Albanian medicinal plants increase presence in the US - American companies buy 177 tons of "Made in Albania" products
Although the 10% tariff imposed by US President Donald Trump on goods imported from Albania has not yet come into effect, where a sector that is greatly affected is medicinal plants, exports of the latter have increased significantly. During March alone, 377 tons of medicinal plants were exported.
According to official data from the Institute of Statistics, exports of medicinal plants increased by 14% compared to the same period a year earlier. Translated into value, 176 million lek of medicinal plants produced on Albanian soil were purchased on the shores of the Atlantic Ocean.
The tariffs were announced on April 2, but a few days later the US president decided to postpone their implementation by 90 days. In response to this situation, the Albanian Medicinal and Aromatic Plants Industry has proposed a plan of measures to mitigate the possible consequences.
The support package includes a full VAT refund of 10% for all farmers in the sector, compensation for losses caused by the depreciation of the euro/dollar exchange rate through a stabilization mechanism, tax deductions for companies exporting products with high quality standards, as well as the elimination of tax on salaries of up to 80,000 lek for seasonal workers. The measures also include a number of other proposals aimed at easing the financial burden on domestic producers.
The imposition of a 10% tariff risks significantly increasing costs for Albanian exporting companies, increasing the final price of products in the American market and making them less competitive.
As a result, a decline in demand for Albanian products, a reduction in export volumes, and significant losses for thousands of farmers and small businesses in rural areas are expected.
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