Footwear and Apparel Sector Generates €96mln on Q1

IIA 27 June 2017, 1:23 pm

TIRANA, June 27 The footwear and apparel industry generated a revenue of Euro 96 million during the first quarter of 2017. According to the data provided by the Bank of Albania (BoA), revenues from processed goods destined for the international market reached the same level of the first quarter of 2016. This sector is the…

Albania’s House Prices Rise 13%, BoA Says

IIA 21 April 2017, 11:28 am

TIRANA, April 21 House prices in Albania are on the rise again. According to the Bank of Albania (BoA), the housing prices increased by 13 percent during July-December 2016.According to representatives from the construction industry, the increased prices are related to infrastructure taxes, the lack of available land and improved quality. “Starting from the time…

Ukraine Gives Green Light to Albanian Meat and Dairy Exporters

IIA 18 April 2017, 4:33 pm

TIRANA, April 18 Ukraine is the first country that lifted the ban on imports of Albanian meat and dairy products. This was confirmed by the president of the Albanian Export Centre, Alban Zusi. “Finally, all the Albanian products of animal origin such as meat, milk and their by-products can be exported to a foreign country,”…

The Vienna Institute for International Economic Studies: Albania, positive growth indicator

IIA 21 March 2017, 4:40 pm

TIRANA, March 21 The Vienna Institute for International Economic Studies has published the most recent projections for the economies of Central and Eastern Europe. Albania’s economy is projected to an increase of 3.5% during the year, under the projections of their government and under the latest projections of the International Monetary Fund, which show an increase…

Albania-Kosovo to Establish Joint Customs in Durres

IIA 19 January 2017, 9:31 am

TIRANA, January 19 The joint customs point between Albania and Kosovo that will open at the port of Durres, will provide Kosovan importers with a single point interface for customs clearance. Finance ministers of Albania and Kosovo Arben Ahmetaj and Avdullah Hoti declared on Wednesday that this initiative would strengthen cooperation and facilitate trade between…

Albania Increases Exports to China and Kosovo, Reduces Imports from Italy

IIA 28 December 2016, 2:46 pm

TIRANA, December 28 Albania is achieving considerable percent increase in balance sheets regarding international trade with the region’s countries and non-European countries as well. Based on the data on external trade provided by the Institute of Statistics (INSTAT), Albania increased exports, especially with China. “In November 2016, the countries with which Albania has had the…

Strong Growth in Albania’s Footwear and Garment Industry

IIA 22 December 2016, 1:40 pm

TIRANA, December 22 Albania’s footwear and garment sector has benefited from customs and trade facilitations. Therefore, the sector marked a significant increase during 2016. Euro 1 contracts, VAT refund within 30 days and the fact that these are risk-free investments had an impact on the positive situation of footwear and garment industry. According to official…

Increased Demand for Albanian Chestnuts in EU Markets

IIA 3 November 2016, 11:51 am

TIRANA, November 3 The significant growth of chestnuts export during the recent three years is becoming a main source of incomes not only for the country’s economy but also for thousands of families in northern Albania. This is the region where chestnuts are cultivated in high quantities. During this year, over 2,500 tons of chestnuts…

Fishing Industry Faces Bankruptcy  unless EU Increases Export Quotas

IIA 27 October 2016, 9:16 am

TIRANA, October 27  The fish processing industry in Albania has seen a production increase during the last two years. The exports earnings by fish and fish products during the ninth month period were Lek 3.3 billion, while for the same period of 2015 they were 2.4 billion. But despite the progress, this industry is facing…

Water Industry is Flowing as Exports Increase

IIA 25 October 2016, 8:36 am

TIRANA, October 25 Water seems to be the newest growing industry in terms of production and sales. The data are positive even regarding trade with the region and European countries. Information provided by official stats on exports for January-September 2016 confirms an increase of bottled water export. According to the data issued by the Ministry…

New Law Draws Harsh Reaction from Commerce Chambers

IIA 30 September 2016, 10:30 am

TIRANA, September 30 Thursday’s decision of the Albanian Parliament for adopting the changes to the law on Commerce and Industry Chambers didn’t sit well with the commerce chambers in Albania. They harshly reacted by saying that such decision is a step backwards for democracy and it is against the principles applied by similar organizations in…

IMF approves next tranche of 35,9 million euros for Albania

IIA 2 September 2016, 1:39 pm

IMF approves the next tranche of 35,9 million euros for Albania. Fund’s executive board in Washington has given approval for installment in the framework of the 8th program, reviewed with Albanian government, first signed about 3 years ago. So far, there have been disbursed about 298 million euros in total. But even though they have…

Association of Retailers Supports Decision for Internet Sales Tax

IIA 17 August 2016, 3:30 pm

TIRANA, August 17 The Trade Union of Albania (BTSH) association, which represents the interests of Albanian suppliers and retailers expressed on Tuesday its support for the government’s decision on lowering the threshold tax for online shopping and gifts sent from abroad to Euro 22. They say that the decision, which initially was proposed by the…

June 2016, the banking system activity amounted 1330 billion of ALL

IIA 9 August 2016, 1:15 pm

TIRANA, August 9 The Albanian Banking Association (AAB) publishes financial data of commercial banks in the country for June 2016, which shows that total assets of the banking system amounted to 1330 billion ALL , with an annual increase of 1,3 %. The banking system remains liquid and stable, with a loan-to-deposit ratio to 54,3 % from…

Import Statistics Confirm Albanians Want More Coffee

IIA 3 August 2016, 9:37 am

TIRANA, August 3 Albanians have a special love affair with coffee either espresso or Turkish and statistics show that it has grown stronger. The recent data issued by the General Directorate of Customs confirm that coffee import during January-May 2016 period increased significantly compared to the same period of the previous year. According to the…

Italy Reconfirmed Albania’s Largest Trade Partner

IIA 2 August 2016, 11:13 am

TIRANA, August 2 Italy remains Albania’s main foreign trade partner as it m 39.8 percent of the total volume of trade. This was confirmed by the report on foreign trade for June 2016 issued by the Institute of Statistics (INSTAT). According to the report, exports toward Italy increased by 28.5 percent compared to June 2015…

Albanian Currency (ALL)

IIA 26 July 2014, 12:24 pm

The Albanian monetary unit is called “Lek” (Albanian Lek – ALL). The currency floats freely but is quite stable. Most boards exhibit the current exchange rate on the right side of the screen. On the rate boards in banks and exchange offices (kembim valuator) the initials ALL are sometimes used instead of the word “Lek”. Here you…

Market Overview

IIA 7 June 2014, 10:42 am

Economic Freedom Score “Albania’s economic freedom score is 66,9 out of 100 (most free) making its economy the 54 Freest in the 2014 Index. Its overall score has increase by 1.7 points, with notable improvements in investment freedom and trade freedom. Albania is ranked 25th among the 43 countries in the Europe region, and its…

Trade agreements

IIA 4 June 2014, 12:28 pm

Trade and Economic Cooperation Agreements These agreements are intended to create a legal basis for promoting the trade of goods and services and lead to a broader economic cooperation. Each party undertakes to encourage and create favourable conditions for the export or import of goods and services originating from the other party and to accord…

Forms of Enterprises

IIA 2 June 2014, 12:35 pm

Foreign investors can do business in Albania by setting up either a new company fully owned by a parent company or a subsidiary/branch fully owned by the parent company or a representative office, or by acquiring shares in an existing company. Investors may also form a partnership to do business in Albania. Partnership is also…