Albania’s foreign trade gap widens 3.6% y/y in Jan 2014.

By bne IntelliNews March 3, 2014

Albania’s foreign trade deficit widened by 3.6% y/y to ALL 16.6bn (EUR 118.5bn) in January 2014, the statistics institute INSTAT informed. The gap accounted for 1.2% of the projected full-year GDP, according to IntelliNews calculations.

The higher deficit came as exports decreased by 1.5% y/y, while imports picked up by 0.9% y/y. The drop in exports was mainly driven by the group of minerals, fuels, electricity, which saw a 17.8% y/y fall in January 2014. It was country’s second largest export sector in the month, preceded by the textile and footwear sector that registered a 18% y/y rise in exports. Exports of construction materials also decreased but at the slightly weaker pace of 11.5% y/y. Among other sectors, exports of chemicals and plastics as well as of wood and paper witnessed a double-digit growth in the period. However, in nominal terms these two sectors had a relatively small (5.2%) share in total exports.

On the import side, the overall growth was mainly driven by the textile and footwear sector with a 20.4% y/y rise. On the other hand, the group of minerals, fuels and electricity witnessed the steepest annual drop of 8.9%. In addition, imports of machinery and equipment, construction materials as well as of of food also dropped in the month.

Albania’s foreign trade deficit shrank 15.6% y/y to ALL 266.2bn in 2013. The lower deficit came as exports increased by 15.6% y/y, while imports declined by 3% y/y.

Foreign trade in January ALL mn 
  Import % y/y Export % y/y
Total 34,462 0.9 17,850 -1.5
Food, beverages, tobacco 5,673 -4.2 1,036 22.2
Minerals, fuels, electricity 6,480 -8.9 6,151 -17.8
Chemical and plastics 4,036 -3.3 190 12.0
Leather 932 26.8 181 -19.8
Wood and paper 1,618 32.8 743 48.4
Textile and footwear 4,257 20.4 6,437 18.0
Construct. materials and metals 4,150 -4.6 2,273 -11.5
Machinery, equipment, spare parts 6,329 1.7 579 0.9
Others 987 11.6 260 -15.0
Source: INSTAT         

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