Recent data from the National Bureau of Statistics, as reported by BANI.MD, reveals that Moldova’s production and exports fall short of its imports. Consequently, the country’s trade deficit in the first quarter of 2023 reached $1.2 billion, representing a 26.2% increase.
During the initial three months of the year, merchandise and product exports amounted to 1.07 billion lei. The majority of exports, accounting for 62.3%, were destined for the European Union, while 24.8% were sent to the Commonwealth of Independent States (CIS).
Re-exports of foreign goods, after processing and reclassification, reached $339.5 million in January-March 2023, representing 31.6% of total exports. This figure is 1.7 times higher than the same period in 2022, contributing to a 13.6% overall growth in exports.
Over the course of three months, imports of goods and products totaled 2.3 billion lei. Significant proportions of imports in January-March 2023 included petroleum, petroleum products, and related items (16.9%); gas and industrially derived gas products (10.9%); electrical machinery and parts (6.6%); motor vehicles (5.7%); and medicinal and pharmaceutical products (3.5%).
FOR THE MOST IMPORTANT NEWS, SUBSCRIBE TO OURÂ TELEGRAM CHANNEL!
The widening trade deficit raises concerns about Moldova’s economic performance and its ability to balance trade flows. Efforts to boost domestic production and diversify export markets may be necessary to mitigate the negative impact of the trade deficit.
Government officials and economists are closely monitoring the situation and exploring potential measures to address the trade imbalance. Enhancing competitiveness, promoting export-oriented industries, and attracting foreign investments are among the strategies under consideration.
As the year progresses, it remains to be seen how Moldova’s trade dynamics will evolve and what steps will be taken to address the trade deficit.