Albania2020 Economic Complexity : -0.36, Rank 75 of 127
2020 Product Exports | Imports: $2.62B | $5.42B, 134 of 226 | 128 of 226
2020 Per Capita Product Exports | Imports: $922 | $1.91k, 121 of 219 | 110 of 219
2018 Service Exports | Imports : $3.86B | $3.22B, 84 of 138 | 88 of 138
Overview In 2020, Albania was the number 124 economy in the world in terms of GDP (current US$), the number 134 in total exports, the number 128 in total imports, the number 100 economy in terms of GDP per capita (current US$) and the number 75 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Albania are Leather Footwear ($262M), Footwear Parts ($198M), Non-Knit Men's Suits ($135M), Crude Petroleum ($130M), and Raw Iron Bars ($116M), exporting mostly to Italy ($1.11B), Serbia ($236M), Germany ($165M), Spain ($152M), and Greece ($141M).
Imports The top imports of Albania are Refined Petroleum ($328M), Cars ($257M), Packaged Medicaments ($198M), Tanned Equine and Bovine Hides ($78.1M), and Footwear Parts ($72.9M), importing mostly from Italy ($1.42B), China ($588M), Greece ($541M), Turkey ($493M), and Germany ($358M).
Location Albania borders Greece, North Macedonia, Montenegro, and Serbia by land and Croatia and Italy by sea.
The following section uses the most recent trade data from partners of Albania.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Leather Footwear, $262M
Top Destination (2020): Italy, $1.42B
In 2020, Albania exported a total of $2.62B, making it the number 134 exporter in the world. During the last five reported years the exports of Albania have changed by $420M from $2.2B in 2015 to $2.62B in 2020.
The most recent exports are led by Leather Footwear ($262M), Footwear Parts ($198M), Non-Knit Men's Suits ($135M), Crude Petroleum ($130M), and Raw Iron Bars ($116M). The most common destination for the exports of Albania are Italy ($1.11B), Serbia ($236M), Germany ($165M), Spain ($152M), and Greece ($141M).
Albania Exports Services (2018): $3.86B
Albania Imports Services (2018): $3.22B
In 2018, Albania exported $3.86B worth of services. The top services exported by Albania in 2018 were Personal travel ($2.56B), Other business services ($630M), Transportation ($427M), Computer and information services ($113M), and Government services, n.i.e. ($65.2M).
The top services imported by Albania in 2018 were Personal travel ($1.8B), Business travel ($539M), Transportation ($352M), Government services, n.i.e. ($162M), and Other business services ($126M).
Albania has a high level of specialization in Footwear Parts (174), Chromium Ore (111), Perfume Plants (86.1), Raw Iron Bars (51.4), and Leather Footwear (38.3). Specialization is measured using RCA, an index that takes the ratio between Albania observed and expected exports in each product.
The highest complexity exports of Albania according to the product complexity index (PCI) are Knives and cutting blades, for machines or for mechanical appliances (1.45), Textile fabrics impregnated, coated, covered or laminated with plastics, other than those of heading no. 5902 (1.39), Aluminium; containers for compressed or liquefied gas (1.05), Book-binding machinery; including book-sewing machines (0.94), and Iron or steel; articles, n.e.c. in chapter 73 (0.87). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Albania according to the relatedness index, are Non-Knit Men's Undergarments (0.27), Non-Knit Babies' Garments (0.26), Crustaceans (0.25), Pepper (0.25), and Molasses (0.25). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Albania is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Albania's economy has become relatively less complex, moving from the nullth to the 75th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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