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We buy iron, we sell tomatoes/ Albania's modest trade balance with Ukraine

2024-02-28 11:05:46Biznes SHKRUAR NGA REDAKSIA VOX
We buy iron, we sell tomatoes/ Albania's modest trade balance with Ukraine
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If on the political and diplomatic level, the war has brought Albania closer to Ukraine than ever, on the economic level relations remain modest.

Official data from INSTAT in Albania and the Ukrainian statistics agency show that before the outbreak of the war, the value of the trade volume between the two countries was around 40 million dollars. After the outbreak of war, the value of trade almost doubled, but not its volume. The reason for the doubling was related to the increase in the price of products after the start of the Russian invasion of Ukraine.

The data show that in all years, Albania has a negative trade balance with Ukraine. From Ukraine, Albania imports metals, grains and oils of animal and plant origin. This was one of the alibis raised by traders in 2022 for increasing the price of these products, although experts raised suspicions of abuse, since Ukraine was not and is not Albania's main partner for these goods.

Regarding exports, the data of 2022 show that Albania exported about 10 million dollars worth of goods to Ukraine. Vegetables are the main item with over 40 percent of total exports, followed by mineral fuels and then shoes and clothing.

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