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,

 

  1. National Development Plan 2023-2025
  2. Good Times Moldova Action Programme
  3. EU Integration Efforts
  4. Green Energy Transition
  5. Digital Transformation
  6. Agricultural Modernization
  7. Fiscal Reforms and Tax Incentives
  8. Public Infrastructure Projects
  9. Social Protection and Welfare Programs
  10. 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

  1. Crude Petroleum
  2. Refined Petroleum
  3. Natural Gas
  4. Coal and Solid Fuels
  5. 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

  1. Industrial Machinery
  2. Agricultural Machinery
  3. Electrical Machinery
  4. Heating and Cooling Equipment
  5. Pumps and Compressors
  • Vehicles (HS code - 87) – Market value of Vehicles 2023  – 900 million US dollars

IMPORT VARIATIONS

  1. Passenger Cars
  2. Commercial Vehicles
  3. Agricultural Vehicles
  4. Construction Vehicles
  5. Motorcycles and Scooters
  • Pharmaceuticals (HS code - 29) – Market value of Pharmaceuticals 2023  – 700 million US dollars

IMPORT VARIATIONS

  1. Medicines for Cardiovascular Diseases
  2. Antibiotics and Antimicrobials
  3. Oncology Drugs
  4. Vaccines and Immunological Products
  5. Diabetes Medications
  • Plastics (HS code - 95) – Market value of Plastics 2023  – 400 million US dollars

IMPORT VARIATIONS

  1. Plastic Packaging Materials
  2. Plastic Building Materials
  3. Plastic Containers
  4. Plastic Films and Sheets
  5. Plastic Household Products
  • Iron and steel products (HS code - 72) – Market value of Iron and steel products 2023 – 300 million US dollars

IMPORT VARIATIONS

  1. Flat-Rolled Steel
  2. Steel Bars and Rods
  3. Iron and Steel Tubes and Pipes
  4. Stainless Steel Products
  5. Wire Rods
  • Electrical machinery (HS code - 85) – Market value of Electrical machinery 2023 – 200 million US dollars

IMPORT VARIATIONS

  1. Electric Generators and Transformers
  2. Electrical Motors
  3. Cables and Conductors
  4. Household Electrical Appliances
  5. Telecommunication Equipment
  • Furniture (HS code - 94) – Market value of Furniture 2023  – 150 million US dollars

IMPORT VARIATIONS

  1. Household Furniture
  2. Office Furniture
  3. Kitchen Furniture
  4. Outdoor and Garden Furniture
  5. Specialized Furniture
  • Precious metals (HS code - 71) – Market value of Precious metals 2023  – 100 million US dollars

IMPORT VARIATIONS

  1. Gold
  2. Silver
  3. Platinum
  4. Palladium
  5. Rhodium
  • Organic chemicals (HS code - 29) – Market value of Organic chemicals 2023  – 80 million US dollars

IMPORT VARIATIONS

  1. Methanol
  2. Ethylene
  3. Acetone
  4. Toluene
  5. 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

  1. Wheat
  2. Soybeans
  3. Corn
  4. Rice
  5. Coffee
  • Textiles and apparel (HS code -62) – Market value of Textiles and apparel 2023 – 1.2 billion US dollars

EXPORT VARIATIONS

  1. Cotton Fabrics
  2. Synthetic Fibers
  3. Ready-Made Garments
  4. Denim
  5. Home Textiles
  • Machinery and equipment (HS code - 84) – Market value of Machinery and equipment 2023 – 850 million US dollars

EXPORT VARIATIONS

  1. Industrial Machinery
  2. Construction Equipment
  3. Agricultural Machinery
  4. Electrical Machinery
  5. Medical Equipment
  • Beverages (HS code -22) – Market value of Beverages 2023 – 700 million US dollars

EXPORT VARIATIONS

  1. Wine
  2. Beer
  3. Spirits
  4. Juices
  5. Non-Alcoholic Beverages
  • Iron and steels (HS code - 72) – Market value of Iron and steels 2023 – 650 million US dollars

EXPORT VARIATIONS

  1. Steel Bars
  2. Steel Pipes
  3. Steel Sheets
  4. Iron and Steel Scrap
  5. Structural Steel
  • Fats and oils (HS code -15) – Market value  of Fats and oils 2023 – 500 million US dollars

EXPORT VARIATIONS

  1. Sunflower Oil
  2. Soybean Oil
  3. Rapeseed Oil
  4. Corn Oil
  5. Corn Oil
  • Animal products (HS code - 02) – Market value  of Animal products 2023 – 430 million US dollars

EXPORT VARIATIONS

  1. Meat and Meat Products
  2. Milk and Dairy Products
  3. Eggs
  4. Honey
  5. Wool
  • Wood and paper (HS code - 48) – Market value  of Animal products 2023 – 400 million US dollars

EXPORT VARIATIONS

  1. Sawn Timber
  2. Wooden Furniture
  3. Wood Pulp
  4. Paper and Paperboard
  5. Wood Chips and Shavings
  • Chemicals (HS code - 29) – Market value  of Chemicals 2023 – 350 million US dollars

EXPORT VARIATIONS

  1. Fertilizers
  2. Pharmaceutical Chemicals
  3. Chemical Preparations
  4. Organic Chemicals
  5. Pesticides
  • Plastics (HS code -95) – Market value  of Plastics 2023 – 200 million US dollars

EXPORT VARIATIONS

  1. Plastic Packaging
  2. Plastic Pipes and Tubes
  3. Plastic Sheets and Films
  4. Plastic Parts and Components
  5. Plastic Bags and Pouches

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