Albania’s foreign trade deficit shrank by 18.8% y/y to ALL 232.6bn (EUR 1.66bn) in January to November 2013, the statistics institute INSTAT informed. The gap accounted for 16.3% of the projected full-year GDP, down from 21.1% a year earlier, according to IntelliNews calculations.
The lower deficit came as exports increased by 15.2% y/y, while imports declined by 5% y/y. The growth in exports was mainly driven by the group of minerals, fuels, electricity, which advanced by 31.4% y/y in January to November 2013. It has become the country’s largest export sector since April 2012 and currently accounts for 40.5% of total exports.
Exports of textile and footwear, which was the second largest export sector advanced by 11.5% y/y in Jan-Nov. Exports of chemicals and plastics, leather, wood and paper witnessed a double-digit growth in the period. However, in nominal terms these three sectors have a relatively small (5.7%) share in total exports.
On the import side, the group of minerals, fuels and electricity witnessed the steepest annual drop of 18.6%. In addition, imports of machinery and equipment, construction materials as well as of food also dropped in the period.
In November alone, the trade deficit narrowed by 12.1% y/y to ALL 23.1bn. Exports increased by 6.9% y/y to ALL 20.8bn and imports dropped by 4% y/y to ALL 43.9bn.
|Foreign trade in Jan-Nov 2013, ALL mn|
|Import||% y/y||Export||% y/y|
|Food, beverages, tobacco||83,794||-1.6||13,364||14.1|
|Minerals, fuels, electricity||82,272||-18.6||91,021||31.4|
|Chemical and plastics||62,197||3.7||2,671||42.9|
|Wood and paper||18,577||15.5||7,147||51.4|
|Textile and footwear||48,626||10.8||63,805||11.5|
|Construct. materials and metals||57,370||-8.7||32,195||-12.8|
|Machinery, equipment, spare parts||80,972||-8.7||7,770||9.3|
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