In May 2024, Moldova experienced its 15th consecutive month of declining exports, primarily due to a notable decrease in re-exports of petroleum products. According to economist Veaceslav Ionita, exports have dropped from a peak of 4.35 billion USD in February 2023 to 3.8 billion USD currently, marking a reduction of 539 million USD.
In a statement, Ionita explains that the decline in exports does not reflect a decrease in domestic production but rather a significant reduction in re-exports, especially those driven by the conflict in Ukraine. “Since the conflict began, we have seen an unprecedented increase in re-exports, primarily due to the export of petroleum products imported from Romania and re-exported to Ukraine,” the economist stated.
Petroleum products have become the main export of Moldova, with exports totaling 680 million USD. However, the annual value of petroleum product exports has significantly declined to just 221 million USD, with the trend expected to continue decreasing.
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“We had a unique opportunity to help Ukraine and to benefit ourselves, but unfortunately, this opportunity was not utilized. It is clear that we have lost all chances and opportunities, and now we are in a difficult situation,” explained Ionita, expressing regret for the failures in managing this situation.