Russia’s CBR maintains key rate at 16%
5 hours ago
Moldova’s imports of goods increased by 40% y/y to $1.29bn in January-February as imports from CIS countries nearly doubled amid the more expensive imports of natural gas from Russia.
Moldova signed a new five-year gas supply contract with Russia’s Gazprom in October 2021. As gas prices rise and Moldova struggles to pay its bills on time, Chisinau has repeatedly been threatened with having its gas deliveries cut off.
The share of natural gas in Moldova’s imports increased to 17.3% in January-February this year, from 5.9% in the same period last year. In absolute terms, the gas imports soared by more than four times to $229mn.
The country’s exports increased by 57% y/y to $667mn as grain exports soared by 5.7 times to $133mn in January-February (from only $23mn in the same period last year).
Despite the faster advance of its exports, Moldova’s trade gap still widened by 26% y/y in the first two months of the year.
Moldova’s trade gap has advanced sharply by 37% y/y to slightly more than $4bn, or over 25% of the GDP, in 2021. Robust domestic demand, partly backed by bank lending, boosted imports and GDP that expanded by 13.9%.
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