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Part of Romania during the interwar period, Moldova was incorporated into the Soviet Union at the close of World War II. Although the country has been independent from the USSR since 1991, Russian forces have remained on Moldovan territory east of the Nistru River supporting the breakaway region of Transnistria, composed of a Slavic majority population (mostly Ukrainians and Russians), but with a sizable ethnic Moldovan minority. Years of Communist Party rule post-independence ultimately ended with election-related violent protests and a rerun of parliamentary elections in 2009. Since then, a series of pro-European ruling coalitions have governed Moldova. As a result of the country's most recent legislative election in November 2014, the three pro-European parties that entered Parliament won a total of 55 of the body's 101 seats. Infighting among coalition members led to prolonged legislative gridlock and political instability, as well as the collapse of two governments, all ruled by pro-European coalitions centered around the Liberal Democratic Party (PLDM) and the Democratic Party (PDM). A political impasse ended in January 2016 when a new parliamentary majority led by PDM, joined by defectors from the Communists and PLDM, supported Pavel FILIP as prime minister. Moldova remains Europe's poorest economy; the country signed and ratified an Association Agreement with the EU in 2014, which fully entered into force in July 2016 after ratification by all EU member states.

Location

Eastern Europe, northeast of Romania

Natural Resources

lignite, phosphorites, gypsum, limestone, arable land

Population - distribution

pockets of agglomeration exist throughout the country, the largest being in the center of the country around the capital of Chisinau, followed by Tiraspol and Balti

4324000
Romanian 80.2% (official) (56.7% identify their mother tongue as Moldovan, which is virtually the same as Romanian; 23.5% identify Romanian as their mother tongue), Russian 9.7%, Gagauz 4.2% (a Turkish language), Ukrainian 3.9%, Bulgarian 1.5%, Romani 0.3%, other 0.2% (2014 est.)
CHISINAU (capital) 725,000 (2015)
Conventional long form
Republic of Moldova
Conventional short form
Moldova
Local long form
Republica Moldova
Local short form
Moldova
parliamentary republic
Name
Chisinau
Geographic coordinates
47 00 N, 28 51 E
Time difference
UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Despite recent progress, Moldova remains one of the poorest countries in Europe. With a moderate climate and productive farmland, Moldova's economy relies heavily on its agriculture sector, featuring fruits, vegetables, wine, and tobacco. Moldova also depends on annual remittances of about $1.12 billion from the roughly one million Moldovans working in Europe, Russia, and other former Soviet Bloc countries.
Inflation
9.679%
External debt stocks
US$ 6,338,405,000
Total tax rate (% of commercial profits)
40.4%
Real Interest Rate
8.423%
Manufacturing, value added (% of GDP)
13.892%
Current Account Balance
US$ -276,580,000
Labor Force, Total
1,267,361
Employment in Agriculture
31.73%
Employment in Industry
17.75%
Employment in Services
50.52%
Unemployment Rate
4.98%
Imports of goods and services
US$ 4,843,320,551
Exports of goods and services
US$ 2,944,613,979
Total Merchandise Trade
89.87%
FDI, net inflows
US$ 124,390,000
Commercial Service Exports
US$ 1,010,360,000
vegetables, fruits, grapes, grain, sugar beets, sunflower seeds, tobacco; beef, milk; wine
sugar processing, vegetable oil, food processing, agricultural machinery; foundry equipment, refrigerators and freezers, washing machines; hosiery, shoes, textiles
Commodities
foodstuffs, textiles, machinery
Partners
Romania 23%, Italy 10.2%, Turkey 9.4%, Russia 8%, Germany 6.6%, Belarus 6.4% (2015)
Commodities
mineral products and fuel, machinery and equipment, chemicals, textiles
Partners
Russia 22.8%, Romania 18.1%, Ukraine 11.5%, Germany 7%, Italy 4.8%, Turkey 4.4% (2015)
Country Risk Rating
D
A high-risk political and economic situation and an often very difficult business environment can have a very significant impact on corporate payment behavior. Corporate default probability is very high.
Business Climate Rating
C
The business environment is difficult. Corporate financial information is often unavailable and when available often unreliable. Debt collection is unpredictable. The institutional framework has many troublesome weaknesses. Intercompany transactions run major risks in the difficult environments rated C.
  • Agricultural potential
  • Small open economy attractive to foreign investments
  • Relatively cheap labor
  • Dependence on remittances from workers abroad
  • Political instability and social tensions
  • Corruption and weak governance

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