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Foreign trade for 2023, exports will shrink by 9.5%. Devaluation of the euro the main "cause"?

2024-01-19 14:04:24Biznes SHKRUAR NGA REDAKSIA VOX

Foreign trade for 2023, exports will shrink by 9.5%. Devaluation of the euro the

The significant drop in prices, both for import and export products, has closed the year 2023 with a significant ``shrinkage'' of foreign trade. Not only the drop in prices, but also the fluctuation of the European currency in the foreign exchange market has its share in foreign trade indicators. According to the data reported by the Institute of Statistics, during December, exports of goods reached the figure of 38 billion ALL, down by 6.6%, compared to December 2021, but up compared to November 2023, by 14.2%. On the other hand, imports during the last month of the year touched the figure of 73 billion ALL, decreasing by 23.1%.

Throughout the year 2023 meanwhile, exports are fixed at 440 billion ALL, while imports at 873 billion ALL. During 2023, exports are 9.5% lower than 2022, in value, while imports are 8.2% less than the previous year.

If we talk about the time span of one year, the 9.5% drop in exports, compared to the previous year, was negatively affected by the groups "Construction materials and metals" with 4.5 percentage points, "Minerals, fuels, electricity" with 2.8 percentage points, "Textiles and shoes" with 1.8 percentage points, etc. Meanwhile, the group "Food, drinks, tobacco" had a positive impact with 0.8 percentage points.

Meanwhile, the main group that has negatively affected the annual decrease in imports is "Minerals, fuels, electricity" with 7.3 percentage points.

On the other hand, referring to the data analysis in volume, i.e. in weight, exports and imports have not gone in the same direction for 2023. If a year ago due to high prices, fewer and more expensive goods were bought, this year year after deflating the prices, it seems that we have bought and sold more goods in quantity. Imports and exports have increased, compared to a year ago, by 8.2% and 8.5%, respectively.

But how does the situation appear according to groups?

If we analyze the annual change according to product groups, we see that in weight, the highest drop in terms of exports was recorded by the "Leather and leather articles" group with 21.5%, while it follows in the ranking with a significant decrease "Wood and paper products" with 20.2% and "Textiles and shoes" with 12.2%, which confirms the impact of the devaluation of the euro on the fashion industry. The group "Minerals, fuels, energy" recorded an increase in volume in terms of exports. elek.", "Construction materials and metals" and "Food, drinks and tobacco".

In terms of imports, the figures show that they have increased in volume, while only the groups "Textiles and shoes" with 5.8% and "Leather and leather goods" with 14.4% show a decrease.

"Scan Intel", among other things, has also analyzed changes in the value of imports and exports according to groups. The figures show that for exports with an increase, only food is presented with 7.6%, while all other groups are decreasing. The highest annual decrease in exports in value was registered by the groups "Wood and paper products" with 21.7% and "Construction materials and metals" with 21%, compared to 2022.

On the other hand, if we analyze the annual change of imports in value, we see that only machinery is increasing, while all other groups are decreasing, where the highest decrease was registered by the group "Minerals, fuel, energy. elec.” with 40.6% and "Leather and leather articles" with 19.8%.

Of the 10 main trading partners for 2023, Albania has had the biggest drop in exports with Germany by 27.7% and with the United States of America. On the other hand, increases in exports were recorded with Kosovo, Montenegro, Greece and China.


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