Albania’s foreign trade gap narrows 18.8% y/y in Jan-Nov 2013.

By bne IntelliNews January 3, 2014

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
Total 457,382 -5.0 224,758 15.2
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
Leather 10,188 16.8 2,996 14.6
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
Others 13,387 -12.4 3,791 2.5
Source: INSTAT         

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