GDP Growth of Moldova in 2023
Moldova in Eastern Europe within the geographical coordinates of 47° N latitude and 28° E longitude is a globally growing nation with an abundance of imports and exports catering to the globally growing economy to a huge extent. The rich and complex history of Moldova is shaped by the vassal state of the Ottoman Empire and the Russian and Soviet conquistadors of the medieval era. Despite its small land area, the country still has a number of natural reserves that represent its unique ecosystem, the top ones attracting the majority of tourists each year are the Codrii Nature Reserve, Plaiul Fagului Nature Reserve, Lower Dniester (Nistru de Jos) National Park, Padurea Domneasca (Royal Forest) Nature Reserve and the Iagorlîc Nature Reserve.
The economy of Moldova has acknowledged different upward trends in its growing economy in the past few years which is all because of some attributing factors like Strategic Reforms and EU Alignment, Agricultural Strength, Growing IT and Outsourcing Sector, Energy Diversification, Improved Trade and Infrastructure, and Diaspora and Remittances. All these attributing factors have recorded a GDP of 14.64 billion US dollars in 2023 with an import and export trade value of 6 billion US dollars and 5 billion US dollars according to the Moldova Customs Data.
TOP GOVERNMENT INITIATIVES BEHIND THE ECONOMIC GROWTH OF MOLDOVA IN 2023
The
increasing focus of the government authorities on the trade rates of the nation
has boosted the economic reforms of the nation to a huge extent. The
significant hike in the trade rate of the nation is all because of the
accounting imports and exports which are the result of the domestic acquired
necessities and efficient productivity of the industrial sectors. According to
the Moldova Trade Data, the top 10 government initiatives behind the
growing economy of the nation in 2023 are discussed below,
- National
Development Plan 2023-2025
- Good Times
Moldova Action Programme
- EU
Integration Efforts
- Green Energy
Transition
- Digital
Transformation
- Agricultural
Modernization
- Fiscal
Reforms and Tax Incentives
- Public
Infrastructure Projects
- Social
Protection and Welfare Programs
- Trade Diversification
TOP INTERNATIONAL IMPORTS OF MOLDOVA
According
to the Moldova Import Data, the top imports of the nation in 2023 with
its valuations of imports are discussed below,
- Mineral
fuels and oils (HS code - 27) – Market value of Mineral fuels and
oils 2023 – 2 billion US dollars
IMPORT
VARIATIONS
- Crude
Petroleum
- Refined
Petroleum
- Natural Gas
- Coal and
Solid Fuels
- Petroleum
Gases (LPG)
- Machinery
and mechanical appliances (HS code - 84) – Market value of Machinery and
mechanical appliances 2023 – 1.5 billion US dollars
IMPORT
VARIATIONS
- Industrial
Machinery
- Agricultural
Machinery
- Electrical
Machinery
- Heating and
Cooling Equipment
- Pumps and
Compressors
- Vehicles (HS
code - 87) – Market value of Vehicles 2023 – 900 million US dollars
IMPORT
VARIATIONS
- Passenger
Cars
- Commercial
Vehicles
- Agricultural
Vehicles
- Construction
Vehicles
- Motorcycles
and Scooters
- Pharmaceuticals
(HS code - 29) – Market value of Pharmaceuticals 2023 – 700 million
US dollars
IMPORT
VARIATIONS
- Medicines
for Cardiovascular Diseases
- Antibiotics
and Antimicrobials
- Oncology
Drugs
- Vaccines and
Immunological Products
- Diabetes
Medications
- Plastics (HS
code - 95) – Market value of Plastics 2023 – 400 million US dollars
