Albania’s trade deficit expanded by 9.3% in November year-on-year
Newly released figures show that Albania’s trade deficit has expanded in November.
According to Instat data, the deficit increased by 9.3% compared with the same month last year.
For the entire 11-month period, the deficit in the exchange of goods amounted to ALL 314 billion, up 4.1% compared to the same period of 2016.
The growth of the deficit has been ascribed to a revival of imports, which are growing at a considerable pace this year.
For November, imports increased by 10% on an annual basis.
For the 11-month period, Albania imported goods worth ALL 565 billion, 8% more compared to the same period last year.
Growth of imports seems stable and spread across almost all the segments of goods without exception, prompting the country’s trade deficit to grow.
The deficit is increasing despite a generally positive performance of exports as well.
According to the Institute of Statistics, exports during November increased by 11% compared to the same month of 2016.
In eleven months, Albanian exports have reached ALL 251 billion, 13% more compared to the same period last year.
The main contributors to export growth during November were the “textile and footwear” groups as well as “building materials and metals”.
The textile and shoe group continues to dominate exports, with over 43% of their total value.
Another important group for the export performance in recent years “Minerals, Fuels, and Energy”, this year is showing a poor performance.
Exports of this group declined during November. For the 11-month period, the value of exports of this group fell by 2.3% over the same period year-on-year.
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