The situation created by the COVID-19 pandemic has caused Albanian exports to international markets to decrease during the period January-July this year compared to the same period of 2019, but the groups "food, beverages, tobacco" and "machinery, equipment and spare parts ”have increased slightly.
Referring to the data published by INSTAT recently, exports during this seven-month period decreased by 16.8%, compared to a year ago.
The groups that have mainly influenced the annual decrease of exports are "textiles and footwear" with -8.8%, "construction materials and metals" with 4% and "minerals, fuels, electricity" with 3.4%.
The annual change of exports was positively influenced by the group "food, beverages, tobacco" with 0.7% and "machinery, equipment and spare parts" with 0.1%.
The increase in exports of machinery, equipment and spare parts is related to the entry into our country of some companies that produce cable systems or other parts for cars.
In recent years there is a dynamic of expansion of the automotive industry in our country, where large international companies are opening factories.
Albania is estimated to have the capacity and potential to grow in this regard. This is definitely a chance for Albania that has a social impact, as it employs a significant number of people, but that also brings with it knowledge that in the long run can turn into an advantage.
The government has supported the development of this industry through some fiscal facilities.
From January 1 of this year, the profit tax rate has been reduced to 5%, from 15% which is for other businesses.
In addition to reducing the profit tax rate, another convenience is the transfer of losses for a 5-year period for taxpayers, who invest in business projects worth over 1 billion.