IMPORT
VARIATIONS
- Plastic
Packaging Materials
- Plastic
Building Materials
- Plastic
Containers
- Plastic
Films and Sheets
- Plastic
Household Products
- Iron and
steel products (HS code - 72) – Market value of Iron and steel products
2023 – 300 million US dollars
IMPORT
VARIATIONS
- Flat-Rolled
Steel
- Steel Bars
and Rods
- Iron and
Steel Tubes and Pipes
- Stainless
Steel Products
- Wire Rods
- Electrical
machinery (HS code - 85) – Market value of Electrical machinery 2023 – 200
million US dollars
IMPORT
VARIATIONS
- Electric
Generators and Transformers
- Electrical
Motors
- Cables and
Conductors
- Household
Electrical Appliances
- Telecommunication
Equipment
- Furniture
(HS code - 94) – Market value of Furniture 2023 – 150 million US
dollars
IMPORT
VARIATIONS
- Household
Furniture
- Office
Furniture
- Kitchen Furniture
- Outdoor and
Garden Furniture
- Specialized
Furniture
- Precious
metals (HS code - 71) – Market value of Precious metals 2023 – 100
million US dollars
IMPORT
VARIATIONS
- Gold
- Silver
- Platinum
- Palladium
- Rhodium
- Organic
chemicals (HS code - 29) – Market value of Organic chemicals 2023 –
80 million US dollars
IMPORT
VARIATIONS
- Methanol
- Ethylene
- Acetone
- Toluene
- Benzene
TOP INTERNATIONAL EXPORTS OF MOLDOVA
As per the Moldova Export Data, the top exported products of the nation in 2023 with their valuations and variations of exports are discussed below,
- Agricultural
products (HS code - 84) – Market value of Agricultural products 2023
– 2.5 billion US dollars
EXPORT
VARIATIONS
- Wheat
- Soybeans
- Corn
- Rice
- Coffee
- Textiles and
apparel (HS code -62) – Market value of Textiles and apparel 2023 – 1.2
billion US dollars
EXPORT
VARIATIONS
- Cotton
Fabrics
- Synthetic
Fibers
- Ready-Made
Garments
- Denim
- Home
Textiles
- Machinery
and equipment (HS code - 84) – Market value of Machinery and equipment
2023 – 850 million US dollars
EXPORT
VARIATIONS
- Industrial
Machinery
- Construction
Equipment
- Agricultural
Machinery
- Electrical
Machinery
- Medical
Equipment
- Beverages
(HS code -22) – Market value of Beverages 2023 – 700 million US dollars
EXPORT
VARIATIONS
- Wine
- Beer
- Spirits
- Juices
- Non-Alcoholic
Beverages
- Iron and
steels (HS code - 72) – Market value of Iron and steels 2023 – 650 million
US dollars
EXPORT
VARIATIONS
- Steel Bars
- Steel Pipes
- Steel Sheets
- Iron and
Steel Scrap
- Structural
Steel
- Fats and
oils (HS code -15) – Market value of Fats and oils 2023 – 500
million US dollars
EXPORT
VARIATIONS
- Sunflower
Oil
- Soybean Oil
- Rapeseed Oil
- Corn Oil
- Corn Oil
- Animal
products (HS code - 02) – Market value of Animal products 2023 – 430
million US dollars
EXPORT
VARIATIONS
- Meat and
Meat Products
- Milk and Dairy Products
- Eggs
- Honey
- Wool
- Wood and
paper (HS code - 48) – Market value of Animal products 2023 – 400
million US dollars
EXPORT
VARIATIONS
- Sawn Timber
- Wooden
Furniture
- Wood Pulp
- Paper and
Paperboard
- Wood Chips
and Shavings
- Chemicals (HS
code - 29) – Market value of Chemicals 2023 – 350 million US dollars
EXPORT
VARIATIONS
- Fertilizers
- Pharmaceutical
Chemicals
- Chemical
Preparations
- Organic
Chemicals
- Pesticides
- Plastics (HS
code -95) – Market value of Plastics 2023 – 200 million US dollars
EXPORT
VARIATIONS
- Plastic
Packaging
- Plastic
Pipes and Tubes
- Plastic
Sheets and Films
- Plastic Parts and Components
- Plastic Bags and Pouches
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