That dollar amount reflects a 48.7% increase from $2.72 billion 5 years earlier in 2019.
Over the most recent annual period, Albania’s revenues from exported products fell by -6.1% in 2023 compared to $4.31 billion for 2022.
Based on the average exchange rate for 2023, the Albanian lek diluted by -9.5% against the US dollar since 2019 and fell by -12.6% from 2022 to 2023. Albania’s weaker local currency made Albanian exports paid for in stronger US dollars relatively less expensive for international buyers.
Albania’s Major Trading Partners
The latest available country-specific data from 2022 shows that 93% of products exported from Albania was bought by importers in: Italy (49.5% of the Albanian total), Serbia (10.2%), Montenegro (7.9%), Greece (6.8%), North Macedonia (5.5%), Spain (4.4%), Germany (2.6%), Türkiye (1.7%), Croatia (1.14%), Slovakia (1.13%), Malta (1.07%) and Bulgaria (1%).
From a continental perspective, 97.1% of Albania’s exports by value was delivered to fellow European countries while 2.2% was sold to importers in Asia.
Tinier percentages went to buyers in Africa (0.4%), North America (0.2%), Latin America (0.06%) excluding Mexico but including the Caribbean, then Oceania’s Australia, New Zealand and French Polynesia (0.01%).
Given Albania’s population of 2.866 million people, its total $4.044 billion in 2023 exports translates to roughly $1,400 for every resident in the Southeast European country. That dollar metric lags the average $1,500 per capita one year earlier during 2022.
Albania’s Top 10 Exports
The following export product groups represent the highest dollar value in Albanian global shipments during 2023, at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Albania.
- Footwear: US$655.5 million (16.2% of total exports)
- Mineral fuels including oil: $512.5 million (12.7%)
- Clothing, accessories (not knit or crochet): $436.2 million (10.8%)
- Knit or crochet clothing, accessories: $310.3 million (7.7%)
- Iron, steel: $293.2 million (7.2%)
- Electrical machinery, equipment: $281.1 million (7%)
- Ores, slag, ash: $154.9 million (3.8%)
- Aluminum: $126.8 million (3.1%)
- Vegetables: $117.4 million (2.9%)
- Articles of iron or steel: $101.2 million (2.5%)
Albania’s top 10 export categories generated nearly three-quarters (73.9%) of the overall value of its global shipments.
Unknitted and non-crocheted clothing or accessories represent the fastest grower among the top 10 export categories, up by 45% from 2022 to 2023.
In second place for improving Albanian export sales were vegetables via a 18.2% advance.
Albania’s shipments of footwear posted the third-fastest gain in value, up by 14.9%.
The leading decliner among Albania’s top 10 export categories were the metals iron and steel, pulled down by a -46.9% year-over-year drop.
At the more granular four-digit Harmonized Tariff System code level, insoles and heel cushions represent Albania’s most valuable exported product totaling an estimated 8.4% of Albania’s total. In second place was leather footwear (6.7%) trailed by electrical energy (5.9%), crude oil (5.2%), unknitted and non-crocheted men’s suits and trousers (4.6%), insulated stranded wire or cable (4.1%), iron ferroalloys (3.5%), chromium ores and concentrates (3.2%), unknitted and non-crocheted women’s clothing (2.4%), then iron or non-alloy steel bars and rods (2%).
Products Generating Albania’s Best Trade Surpluses
The following types of Albanian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Footwear: US$514.4 million (Up by 19.4% since 2022)
- Clothing, accessories (not knit or crochet): $279 million (Up by 83.1%)
- Ores, slag, ash: $152.1 million (Up by 5.5%)
- Knit or crochet clothing, accessories: $146.1 million (Up by 70.5%)
- Vegetables: $87 million (Up by 23.2%)
- Meat/seafood preparations: $37.5 million (Down by -4.8%)
- Oil seeds: $36.3 million (Down by -2.3%)
- Salt, sulphur, stone, cement: $28.9 million (Up by 126.9%)
- Lead: $7.2 million (Up by 29%)
- Headgear: $3.7 million (Up by 366.7%)
Albania has highly positive net exports in the international trade of footwear. In turn, these cashflows indicate Albania’s strong competitive advantages under the footwear product category.
Products Causing Albania’s Worst Trade Deficits
Overall Albania incurred an estimated -US$5 billion product trade deficit in 2023, expanding by 20.9% from -$4.1 billion in red ink one year earlier for 2022.
Below are exports from Albania that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Albania’s goods trail Albanian importer spending on foreign products.
- Mineral fuels including oil: -US$1.2 billion (Up by 64.9% since 2022)
- Machinery including computers: -$575.1 million (Up by 14.3%)
- Vehicles: -$534.3 million (Up by 20.1%)
- Electrical machinery, equipment: -$350.2 million (Up by 13.8%)
- Plastics, plastic articles: -$258.1 million (Up by 2.8%)
- Pharmaceuticals: -$237.2 million (Down by -3.3%)
- Beverages, spirits, vinegar: -$152.9 million (Up by 3%)
- Meat: -$140.6 million (Up by 118.5%)
- Ceramic products: -$130.7 million (Up by 68.8%)
- Optical, technical, medical apparatus: -$116 million (Up by 43.3%)
Albania has highly negative net exports and therefore deep international trade deficits under the mineral fuels-related product category, notably for refined petroleum oils.
Albanian Export Companies
Not one Albanian corporation ranks among Forbes Global 2000.
Wikipedia lists some exports-related companies from Albania. Selected examples are shown below.
- AlbChrome (chrome, ferrochrome)
- Albpetrol (oil, gas)
- Antea Cement (cement)
- Birra Tirana (beer)
- Birra Korça (beer)
- Military Export Import Company MEICO (military equipment)
- Taçi Oil (oil, gas)
In macroeconomic terms, Albania’s total exported goods represent 7.3% of its overall Gross Domestic Product for 2023 ($55.7 billion valued in Purchasing Power Parity US dollars). That 7.3% for exports to overall GDP in PPP for 2023 compares to 8.4% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Albania’s total economic performance, albeit based on short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Albania’s unemployment rate averaged 11% for 2023, down from an average 11.1% in 2022 according to from International Monetary Fund metrics.
Albania’s capital city is Tirana.
See also Italy’s Top Trading Partners, Serbia’s Top 10 Exports, Montenegro’s Top 10 Exports, Italy’s Top 10 Exports and Top EU Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Europe: Albania. Accessed on October 4, 2024
FlagPictures.org, Flag of Albania. Accessed on October 4, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 4, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on October 4, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity) . Accessed on October 4, 2024
International Trade Centre, Trade Map. Accessed on October 4, 2024
Investopedia, Net Exports Definition. Accessed on October 4, 2024
Wikipedia, Albania. Accessed on October 4, 2024
Wikipedia, Gross domestic product. Accessed on October 4, 2024
Wikipedia, List of Companies of Albania. Accessed on October 4, 2024
Wikipedia, Purchasing power parity. Accessed on October 4, 2024