bne IntelliNews – Albania’s foreign trade deficit increases in February
Albania’s trade deficit reached ALL 27 billion (€ 218 million) in February, an increase of 2.7% year-on-year and 26.7% from January.
Imports increased 15% from January, to GAL 52 billion, and increased by a modest 0.9% y / y. The monthly increase in exports was 4.4% more modest, while exports fell 0.9% year-on-year to Gll 25 billion, the statistics office Instat said.
In the first two months of the year, exports amounted to ALL 49 billion, up 1.0% year-on-year, and imports were twice as high at ALL 98 billion, up 4.3% year-on-year. This translated into a trade deficit of ALL 49 billion, an increase of 7.7% year-on-year.
The year-on-year decline in exports in February was mainly caused by lower exports of textiles and footwear, a sector that has suffered since the start of the pandemic, and contributed negatively to 7.6 percentage points (pp) .
This was almost but not fully offset by increases in exports of building materials and metals, which made a positive contribution of 4.9 pp, and by smaller contributions from higher exports of food, drinks, tobacco and chemicals and plastics.
The largest contribution to the annual increase in imports was the machinery, equipment spare parts category, which contributed 4.0 pp. Imports of chemicals and plastics, as well as food, drink and tobacco products have also increased.
On the other hand, lower imports of minerals, fuels and electricity contributed negatively; textiles and footwear; and leather goods and leather goods.