Moldovan exports have grown by 44% over the past 4 years - from $2.47 billion in 2020 to $3.55 billion in 2024, including taking into account the sharp increase in re-exports to Ukraine in 2022, and now there is a natural downward correction in export indicators - Radu Marian
The Chairman of the parliamentary committee on economy, budget, and finance announced this while commenting on the dynamics of Moldovan exports. He noted that in 2022, there was a rapid artificial growth in Moldovan exports, almost doubling in 1.5 years, caused by the war in Ukraine. Moldova began to re-export more goods to Ukraine that its neighbors urgently needed, such as petroleum products, because they could not transport them through their ports, which had been bombed, or because their oil depots had been bombed. “At one point, 75% of Moldova's exports to Ukraine were re-exports (medicines, ethyl alcohol, agricultural products, etc.). Since then, there has been a natural downward correction in export figures,” said Radu Marian. He also pointed out that Moldovan exports are currently undergoing a profound reorientation towards services, which is beneficial in the long term. Exports of services (IT, transport, and tourism) have grown steadily and partially offset the decline in goods—in 2024, they reached $2.7 billion, which is twice as much as in 2020. “We have a positive trade balance in services of $1 billion. This means that we export $1 billion more in services than we import. For the first time, exports of services exceeded 45% of Moldova's total exports, reflecting the gradual transition of our economy towards higher value added, greater global competitiveness, and less dependence on agriculture or foreign trade factors,” the parliamentarian said. According to him, this does not mean that everything is fine and we can relax. It is obvious that there are very big problems, and the decline in exports of domestic products is also influenced by: economic instability at the European and global levels caused by uncertain tariff policies and war, one of which is happening right next to us; a decline in global prices for grain and oil (-13% according to the FAO) — a key product that we export; saturation of European markets after the pandemic (automotive industry, clothing, electrical equipment), the war in Ukraine, which has led to economic stagnation and a decline in exports and imports in the largest European economies with which we have significant trade (e.g., Germany); the restructuring of logistics chains towards Ukraine, which now has greater freedom of trade than in 2022. “All these elements are not created by the government, but are factors of the international market over which Moldova has no influence," emphasized Radu Marian. He also cited some measures being taken by the authorities to support the economy and exporters. “We are 100% focused on accelerating our accession to the European Union in the next four years, which will provide us with many opportunities to support our businesses. The latest example is the €1.9 billion Economic Growth Program for the next three years, which we will use primarily to support our companies. We are also working even more closely with the European market—we are reducing export barriers for our producers in the EU by abolishing quotas and giving our exporters more freedom. We are implementing programs such as “State Aid,” through which we subsidize up to 50% of strategic investments, or “373,” through which we subsidize interest on new investments. We are finding new markets not only for goods but also for services outside Europe. The PAS government will continue to take care of Moldovan companies,” said the Chairman of the parliamentary committee on economy, budget, and finance. // 16.05.2025 — InfoMarket
