EU replaces CIS as Moldova's main trade partner

EU replaces CIS as Moldova's main trade partner
By bne IntelliNews September 6, 2016

Moldova’s exports remained roughly constant on the year in July at $166mn (€150mn) as exports to the Community of Independent States (CIS) plunged by 31% y/y and those to the EU increased by 12% y/y.

Moldova’s exports to EU countries increased by just 1% y/y in Q2 after dropping in Q1, and their mixed performance in H1 put a serious question mark over the positive impact of the country’s Accession Agreement signed with the union in 2014. However, the EU remains the main trade partner of Moldova, with an average share of 63% of the country’s exports for the past 12 months. Moldova’s imports from the EU accounted for only 49% of the total in the past 12 months.

The country’s imports contracted by 8% y/y to $314mn (€284mn) in July, as imports from both EU countries and the CIS decreased. Remittances, which account for a large part of households’ budgets thus driving private consumption and imports, significantly diminished in 2015 and in the first half of this year. Nonetheless, imports remain roughly double the country’s exports and the money sent by Moldovans working abroad still keep imports at high levels while financing around half of them.

MOLDOVA FOREIGN TRADE
USD mn 2012 2013 2014 2015 Q1-16 Q2-16 Jul-16
Total exports 2,162 2,428 2,340 1,967 417 489 166
CIS 928 923 736 492 85 102.7 35
EU 1,013 1,137 1,246 1,218 265.5 308 108
Other 220 368 358 257 66 78.2 23
Total imports 5,213 5,492 5,317 3,987 861.4 1007.7 314
Total balance -3,051 -3,064 -2,978 -2,020 -444.9 -518.8 -148
               
y/y 2012 2013 2014 2015 Q1-16 Q2-16 Jul-16
Total exports -2% 12% -4% -16% -15% -3% 1%
CIS 1% -1% -20% -33% -18% -25% -31%
EU -6% 12% 10% -2% -17% 1% 12%
Other 3% 67% -3% -28% 3% 28% 29%
Total imports 0% 5% -3% -25% -12% 0% -8%
Total balance 3% 0% -3% -32% -9% 3% -16%
Source: BNM              

 

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