Scholars had paid less attention to Albania’s economic history throughout the 20th century compared with other Balkan countries. The study examines trade relations between Ottoman-ruled Albanian regions and other countries in the late 19th and early 20th centuries. The rivalry between Italy and Austro-Hungary for dominance over the eastern coast of the Adriatic Sea influenced Albania’s economy and foreign trade. Initially, the Austro-Hungarian Empire, particularly in the northern regions of Albania, was its main trading partner, controlling 35% of the country’s trade turnover. In the early 20th century, Albania’s commercial relations experienced significant changes due to the shifting influence of foreign powers. By 1907, Italy had surpassed Austria-Hungary in trade with southern Albanian territories and across all regions inhabited by Albanians. The First World War and defeat of the Central Powers accelerated this transition, resulting in Italy becoming Albania’s dominant trading partner. Although statistical data are incomplete, this paper attempts to present a general picture of Albania’s foreign trade as an illustration of the economy on the eve of its independence and during World War I.