Moldova’s exports contracted by 1% y/y to $266.6mn in November and detailed data show a certain recovery in exports to the CIS area, but it is not strong enough to offset the drop in exports to the European Union, which remains Moldova’s main trade partner.
Moldova’s exports increased by 32% y/y to $50mn to CIS countries in November, while exports to EU countries edged down by 2.6% y/y while remaining more than three times larger than those to the CIS at $180mn. Exports to other countries declined by 20% y/y to $37mn.
In the rolling 12 months ending November, Moldova’s exports posted a modest 2.2% y/y advance to $2.78bn. Exports to EU declined by 3.4% y/y to $1.82bn while the exports to CIS increased by 3.1% y/y to $434mn.
Moldova’s imports increased by only 1.8% y/y in the 12-month period, but they are still twice as large as exports: $5.82bn. This resulted in a trade gap of over $3bn, 0.8% more than in the previous 12 months.
Speaking of November alone, the imports increased by 3.5% y/y to $504mn and the trade deficit has widened by 6.4% y/y to $238mn.