Moldova’s exports hit new peak in October

Moldova’s exports hit new peak in October
By Iulian Ernst in Bucharest December 11, 2017

Moldova’s exports hit a new record in October, after they soared by 34% y/y to $268mn according to data from the statistics bureau BNS. The exports expressed in US dollars were the highest in the past decade, 5% above the second-best performance in November 2013.

The dynamics of Moldova’s exports expressed in euros — more appropriate as a currency of denomination given country’s foreign trade is predominantly oriented toward EU countries — is not much different: the exports increased by only 25% y/y according to bne IntelliNews calculations but still achieved the decade’s best performance.

Furthermore, the record hit in October followed a steady increase seen since the beginning of 2016 irrespective of the currency used to express country’s exports. Thus, the exports in the rolling 12 months to October hit nearly €2.1bn, 18% up y/y.

In January-October, exports increased by 17.5% y/y to $1.920bn. Exports to European Union countries accounted for 65% of the total and Romania alone accounted for a quarter of Moldova’s exports. Exports to Romania increased by 17.6% y/y in January-October, in line with the average. The second-largest export destination was Russia (11% of the total) but exports to Russia increased by only 7.3% y/y in the ten-month period. Among the large export destinations, the highest growth rates were seen in the case of Germany (where exports increased by 32% y/y to account for 6.7% in January-October) and Poland (32% up y/y to nearly 4.0%).

By category of goods, farms’ output (fruits, vegetables, oilseeds), alcohol and tobacco account for the bulk of country’s exports — but electric machinery and machine parts are gaining ground. Thus, exports of fruits and vegetables increased by 37% y/y in January-October to 10.4% of the total and exports of oilseeds increased by 25% y/y to 9.5% of the total. Exports of alcohol and tobacco increased below average by 14.7% y/y and accounted for 8.4% of the total. At the same time, exports of electric machinery and machine parts increased by 37% y/y to 14.6% of the total.

FOREIGN TRADE                      
EUR mn 2012 2013 2014 2015 2016 Q3-16 Q4-16 Q1/17 Q2 17 Q3 17 Oct-17
Total exports 1,672 1,824 1,772 1,773 1,849 472 566 496 454 541 228
CIS 719 695 556 444 374 101 105 99 101 104 37
EU 783 853 945 1,097 1,205 305 386 315 287 360 160
Other 170 276 272 232 270 65 75 81 66 78 31
Total imports 4,033 4,127 4,036 3,598 3,632 919 1,041 968 1,045 1,092 396 
CIS 1,253 1,256 1,101 918 929 230 276 255 247 267 97
EU 1,797 1,858 1,946 1,765 1,782 459 498 461 529 556 197
Other 983 1,013 989 915 921 231 267 252 270 268 103
Total balance -2,360 -2,303 -2,264 -1,825 -1,784 -447 -475 -472 -591 -550 -168
CIS -534 -562 -545 -474 -555 -128 -171 -155 -146 -164 -60
EU -1,014 -1,005 -1,001 -668 -577 -153 -112 -145 -241 -196 -37
Other -813 -736 -717 -683 -652 -165 -192 -171 -204 -190 -72
Source: BNS                      
y/y 2012 2013 2014 2015 2016 Q3-16 Q4-16 Q1/17 Q2 17 Q2 20 Oct-17
Total exports 5.2% 9.1% -2.9% 0.0% 4.3% 15.5% 19.5% 31.3% 4.9% 9.1% 25.3%
CIS 9.0% -3.3% -20.0% -20.1% -15.8% -10.0% -8.6% 29.2% 10.8% 4.3% -3.8%
EU 0.9% 9.0% 10.7% 16.1% 9.8% 24.5% 32.8% 30.8% 5.4% 14.2% 33.5%
Other 10.5% 62.2% -1.7% -14.7% 16.3% 28.7% 9.8% 35.8% -4.6% -4.4% 30.9%
Total imports 8.4% 2.3% -2.2% -10.8% 0.9% 4.7% 11.2% 24.0% 17.2% 12.8% 14.9%
CIS 1.8% 0.3% -12.4% -16.6% 1.2% 8.5% 9.6% 12.2% 25.6% 4.9% 8.0%
EU 11.4% 3.4% 4.7% -9.3% 1.0% 2.3% 10.7% 27.7% 13.9% 20.8% 14.0%
Other 12.2% 3.0% -2.4% -7.5% 0.7% 6.2% 14.1% 31.2% 16.8% 6.3% 24.4%
Total balance 10.8% -2.5% -1.7% -19.4% -2.3% -4.6% 2.8% 17.2% 28.8% 16.7% 3.4%
CIS -6.6% 5.1% -2.9% -13.0% 17.1% 29.5% 24.7% 3.4% 38.4% 5.3% 16.9%
EU 21.0% -0.9% -0.3% -33.3% -13.6% -24.5% -29.7% 21.4% 26.1% 35.0% -30.2%
Other 12.6% -9.4% -2.6% -4.7% -4.6% -0.7% 15.9% 29.1% 25.9% 11.4% 21.7%
Source: BNS, Intellinews                      

Data

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