Albanian exports shrink, more food is imported! This is how the strengthening of the lek affected

Merchandise exports contracted again in May, after a boost in April.

The shrinking trend that has been going on since the beginning of the year has continued this month as well, while their value reached 35 billion lek, 12.4% less than a year ago.

On the other hand, imports in the amount of 79 billion alleks came with a 1.6% contraction. This has caused the trade deficit to increase by more than 8.9%, while more and more imported goods are filling the Albanian stalls also influenced by the favoring of the strengthening of the lek.

In a comparison from the beginning of the year, imports are twice as high in value as exports, while the difference from a year ago deepened by 18.9%.

For the month of May, the group that suffered the biggest contraction was textiles and shoes. The fashion sector has already entered a spiral of crisis, which was further aggravated by the strengthening of the lek.

Meanwhile, for May, the export of fruits and vegetables, the best performing group of the country last year, decreased by 2.7%. While in the first months there was a strong increase in quantity, now sales have also slowed down, INSTAT shows. All other groups have also contracted except minerals, fuels and electricity.

Meanwhile, regarding the goods that have entered Albania, the group of food and non-alcoholic beverages has experienced an increase compared to a year ago. In addition to them, the construction sector has encouraged the import of construction materials and metals as well as machinery and equipment.

As for trade partners, during May, Albania significantly increased its exports to Kosovo and China, but decreased them to Italy and Greece.

Meanwhile, in May, the country received more goods from Turkey and Greece, while it decreased the volume with Italy and China.