The country’s exports enjoyed double-digit growth in the first five months of this year despite the euro’s depreciation (against Albania’s national currency), which negatively impacted the country’s exports, two-thirds of which are destined for Eurozone countries.
In the first five months of the year the country’s overall exports grew by 18.4% totaling about 131.37 billion lek (1 billion euros), keeping the rhythm of growth on the double-digit rate (for about one and a half years now, according to INSTAT, Albania’s state-run statistical institute).
Growth in exports of garment and footwear products, Albania’s traditionally top exports, recovered to an annual 11.7 last May, following a slowdown to 5% in April, apparently hit by the depreciation of the euro against the Albanian lek. Total growth for the first five months of this year was at an annual 10.5%.
Exports of the garment and footwear industries, mainly destined to Eurozone countries, like the other main exporting-oriented industries of the country, have been impacted by the focus on low value-added produced and by the euros depreaciation (against Albania’s national currency).
These two industries are mostly involved in low value add products, importing raw materials, designs and patterns. Some emerging ‘Made in Albania’ brands upgrading their business model to full cycle production have appeared in the country in the last few years.