Albanias foreign trade deficit dropped by 4.7% y/y to ALL 148.7bn (EUR 1.08bn) in H1 2012, the statistics institute INSTAT said in a statement. The gap accounted for 10.7% of the projected full-year GDP, down from 11.9% a year earlier, according to IntelliNews calculations. The lower deficit was due to a 2% y/y decline in imports and a 2.2% rise in exports. Imports in the January-June period were 2.5 times the amount of exports. The growth in exports was mainly driven by the group of minerals, fuels, electricity (up by 19.2% y/y), which has been the countrys largest export sector since April 2012. The construction materials and metals saw again the largest annual drop of 15.2%. Textile and footwear, which was the second largest export sector, registered a 5.1% y/y fall in January-June 2012. On the import side, the group of construction materials and metals witnessed the largest annual drop of 29.2%. In addition, import of wood and paper and textile also dropped in the period. By contrast, imports of minerals, fuels and electricity grew by 23.3% y/y, which partly offset the decline in the former three categories. In June alone, the trade deficit narrowed 7% y/y to ALL 28.4bn. Exports grew 9.4% y/y to ALL 17.7bn and imports declined 1.3% y/y to ALL 46bn.
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