Albania’s trade deficit has worsened by 20%, says INSTAT

Albania’s trade deficit has worsened by 20%, says INSTAT

Tirana, December 3, 2014/Independent Balkan News Agency

Albanian Institute of Statistics (INSTAT), says that Albanian exports have weakened in the recent months making trade deficit increase to 20,4%.

With the fall of the export of electricity, but also crude oil, the value of goods sent abroad has shrunk, according to INSTAT.

In the year to October, exports only went up by 5,4% compared to the same period a year ago, amounting to 215 billion ALL. Compared to October 2013, exports went down by 0,3%.

The biggest annual fall was seen in the export of the group “Minerals, fuel, electricity”, by 27,9%.

At the same time, the value of imported goods went up by 9%. With a value of imports which amounts to 450 billion ALL, trade deficit continued to worsen.

“Trade deficit this month is 29 billion ALL, marking an increase by 20,4% compared to October 2013 and 12,6% compared to September 2014”, INSTAT says.

In these ten months, Albania’s trade deficit is 234 billion ALL, a value which is higher than exports.

Exports believe that the fall in exports threatens Albania’s economic growth in general.

Financial institutions in the country have considered exports as one of the main factors for Albanian economy to reach a 2% growth.

Commerce with the EU occupies 69,4% of all trade. Main trade partners are Italy (39,6%), Greece (7,3%), China (5,2%) and Turkey (5,0%). /ibna/