Albania’s trade deficit soars as imports growth expanded it by 31% in January
2018 started with a strong growth of the country’s trade deficit. According to data from the Institute of Statistics, the deficit increased by 31% compared to the same period a year earlier.
The trade deficit of about ALL 21 billion came mainly as a result of a strong increase in imports during January.
The total value reported by Instat was nearly All 45 billion, 27% more compared to the previous year.
Imports grew for most of the group, but the main contribution was provided by the group “minerals, fuels, energy,” which most likely reflects a strong increase in fuel imports due to problems in the domestic processing industry.
2018 also started well for exports, but growth failed to contribute to improving the country’s trade balance.
For January, exports reached ALL 23.4 billion, 24% more than the same period last year.
Exports are following a positive trend that began last year, led by the forward processing industry.
According to Instat, the exports of the “textile and footwear” group for January grew 17% on an annual basis, for a total value of ALL 10.5 billion.
The group “Construction Materials and Metals” also exhibited an exports growth for January, reaching a value of ALL 4.3 billion, about 80% more compared to January 2017.
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