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Exports plummeted, sharp drop for agricultural products, textiles and shoes

2024-07-18 10:52:49Biznes SHKRUAR NGA REDAKSIA VOX

Exports plummeted, sharp drop for agricultural products, textiles and shoes

Exports have continued with the negative performance even during the month of June, influenced by the weak results of the groups of food products and textiles and shoes, influenced by the devaluation of the euro and by the drop in prices due to overproduction in Europe for agricultural products.

According to INSTAT data, in June 2024, exports of goods reached the value of ALL 35 billion, decreasing by -8.9%, compared to the same period a year ago. The pace of decline has slowed compared to May, when the annual contraction was 12.4%. In April 2024, exports of goods had increased for the first time in many months by 1.8% on an annual basis. In March, exports had shrunk by 21%, in February by -16.1% and in January by 29.2%.

During the month of June 2024, the reduction of exports by -8.9% was influenced by the following groups: "Food, beverages, tobacco" with -6.0 percentage points, "Textiles and shoes" with -4.6 percentage points, "Materials construction and metals" with -0.8 percentage points, etc. The group: "Other" had a positive impact with +4.2 percentage points.

For six months, exports have recorded a strong contraction. According to INSTAT, in this six-month period, exports of goods reached the value of ALL 199 billion, decreasing by -14.9%.

For the 6th month, the groups that have influenced the annual decrease in exports are: "Textiles and shoes" with -5.4 percentage points, "Minerals, fuel and electricity" with -5.2 percentage points, "Construction materials and metals" with -2.2 percentage points, etc.

Textiles and shoes continue the downward trend

In June, textile and footwear exports, the largest export group in the country (with 27.8% of the total), fell by 15.8%. For the 5th month, textile-shoe exports were 55.4 billion ALL, with a contraction of 18.6% on an annual basis.

The industry continues to suffer the consequences of many factors, such as the increase in costs that has caused partners to move to the Middle East, reducing orders, and especially the devaluation of the euro, which reduces their income when converted to lek.

For the period January-June 2023, one euro was exchanged on average for 114 ALL, according to the exchange rate of the Bank of Albania, while for the same period of this year it is exchanged for 102.5 ALL, or almost 10% less.

This situation is forcing many factories to close, according to announcements from the Association of Exporters.

Minerals, fuels fall easily

"Minerals, fuels, energy" was the second largest group in the country, with 19.5% of the total. After a sharp decline in the first 3 months of the year, the group recovered sharply in April on higher sales from Bankers Petroleum, the country's largest exporter, and weather-related electricity trading. In April, the exports of this group increased by 26%. The positive trend continued in May, but at a slower pace, with an expansion of 2.4%. However, in June, the group returned to the decline, contracting by 2.9%, affected by the decline in exports to Spain, which is Bankers Petroleum's main market.

But, for the 6th month, this group recorded exports worth almost 39 billion ALL, with a 24% contraction, as a result of the negative performance in the first three months.

Building materials and metals continue to contract slightly

"Construction materials and metals" were the third largest group in the country for 6 months, with 18.5% of the total. This group is affected by the performance of Kurum, the steel processor, which is one of the largest exporters in the country. In June, this group fell by 4.8%, after the strong contraction of the first months of the year. For the 6th month, the contraction is 12.2%. The sector is suffering from weak regional demand and shrinking prices.

Strong contraction for Food, beverages and tobacco due to falling prices

"Food, drink and tobacco", one of the groups with the best performance in recent years, recorded the most negative performance in recent years in June, with a strong decrease in sales in the amount of 32%. Even in May, the contraction was around 17%. The negative performance of May and June caused that even for the 6th month, food sales abroad returned to the negative trend, with -10% (from -3.2%, which was the contraction for the 5th month).

In June, the exports of this group increased by 22.5%.

Machinery, equipment, spare parts are damaged by euros

"Machinery, equipment, spare parts" was another group that showed good performance in recent years, as a result of the entry of factories that assembled parts for the automotive industry. But this group is also suffering from the devaluation of the euro, rising costs and labor shortages. In June, exports fell by 4.5%, while for the 6th month the contraction is 8.2%.

Trade deficit increases

In June 2024, exports of goods reached the value of ALL 35 billion, decreasing by -8.9%, compared to the same period a year ago and by -0.1%, compared to May 2024. Imports of goods reached the value of 77 billion ALL, increasing by 2.1%, compared to a year ago and decreasing by -3.3%, compared to May 2024. The trade deficit of this month is 42 billion ALL, increased by 13.4% compared to June 2023 and decreased by -5.9% compared to May 2024.

In this six-month period, exports of goods reached the value of 199 billion ALL, decreasing by -14.9%, while imports of goods reached the value of 440 billion ALL, increasing by 0.3%, compared to a year ago. The trade deficit reached the value of 241 billion ALL, increasing by 17.9%, compared to the same period of 2023.

Italy's exports fall, Kosovo's increase

In the month of June 2024, the countries with which Albania had the biggest decrease in exports, compared to June 2023, are: Italy (11.2%), Greece (15.0%), Spain (40.0%), etc. While the countries with which exports have had the greatest growth are: Kosovo (3.9%), Germany (9.5%), etc.

During this six-month period, the countries with which Albania had the biggest decrease in exports, compared to a year ago, are: Italy (14.9%), Kosovo (1.5%), Greece (24.8%) , etc. While the country with which exports have had the greatest growth is: China (25.0%), etc.

In June 2024, the countries with which Albania had the largest increase in imports are: Greece (9.2%), Kosovo (132.9%), North Macedonia (7.7%), etc. While the countries with which imports have had the biggest decrease are: Italy (1.2%), China (1.9%), Turkey (5.3%), etc.

During this six-month period, the countries with which Albania had the largest increase in imports, compared to a year ago, are: Turkey (16.7%), Greece (16.8%), Germany (3.6%) ), etc. While the countries with which imports have had the biggest decrease are: Italy (4.4%), China (9.3%), North Macedonia (11.8%), etc.

Exports plummeted, sharp drop for agricultural products, textiles and shoes

Exports plummeted, sharp drop for agricultural products, textiles and shoes

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