Annual Report 2010 03 August 2011 - Banka Qendrore e ...

Annual Report 2010
CBK
50 |
countries. The inflation rate in Kosovo was by around 4.8 pp higher than in the CEFTA and
EU countries, leading to an appreciation of the Kosovo’s Real Effective Exchange Rate
(REER) in this period. In 2010, Kosovo’s REER appreciated against the Eurozone countries
by 1.4 percent and by 2.2 percent against the CEFTA countries.
Kosovo’s exports in 2009 were
characterized by a significant
decline driven mainly by the global
crisis which had a considerable
negative effect on the on the sales
of base metals industry, namely
nickel minerals. The recovery of
the world economy in 2010
resulted in a stronger external
demand for base metals. As a
result, the increase of base metal
prices during 2010 had a positive
impact on the production level and
led to the increase of the volume
and amount of sales. Considering
that 90 percent of metals exported
from Kosovo are nickel minerals,
Kosovo’s exports in 2010 recorded
an annual growth of 77.8 percent,
reaching the value of euro 294.0
million.
Figure 32. Main categories of the structure of imports,
in percentage
25%
20%
15%
10%
5%
0%
70%
60%
50%
40%
30%
20%
Mineral products
Figure 33. Main categories of the structure of exports,
in percentage
The structure of imports in 2010
10%
0%
was similar to the previous year
(Figure 32). However, differently
from last year, when imports of
mineral products (mainly fuel)
recorded an annual decline of 12.5
2009 2010
Source: CBK (2011)
percent, the import of mineral
products in 2010 recorded an annual growth of 26.5 percent, thus contributing by around
4.5 pp to the overall growth of imports. The share of mineral products to total imports in
2010 increased to 19.5 percent (17.1 percent in 2009). The import of machinery and
equipment products also recorded an annual growth of 3.4 percent in 2010, but its share to
total imports decreased to 13.4 percent (14.4 percent in 2009). Base metals and food
products remain important categories of Kosovo imports, and their share to total imports in
2010 was 8.9 and 12.2 percent, respectively.
Base metals
The structure of exports in 2010 was dominated by base metals, with a share of 63.0
percent of total exports, compared to 53.5 percent in December 2009 (Figure 33). The
recovery of external demand and the increase of prices in the metal industry in
international markets had a positive impact in the significant growth of base metals
exports, which, in December 2010, reached at euro 185.2 million (euro 88.4 million in
December 2009), contributing by 58.6 pp to overall growth of Kosovo’s exports.
The increase of overall exports in 2010 was also due to the growth by 55.3 percent of
mineral products exports, which represented 13.2 percent of total exports. Machinery and
equipment exports (mainly consisting of the exports of electricity) represent 3.6 percent of
Machinery
Mineral products
Alco. beverages
Source: CBK (2011)
Base metals
Machinery
Chemicals
Vegetables
Transportation
means
Alco. beverages
Plastic, rubber
2009 2010
Vegetables
Leather products
Livestock
Textile
Stone, ceramic