Exports increase by 12% in 2017, but not enough to curb Albania’s trade deficit

Albanian exports marked a positive performance in August, but, however, the growth is insufficient to curb the country’s trade deficit.

According to the Institute of Statistics, exports increased by 12% compared to the same period a year earlier.

In eight months, Albanian exports have reached ALL 177 billion, 13% more compared to the eight-month period of last year.

The growth of exports this year has been driven by a high growth in the “building materials and metals” group. Exports of this group increased by 40% over the same period of the previous year.

However, the group with the largest share in exports remains “textiles and footwear”, accounting for nearly 44% of the total value.

Exports of this group rose again in August, while for the whole eight-month period the growth was at about 9%.

The other important group for the export performance in recent years “Minerals, Fuels, and Energy” has still to achieve a viable recovery.

Exports of this group declined in August, while for the 8-month period they maintained a slight increase against the previous year.

On the other hand, the growth of imports is deepening the country’s trade deficit this year.

According to data from the Institute of Statistics, the trade deficit expanded by 3% in August over the same month last year.

For eight months, the deficit on the exchange of goods reached ALL 223 billion, about ALL 4 billion more than in the same period of 2016.

A key factor in the expansion of the deficit is the growing trend of imports that increased by 6%.

In eight months, Albania imported goods worth ALL 400 billion, up 6% compared to the same period last year.

SCAN

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