Moldova’s chronic trade deficit (chart) narrowed by 2.7% y/y to €1.60bn in the first quarter of 2026, mainly driven by stronger exports of sunflower seeds and other grains, according to data published by the National Bureau of Statistics (BNS).

Higher exports were partly offset by more expensive imports of natural gas and electricity. The quarterly trade gap still accounted for 8.9% of Moldova’s GDP based on last year’s economic output.

Moldova’s rolling 12-month trade deficit peaked at €6.32bn in 2025 before easing slightly to €6.28bn at the end of March 2026. The country’s exports cover only slightly more than one-third of imports, with the annualised trade gap estimated at around 35% of GDP, subject to revision after first-quarter GDP data are released.

Exports increased by 10.2% y/y to €848mn in the first quarter. The €78mn increase compared to the same quarter last week was driven primarily by a 50% surge in sunflower seed exports, which rose by €60mn to €180mn and accounted for more than one-fifth of Moldova’s total exports during the period.

Cereal exports rose by 26% y/y, or €16mn, to €78mn, while exports of fruits and vegetables increased by 10% y/y, or €8.4mn, to €86mn.

Together, the three categories represented around 40% of Moldova’s total exports in the quarter and accounted for the entire annual increase in exports.

Imports rose by only 1.4% y/y, or €34mn, to €2.45bn in Q1.

Energy imports remained the main source of pressure on the trade balance. Combined imports of electricity, natural gas and petroleum products plus small amounts of imported coal increased by nearly 5% y/y to €658mn, representing 27% of total imports.

Natural gas imports rose by 11% y/y to €364mn, while electricity imports increased by 9% y/y to €112mn. Petroleum product imports declined by 8% y/y to €176mn.

Coal imports amounted to €4.6mn, down 1.5% y/y.