Exports are growing in October, Albania trade deficit decreases

The country’s trade balance improved again during October. The Institute of Statistics notes that trade deficit over the previous month fell by 14% compared to the same period a year earlier. For the 10-month period, the country’s trade deficit was ALL 263 billion, down 8% compared to the same period a year earlier. The decline in trade deficit implies a higher contribution of the foreign sector to the economic growth of the country.

Albanian exports rose again during October, helping to further reduce the country’s trade deficit. Exports of goods reached ALL 30 billion, up by 21%, compared to the same period a year earlier. For the 10-month period, Albania exported goods at the value of about ALL 262 billion, an annual increase of 16%. Exports of “Minerals, Fuels and Energy” group increased by 37% compared to the 10-month period last year. In the first half of the year, this was particularly influenced by large energy exports. While in recent months, the growth of exports of this group is mainly a contribution of raw materials. But the group that dominates the Albanian exports is increasingly “textile and footwear”, with exports in the value of ALL 104 billion or about 825 million euros. Fans are flourishing more than ever and bring over 40% of Albania’s total exports.

Imports, on the other hand are growing at sluggish rates. For October, imports increased by only 1% over the same period a year earlier. Compared to the last 10 months of the previous year, imports have increased by less than 3%. In part, the decline of imports was also influenced by the ALL appreciation in the foreign exchange rate. In the second half of the year, the performance of foreign trade is even better than the Bank of Albania projections. The central bank predicted a deficit expansion during the second half of the year, due to increased imports and improving domestic demand.

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