Foreign trade of the Republic of Moldova: analysis, evaluation and perspectives

Abstract

This research is dedicated the foreign trade of the Republic of Moldova and the goal is to is to analyze the foreign trade of the country, identify the challenges, analyze and evaluate the situation in this domain. The trade policy of the Republic of Moldova is the main component of the country's economic policy and is aimed at developing foreign economic relations, in particular by promoting exports, protecting the national economy from foreign competition, regulating and monitoring imports and maintaining the trade balance. The analysis in this research was based on information from national and international scientific research, data from the National Bureau of Statistics of the Republic of Moldova, data from national and international Reports. The amount of foreign trade in goods in the first half of 2023, decreased by 3.4% compared to the same period of the previous year. Thus, the volume of foreign trade in goods in this period amounted to 6413.8 million USD. Exports of goods decreased by 10.9% or 249.2 million USD, while imports increased by 0.5% which amounts to 21 million USD. In recent years there have been important changes in Moldova's foreign trade. The EU being the main partner, this is due to the international relations, namely the cooperation and partnership process with the European Union. These relations also have a favorable impact on the development of the Moldovan economy and play an important role in strengthening the country. At the same time, the EU supports small and medium-sized enterprises by providing financial support in the form of grants, loans, coaching and advisory support. EU financial support is aligned with the DCFTA objective and represents a favorable framework for increasing exports, enhancing the competitiveness of domestic producers, diversifying relations with European and international business partners, increasing the productivity of companies by streamlining production processes and efficient use of natural resources, improving the quality management of enterprises by increasing the quality of domestic products and services.