FLASH
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Fashion companies are shutting down activity in the country. Continued losses are forcing them to relocate to other locations, leaving behind hundreds of aid workers.
The prolonged crisis stemming from the devaluation of the euro is forcing fashion companies in the country to take drastic decisions.
Some of them have cut staff, bringing tens-hundreds of employees to the assistance, while others are relocating the activity.
According to the exporters' association, in just a few days there are about a thousand employees who have lost their jobs, while others have chosen countries such as Tunisia and Egypt, where the cost of production is cheaper. For the association, the costs increased significantly in the country, when the euro began to lose points against the lek and the minimum wage increased twice.
The outsourced textile and footwear industry is one of the largest employers in the country, and official data shows that for more than 6 months in a row, textile and footwear exports have fallen.
In October, this group shrank by 18.7%, the steepest decline since the pandemic period, when factories shut down due to problems created in the global economy by pandemic restrictions.
For the entire 11-month period, the exports of this group have decreased by 5.8%. Textiles and shoes are the largest exporting group in the country, with about 29% of the total./ Euronews Albania
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