TIRANA, Nov. 18 (Xinhua) -- Albania's trade deficit increased by 10.6 percent in October compared to the same month in 2023 and 13.9 percent over the previous month, according to data released by the country's Institute of Statistics on Monday.
The institute attributed the widening deficit to strong imports driven by robust domestic demand and the appreciation of the Albanian lek, coupled with sluggish exports. Weak economic performance in Albania's main export markets, particularly in Europe, further exacerbated the situation.
In October, Albania's exports totaled 31 billion leke (approximately 333 million U.S. dollars), marking a 15.2 percent decline year-on-year but a slight 0.9 percent increase month-on-month.
Italy remained Albania's largest export market during the January-October period, with exports totaling 138.4 billion leke. However, this represented a 14.2 percent drop compared to the same period in 2023. In contrast, exports to China showed significant growth, rising from 7.9 billion leke to 9.2 billion leke.
Nearly all export categories suffered declines in October. Exports of construction materials and metals fell by 8.2 percent, textiles and footwear decreased by 3.5 percent, and minerals, fuels, and electricity dropped by 2.9 percent.
Albania's imports in October totaled 77 billion leke, down 1.5 percent year-on-year but up 8.3 percent compared to September.
During the first 10 months of the year, the total value of Albania's exports fell by 14.3 percent year-on-year to 317 billion leke, while imports increased by 2 percent to 743 billion leke. Consequently, the trade deficit rose by 18.8 percent to 426 billion leke.
Industries such as tourism, agriculture, energy, and mining form the backbone of Albania's economy. The country's export revenue is primarily driven by sectors of footwear, textiles, mineral fuels, and metals. (1 Albanian lek = 0.011 U.S. dollar) ■