How vulnerable is the Albanian economy to the Israel-Iran conflict?

The Albanian economy is vulnerable whenever a military or economic crisis erupts somewhere in the world.

The new front of open war between Israel and Iran could create problems, although their effect may pale in comparison to the price crisis brought about by the outbreak of the Russia-Ukraine war.

But, if we look at the trade balances, exchanges with Israel cost our country 50-60 million euros every year, while those with Iran are about 10 times less. In these countries, we mainly receive fuels, plastics, appliances, glass and dried fruits. And based on the volume it occupies, this trade is considered modest with Israel and negligible with Iran.

Even for the oil market, for which Iran accounts for about 5% of global production and supply, Albania is out of contracts, as the majority of all annual fuel supplies, which amount to 615 thousand tons, come from India, Italy and Saudi Arabia.

So, despite the possible blockage of the trade chain, the impact is expected to be minimal in some market fractions, as our main partners are European countries, the US and China, which have restructured trade after 2022.

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