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BSH for fashion industry talk about record income; but businesses in this sector complain about the drop in exports

2023-12-15 12:31:55Biznes SHKRUAR NGA REDAKSIA VOX

BSH for fashion industry talk about record income; but businesses in this sector

The revenues of the Albanian economy from custom work services (fasonets) recorded record values ​​even in the third quarter of the year.

This is according to data from the Bank of Albania, which show that the net income of the Albanian economy from the fashion industry reached 198 million euros for the second quarter in a row, the highest level ever recorded for a single quarter. Revenues from these services have increased by 49% compared to the same period last year.

Even the progressive values ​​of the first 9 months represent the highest historical levels. For nine months, net revenues from services for processing physical inputs owned by others amounted to 592 million euros, an increase of 25% compared to the same period a year ago.

Balance of payments statistics show that the incomes of sectors related to the use of the labor force are higher than ever before. However, on the other hand, it must be said that the increase in income, expressed in Lek, has been eroded by the effect of the exchange rate. If we look at the parallel figures of INSTAT, expressed in Lek, the performance of exports of the main sectors related to fashion appears to be weaker.

The group "Textiles and shoes" for the 10th month of 2023 recorded a slight decrease in exports to the extent of 4.4% less compared to the previous year.

The other group, "Machinery, equipment, spare parts", continued the increase in exports, with 3.4% more compared to the same period last year.

Fashion industry is one of the main contributors to the positive performance of the services account in the Balance of Payments. While there is a deep deficit balance in goods, Albania has a positive foreign trade balance in services.

But beyond the positive data, entrepreneurs complain that the drop in the European currency rate against the Lek has put their work at risk. Marking not only a decrease in income for them, but also reducing jobs.


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