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The production sector is in crisis, imports of machinery and equipment are falling

2024-05-22 09:21:50Biznes SHKRUAR NGA REDAKSIA VOX

The production sector is in crisis, imports of machinery and equipment are

The weaknesses that the production sector is going through are reflected in the drop in exports, but they show that the crisis will be long-term.

INSTAT's official data on foreign trade show that imports of the "machinery and equipment" group recorded an annual decrease of 1% in the first quarter of 2024 compared to the same period of 2023.

This group is related to investments mainly in the production sector. In the imports of this group, the increase signals that the production also increases, on the contrary, the decrease shows that the manufacturing business is going through a difficult period.

In the first quarter of 2024, imports of the "machinery and equipment" group reached 19.7 billion ALL, from 22.9 billion ALL in January-April 2023, with a 14% decrease.

Last year, the economy accelerated the shift from manufacturing to services. The fall of the euro, the increase of the minimum wage, the weak demand from abroad are leading many factories to bankruptcy, while our economy is increasing its dependence on imports.

During 2023, the industry recorded a decline of 8.2%, the largest since 2020, when the entire world was blocked by the Covid-19 pandemic. On the other hand, an increase in the service sector was observed due to the high flow of tourists.

But economic experts and businesses think that the orientation of the economy from production to services is not a safe and sustainable step.

INSTAT reported that in 2022, the number of businesses whose main activity is accommodation has increased, with an annual expansion of 23%. The data showed that hotels and restaurants contributed 5.3% of total paid employment nationally, the same share as in 2021.

On the other hand, the industry is in a difficult situation, as it is losing the advantage of the free arm of the labor force and being hit by the devaluation of the euro.

Experts and businesses in the sector announce that the bankruptcy of production units has chain consequences from education, taxes, employment, destroys supporting industries and destroys the 20-year work that the country has done in creating "Made in Albania".

Shifting the economy from production to import will bring the country long-term negative consequences, says the chairman of the Association of Exporters, Alban Zusi, who also operates in the agro-processing sector.

He says that the bankruptcy of production units gives chain consequences from education, taxes, employment, destroys supporting industries and destroys the 20-year work that the country has done in creating "Made in Albania" products.

The production sector is in crisis, imports of machinery and equipment are

 


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