According to data from the National Bureau of Statistics (NBS), the total value of Moldovan exports in January–May 2026 was 1,376.5 million euros, while imports totaled 4,172 million euros. Exports grew by 11.4% during this period, while purchases of goods from foreign markets increased by 5.8%. However, since the absolute value of imports is nearly three times that of exports, Moldova’s trade deficit also increased—by 3.3%.
Exports
In May 2026, Moldova exported goods worth 258.4 million euros, which is 4.2% less than in April 2026 and 13.2% more than in May 2025. It is worth noting that export growth has been ongoing since June of last year; prior to that, exports had been declining for more than two years, which explains these high growth rates.
Consequently, overall exports of goods for the first five months of this year were 11.4% higher than during the corresponding period of 2025.
Moreover, exports of domestically produced goods grew even more significantly in January–May—by 14.3%.
An analysis of export trends by country for January–May 2026 compared to the same period in 2025 shows an increase in shipments to Turkey (+24.6%), Germany (1.7 times), Italy (+24.6%), Romania (+6.3%), Lebanon (2.1 times, driven by shipments of corn and live livestock), and the Czech Republic (+6.3%).
At the same time, exports to CIS countries also rose slightly: in January–May 2026, their value totaled 84.1 million euros (up 5.4% compared to the same period in 2025).
Conversely, exports of goods to the United States (-40.3%), the Netherlands (-35.4%), Saudi Arabia (-49.2%), Georgia (-37.1%), Slovakia (-22.8%), and Canada (-44.2%).
Oilseeds and fruits continue to dominate the export mix (17.2% of total exports); electrical equipment, electrical machinery, and their parts (15.1%); and grains and grain products (10.6%).
Exports of oilseeds (up 50.7%), grains and grain-based products (up 44.1%), vegetables and fruits (up 10.0%), fats and vegetable oils (crude, refined, or fractionated) by 40.6%, confirming analysts’ statements that virtually all growth was driven by increased agricultural exports.
The National Bureau of Statistics reports that during the first five months, exports of alcoholic and non-alcoholic beverages fell by 12.1%, electricity by 33.9%, professional, scientific, and control instruments and apparatus by a record 38.8%, petroleum, petroleum products, and related goods by 35.6%, motor vehicles by 20.4%, and furniture and its parts by 6%.
Imports
In January–May 2026, imports of goods totaled 4,172 million euros, which is 5.8% more than in the corresponding period of 2025.
The leading countries by volume of goods imports included: Romania (24.2% of total imports), China (13.5%), Ukraine (9%), Germany (6.9%), and Turkey (6.5%).
In the import structure from January through May 2026, the following commodity groups accounted for a significant share: gas and industrial products derived from gas (11.7% of total imports); crude oil, petroleum products, and related goods (9.1%); vehicles (7%); and electrical equipment, apparatus, and parts thereof (6.5%).
Imports of petroleum products and related goods increased (+24.9%), as did imports of gas and industrial products derived from gas (+11.0%), oilseeds and fruits (1.8 times), and mineral or chemical fertilizers (+32.6%).
The significant gap between exports and imports of goods led to a trade deficit of 2,795.5 million euros in January–May 2026, which was 89.8 million euros (+3.3%) higher than the deficit recorded during the corresponding period of 2025.
Further export growth is in question
Economist Vladimir Golovatyuk points out that, starting next month, the National Bank of Ukraine will compare figures from a year ago, taking into account the export upturn that began a year ago. Consequently, double-digit growth figures will disappear from the reports and be replaced, at best, by single-digit figures.
“I have said many times that we owe the growth in exports to last year’s good harvest. And the figures confirm this. This year’s harvest is also looking decent so far, but agricultural products alone—especially when supplied unprocessed and with low added value—are certainly not enough to reduce the trade deficit,” said Golovatyuk.
We need investment in high-tech manufacturing. But investors aren’t coming to the country. Moreover, foreign direct investment (FDI) is declining every month. Foreign direct investment (FDI) inflows in the first quarter of 2026 fell by a quarter compared to the first quarter of 2025—from $163 million to $123 million. At the same time, FDI outflows rose from $36 million to $48 million.
Domestic investment is also stagnating—in processing, in the production of high-value-added goods, and in sectors where significant profits can be made.
Therefore, the expert predicts that there are currently no tangible prospects for a change in the foreign trade situation.
