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India, Albania's second trading partner for imports by volume, received 44% of the total oil for the 7-month

2023-08-31 07:11:00, Ekonomi CNA

India, Albania's second trading partner for imports by volume, received 44%

High prices after the war in Ukraine have changed the country's import sources in the last two years.

Official data shows that in the period January-July 2023, India was ranked the second trading partner in the volume of imports (in quantity), after Turkey.

This increase was due to the transfer of oil import from Russia to India.

During the 7th month of 2023, trade with India recorded an annual increase of 550% in volume and 300% in value. Goods from India in quantity accounted for 11% of total imports, and 3.5% of total imports in value.

All the increase in imports from India came from the displacement of supplies of fuel, sugar and some manufactures of pottery, greens, cloths, etc.

The main change has come as the main supplier of Albanian importers, the multinational company OM, is now buying oil from Indian refineries.

Sources from the Fuel Association claimed that India has large oil refineries and the supply is being made due to reasonable prices.

The oil imported from India was 152 thousand tons and took 44% of the total oil imports that entered our country during the 7-month period.

The wholesalers announced that the main supplier of the Albanian importers is the multinational company OMV, which buys oil in markets that appear fissile in prices.

Previously, Albanian importers were supplied from OMV deposits in Italy, while this year the supplier is bringing it directly to Albanian ports. As a result of this change in the oil market, India was ranked the second trading partner in terms of the amount of imports. Oil imports from India started in October 2022.

After the war in Ukraine, the prices of energy and oil experienced a rapid increase in the global level, as the transport from Russia as one of the main suppliers of our country became difficult due to sanctions.

Until 2021, our country provided almost 12% of total fuel imports from Russia.

In January-July 2023, a total of 343 thousand tons of fuel were imported with an annual increase of 10%. Sources from the market claim that there is an improvement due to the increase in consumption due to the drop in prices and the increase in circulation from tourism./Revista Monitor

India, Albania's second trading partner for imports by volume, received 44%