China is with us in "difficult days"/ Analysis of foreign trade for 2024. Exports in crisis due to the euro
Foreign trade has recorded a fairly high annual decline over the past year, the latest figures from the "Institute of Statistics" show. "Scan Intel" has analyzed in detail the official figures to understand the performance of trade volumes over the past year, in imports, exports and by country. Initially, we focus on the analysis of exports, given that during 2024 they have depreciated significantly as a result of the depreciation of the common European currency.
During 2024, exports of goods reached a value of 373 billion lek, decreasing by 15.4%, compared to the previous year, while imports of goods reached a value of 894 billion lek, increasing by 2.5%. Thus, the trade deficit reached a value of 522 billion lek, increasing by 20.7%, compared to 2023.
The groups that had the greatest negative impact on the annual decrease in exports were “Minerals, fuels, electricity” with 5.3 percentage points, “Textiles and footwear” with 4.8 percentage points, and “Construction materials and metals” with 4.1 percentage points.
If we were to analyze the annual change in exports by main groups, the data shows that the largest decrease in value was seen in minerals and fuels by 24.7%. Meanwhile, a significant decrease was observed in the textile groups, values that reflect the crisis in the fashion sector. The leather group fell by 22.3%, while textiles and footwear had a decrease in export value of 16.8%.
Which countries "abandoned" Albanian products?
During this year, the countries with which Albania has had the largest decrease in exports, compared to the previous year, were Italy with 13.9%, Kosovo with 9.8% and Greece with 18.2%. On the other hand, China seems to have been the support of Albanian exports. The increase in exports with this country is estimated at 3.5%.
Meanwhile, on the other hand, the groups that have positively influenced the annual growth of imports are "Machinery, equipment and spare parts" with 2.9 percentage points and "Food, beverages, tobacco" with 1.2 percentage points.
But how does the annual change of the main groups in terms of imports appear?
The largest decline was recorded by textiles and fuels, while machinery and spare parts increased by 11.9%, followed by food by 7.1%, and chemical and plastic products.
During this year, the countries with which Albania had the greatest increase in imports, compared to the previous year, were China, Turkey and Greece.
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