on the year but 23.1 percent compared to the previous month. Meanwhile, imports in Oct. 2011 rose by 18.4 percent y-o-y and 3.8 percent compared to the previous month registering 47.3 billion lek.
The European Union remained Albania’s main trade partner accounting for 65.9 percent of Albania’s exports and imports. Italy is the top trade partner with exports slightly dropping to 49.7 percent of total exports and imports slightly rising to 32 percent of the total compared to the previous month. Exports to Greece in Oct. 2011 accounted for 4.6 percent of the total while imports were at 8.9 percent.
INSTAT data show “textile and footwear products” remain on top of the export list with 54.4 billion lek, registering an increase of 17.3 percent year-on-year. Second come “minerals, fuel and electricity” whose exports rose by 28 percent to 48.3 billion lek. Exports of “construction materials and metals” rank third with 35.7 billion lek compared to only 26 billion lek in the first ten months of 2010, registering a considerable 37 percent increase.
As far as imports are concerned, the list is topped by “machinery, equipment and spare parts,” whose imports rose by 21 percent to 86.8 billion lek, up from 71 billion lek during the same period in 2011.
The “food, beverages and tobacco” group ranks second with 75.7 billion lek, up from 66 billion lek in the first ten months of 2010.
INSTAT data show total exports rose to around 164 billion lek during the first ten months of this year, up 23.3 percent y-o-y. Meanwhile, imports during the Jan-Oct. 2011 period rose to around 440 billion lek, up 18.5 percent on the year.
BoA data in Euros
While domestic consumption and investments remain sluggish, exports remain one of the main pillars keeping the Albanian economy moderately growing during this year. Latest Bank of Albania data published in Euro show Albanian exports during the first ten months of this year rose to 1.165 billion Euros, up from 969 million Euros during the same period last year, retaining their 20 percent growth. In October 2011, exports were at 121 million Euros, the same as the previous month, but rose by 17 million Euros y-o-y, continuing their growing trend for the fourth month in a row after shrinking in May and June 2011.
