Albania’s foreign trade deficit dropped by 20.9% y/y to ALL 140bn (EUR 1bn) in January to July 2013, the statistics institute INSTAT informed. The gap accounted for 9.8% of the projected full-year GDP, down from 13% a year earlier, according to IntelliNews calculations. The lower deficit came as exports increased by 18.4% 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 46.2% y/y in the first seven months of 2013. It has become the country’s largest export sector since April 2012, and currently accounts for 41.1% of total exports. Exports of textile and footwear, which was the second largest export sector, registered a 10% y/y rise in the 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 (5.4%) share in total exports.
On the import side, the group of minerals, fuels and electricity witnessed the steepest annual drop of 21.5%. In addition, imports of machinery and equipment, construction materials as well as of food also dropped in the period.
In July alone, the trade deficit narrowed by 14.6% y/y to ALL 24bn. Exports grew 23.9% y/y to ALL 24.2bn and imports were up by 1.2% y/y to ALL 48.3bn.
|Foreign trade in Jan-Jul 2013, ALL bn|
|Import||% y/y||Export||% y/y|
|Food, beverages, tobacco||52.1||-2.1||7.5||8.5|
|Minerals, fuels, electricity||48.6||-21.5||58.4||46.2|
|Chemical and plastics||40.6||10.9||1.6||40.4|
|Wood and paper||10.9||11.7||4.0||51.0|
|Textile and footwear||30.4||9.8||41.3||10.0|
|Construct. materials and metals||34.2||-6.3||19.6||-15.0|
|Machinery, equipment, spare parts||50.5||-10.3||5.2||12.0|
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