In the current marketing season – from July 2025 to March 2026 – the Republic of Moldova exported 26.9 thousand liters of ethanol, which is slightly less than the figure for the same period of the last season (28.5 thousand tons). Unfortunately, the downward trend in external supplies of this high value-added product from the Republic of Moldova is even more noticeable in a broad retrospective. For example, in the 2021-22 season, Moldovan ethanol exports amounted to 37 thousand tons (27% higher than the current supply level).
“Of course, the decline in ethanol exports is closely linked to the dynamics of domestic corn production in Moldova – the main raw material for the ethanol industry – and reflects the climatic vulnerability of this segment of the grain sector of the country’s rural economy,” says Yuriy Rizha, an expert in agro-marketing. – However, the problem is not only that”.
Downward dynamics of ethanol prices
From a financial point of view, the best season for ethanol exports from Moldova was in 2022-23. That period was marked by peak prices for exported ethanol – 19.1 lei/liter on average. Subsequently, prices fell sharply to 12.5 lei/liter. The main reason is the excessive supply of bioethanol in Europe. The market price recovery is slow. In the last season the price went up to 14.0 lei/liter, in the current season – to 14.8 lei/liter.
Ethanol exports in the above-mentioned period of the current season brought Moldova revenues of 398.6 million lei. In fact, it is about the same amount as in the previous season. That is, the decrease in supply volumes was compensated by the growth of prices.
And who are the exporters?
Two companies dominate the ranking of ethanol exporters from Moldova, accounting for more than 85-90% of all foreign supplies.
The absolute leader of the Moldovan market of this product is IM “ZERNOFF” SRL . In the first three months of 2026, the company supplied abroad 4.6 thousand liters of ethanol. In 2025, it exported 26.5 thousand liters of the product, the same amount as in the previous year. In other words, the company shows high production and commercial stability even in conditions of raw material shortages and clogged foreign markets.
The second largest operator of the Moldovan ethanol market is GARMA-GRUP SRL. During the stable period, the company exported 9-10 thousand liters, last year the supplies decreased to 7.5 thousand liters. In January-March 2026, GARMA-GRUP exported 1.3 thousand liters of the product.
Other companies operating in this segment play a modest role in export shipments.
Where Moldovan ethanol goes
In recent years, the geography of ethanol exports from Moldova has been changing. The focus of trade turnover is gradually shifting from Central Europe to South-Eastern Europe and the Middle East. The top buyers of Moldovan ethanol are Serbia, Slovakia and Greece.
“Analysis of the dynamics of value added components in the sector of corn and its processed products over the last five seasons reveals a striking contrast. Exports of raw materials are extremely volatile, with export shipments fluctuating dozens of times from season to season. Whereas ethanol and feed exports remain relatively stable, regardless of fluctuations in agricultural production. The sustainability of the processing sector is in itself an important signal to agricultural policy makers: investment in local processing capacity is a natural buffer against the volatility of crops and feedstock prices,” summarizes Yuri Rizha.
