Exports 3.5% down in eight months

Moldova’s exports of goods in the first eight months of this year came to US$1.2 billion, a decrease of 3.5% compared with the same period last year. Exports to the CIS member states declined by 19.7%. According to the National Bureau of Statistics, the exports of Moldovan goods were by 6.8% lower and contributed to a 4.4% reduction in total exports.

Exports to Kazakhstan, Latvia, Cyprus, and Spain decreased the most. Exports to the EU member states came to US$784 million, a 1.3% decline on last year. The re-exports of foreign goods rose by 2.6%.

Contacted by IPN, economic expert of the Institute for Development and Social Initiative “Viitorul” Ion Tornea said the decline in exports can lead to lower profits at companies and, respectively, the taxes paid to the state will also be lower.

According to the expert, the exports decline owing to a slowdown in the economic growth in the main trading partners of Moldova. “Russia has been in economic recession for the second consecutive year. Evidently, exports intended for Russia diminished and to the CIS countries also decreased because all these countries are related to Russia’s economy,” stated Ion Tornea. He noted that in the EU, the economic growth is very weak. The demand for some of the Moldovan products there decreased a lot, while for others increased.

The expert anticipates that the trends in the immediate period will be moderate optimistic. “Exports will probably recover, but very slowly because the situation of exports fully depends on the conditions on the export markets. It is unlikely that Russia will soon lift its bans. Russia will probably be very restrictive in relation to our exports. Nothing that would radically change the situation is expected,” stated Ion Tornea.

Exports of fruit and vegetables, fats and vegetal oils, medicines and pharmaceutical products, oil products and textiles in January-August 2016 decreased compared with the corresponding period last year.

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