EU will strengthen its position of Moldova’s main trading partner in 2008, Economy Ministry says

The European Union will strengthen its position of Moldova’s key trading partner this year, Minister of Economy and Trade Igor Dodon said at a news conference organised on January 18 to sum up the economic events of 2007. According to the minister, this year the European Union will absorb at least 53% of Moldova’s exports. This is a real possibility given that Moldova will soon get autonomous trade preferences from the EU. Igor Dodon said that over the 11 months of 2007, the EU was Moldova’s main trading partner, both in imports and exports. Exports to the EU made up over 50% and imports from the EU - 45.6%. The fact that the European Union became Moldova’s main trading partner shows that the Moldovan goods become competitive on new markets, Dodon said. In 2007, Moldova exported mainly four groups of products. The first position is taken by textiles with a share of about 21%. The textile products were principally exported to the EU. The food products, beverages and tobacco products follow next with 20%. Metals, machines and equipment took the third position with about 15%, while the fruit and vegetables the fourth position with 12%. Most of the Moldovan exports were directed to Russia – 17%, Romania - 16%, Ukraine – 13%, Italy - 12%. Commenting on opinions that Moldova imports many food products and beverages that can be produced in the country, Dodon said that the food products that can be made in Moldova made up only about 8% of the 2007 imports and this figure is lower than the year before. Last year, Moldova imported chiefly mineral products that are not produced in the country (21% of the total imports), machines and equipment needed to increase investments (15%); metals (10%) and chemical products (9%). Moldova’s principal import partners are Ukraine, Russia, Romania and Germany with shares from 19% to 9%. As regards the foreign economic activity, the Economy Ministry in 2008 plans to organise 15 intergovernmental commissions and at least 70 events designed to promote the Moldovan goods abroad.