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Ekonomi2023-07-18 12:59:00

The economic effects of the fall of the euro

Shkruar nga Pamfleti

The economic effects of the fall of the euro

Exports have continued a double-digit decline even during June, heavily influenced by the strong devaluation of the euro, but also by the drop in prices in international markets. The latest Instat data show that the value of exports in June reached 38 billion ALL, shrinking by 17.3% compared to a year ago.

As a 6-month report, the value of goods exported to partner countries reached 234 billion ALL, decreasing by 7.4% in the first half of the year.

The biggest impact on curbing exports last month was given by the groups of construction materials that also recorded a significant decrease, followed by minerals and fuels as well as textiles and shoes, which are also the largest exporting group in the country.

Meanwhile, the government has approved the normative act postponing the payment of profit tax to help exporters who are affected by the strong weakening of the euro.

The opposite has happened with food goods as they were the only group whose exports increased by 4.6% throughout June. As for the countries to which Albania has recorded an increase in exports, they are Italy, Greece and Spain.

Imports followed the same trend, decreasing by 7.5% last month, while the decrease was more moderate as a 6-month report. The total value of imported goods at the end of June reached ALL 439 billion.

While the trade deficit, i.e. the export-import difference reached 204 billion ALL in the first part of the year, increasing by almost 6% compared to the same period a year ago.

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