Albania’s foreign trade deficit declined by 20.5% y/y to ALL 184.9bn (EUR 1.3bn) in January to September 2013, the statistics institute INSTAT informed. The gap accounted for 12.9% of the projected full-year GDP, down from 17.1% a year earlier, according to IntelliNews calculations. The lower deficit came as exports increased by 16% y/y, while imports declined by 5.8% y/y.
The growth in exports was mainly driven by the group of minerals, fuels, electricity, which advanced by 35.6% y/y in January to September 2013. It has become the country’s largest export sector since April 2012 and currently accounts for 41.5% of total exports. Exports of textile and footwear, which was the second largest export sector, registered a 11.1% y/y rise in the observed period. Exports of chemicals and plastics, leather, wood and paper witnessed double digit growth in the period. However, in nominal terms these three sectors have relatively small (5.5%) share in total exports.
On the import side, the group of minerals, fuels and electricity witnessed the steepest annual drop of 20.2%. In addition, imports of machinery and equipment, construction materials as well as of food also dropped in the period.
In September alone, the trade deficit narrowed by 24.8% y/y to ALL 20.5bn. Exports grew 11.1% y/y to ALL 21.3bn and imports were down by 10% y/y to ALL 41.9bn.
|Foreign trade in Jan-Sep 2013, ALL mn|
|Import||% y/y||Export||% y/y|
|Food, beverages, tobacco||68,685||-1.3||9,809||10.2|
|Minerals, fuels, electricity||65,659||-20.2||75,352||35.6|
|Chemical and plastics||50,912||6.1||2,173||44.3|
|Wood and paper||14,819||14.1||5,365||54.8|
|Textile and footwear||37,907||9.5||51,867||11.1|
|Construct. materials and metals||45,727||-9.7||25,097||-15.6|
|Machinery, equipment, spare parts||64,554||-10.4||6,425||13.8|
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