TIRANA, April 30 /ATA/ Albanian exports to the United States increased by 63% during the first quarter of this year, compared to the corresponding period a year ago.
According to statistics published by INSTAT on foreign trade, exports to the United States are estimated during January-March at 1.1 billion ALL from 747 million ALL in 2020.
Meanwhile, imports from the US have increased significantly. According to the data, imports reached ALL 3.4 billion during the first quarter of this year, from ALL 2.3 billion in 2020.
Albania exports to the United States a wide range of products, mainly food products, medicinal plants and metals.
Moreover, Albania is considered an important trader of medicinal plants in the American market. The increase in exports has been driven by the abolition of the customs duty. Since 2012, Albania is on the list of 128 countries that can benefit from a preferential system that eliminates the customs tax for a long list of originating products.
At the beginning of October 2020, a memorandum of economic cooperation was signed in Tirana between Albania and the United States, which is expected to usher into a new era of direct investment, not only American, but all foreign investments in Albania.
The memorandum will have a positive impact on Albanian exports, significantly improving the trade balance.
This memorandum will also enable a 50-year- dream come true as is the construction of the Skavica HPP, which turns Albania from a country rich in hydropower resources, but heavily dependent on weather patterns and imports into an independent one in terms of energy production.
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