Exports continued their shrinking trend in October as well. In a monthly statement, INSTAT said exports decreased 15.2% on the year to some Lek 31 billion. Imports also declined by 1.5% to some Lek 77 billion.

The main reasons for this trend are related to the devaluation of the euro, which shrinks the income of exporters, the decrease in the competitiveness of Albanian businesses both from the devaluation of the euro and from the increase in costs, as well as the unfavorable conjuncture of goods in international markets.

In October, the decline deepened again, after slowing down in September. The main effect of the negative performance of exports in October was given by the temporary closure of the activity of the steel producer, Kurum, one of the largest exporters in the country.

The trend worsened compared to September when the decline was 8.5%. In August, the decline was 18%, in July the contraction was 12% and in June it was 8.9%. In May, the contraction on an annual basis was 12.4%. In April 2024, exports of goods increased for the first time after many months by 1.8% on an annual basis. In March, exports decreased by 21%, in February by 16.1% and in January by 29.2%.

Albania's trade deficit expanded 10.6% on the year in October, reaching Lek 46 billion (Dollar 494 million/Euro 468.6 million), the national statistical office, INSTAT, said on Monday.

Exports of construction materials and metals fell 8.2% in October, exports of shoes and textiles declined 3.5%, and exports of minerals, fuels, and electricity dropped by 2.9%, contributing most to the steep decrease in exports.

Italy continued to be Albania's primary trading partner in October, with Albanian exports to Italy totaling Lek 14.4 billion and imports from Italy reaching Lek 17.3 billion.

In the month of October 2024, the countries with which Albania had the biggest decrease in exports, compared to October 2023, are: Kosovo 24.0%, Italy 13.6%, Spain 4.7%, etc. The countries with which exports have had the greatest growth are: Greece at 12.3%, and Germany at 11.4%.

During these ten months, the countries with which Albania had the biggest decrease in exports, compared to a year ago, are: Greece 20.2%, Italy 14.2%, Kosovo 8.5%, etc.

The countries with which the exports have had the greatest growth are: the USA 68.3%, China 16.8%, etc.

In October 2024, the countries with which Albania had the biggest decrease in imports are: North Macedonia 17.6%, Italy 3.4%, etc. The countries with which imports have had the greatest increase in imports, compared to September 2023, are: Greece 28.1%, Turkey 6.6%, China 2.7%, etc.

During this ten-month period, the countries with which Albania had the largest increase in imports, compared to a year ago, are: Greece 19.9%, Turkey 16.3%, China 0.2%, etc. While the countries with which imports have had the biggest decrease are: North Macedonia 14.5%, Italy 3.2%, Spain 2.0%, etc.

In 2023, Albania's trade deficit contracted by 6.7%, to Lek 432.3 billion, INSTAT has said.