National Bank of Moldova

March 31, 2011

Page 1 of 19

Balance of Payments of the Republic of Moldova

for 2010 (preliminary data)
Table 1. Balance of Payments of Moldova (main aggregates) (US$ million)
2006 2007 2008 2009 2010
CURRENT ACCOUNT -387.86 -674.05 -987.13 -464.61 -482.27
Goods and services -1604.68 -2322.74 -3224.53 -1988.17 -2259.19
Goods -1582.70 -2298.07 -3223.17 -1944.19 -2178.88
Exports (FOB) 1060.81 1373.34 1645.97 1331.57 1631.08
Imports (FOB), of which: -2643.51 -3671.41 -4869.14 -3275.76 -3809.96
imports of energy resources (except electricity) -544.89 -644.70 -903.24 -652.99 -732.77
Services -21.98 -24.67 -1.36 -43.98 -80.31
Exports 465.66 625.46 837.28 668.88 689.79
Imports -487.64 -650.13 -838.64 -712.86 -770.10
Income 402.53 416.41 598.60 302.93 471.17
inflow, of which: 605.91 710.07 905.01 590.00 741.25
compensation of employees working abroad 573.00 649.00 842.00 563.42 722.82
outflow, of which: -203.38 -293.66 -306.41 -287.07 -270.08
dividends and distributed branch profits -55.08 -52.77 -37.84 -136.85 -124.47
reinvested earnings and undistributed branch profits -41.59 -112.81 -98.70 11.56 -22.05
interest payable on loans -50.50 -64.03 -73.22 -83.80 -57.96
Current transfers 814.29 1232.28 1638.80 1220.63 1305.75
inflow, of which: 864.28 1297.34 1750.29 1323.99 1391.15
workers' remittances from abroad 602.82 842.26 1046.02 635.21 635.03
outflow -49.99 -65.06 -111.49 -103.36 -85.40
CAPITAL AND FINANCIAL ACCOUNT 310.62 556.80 900.97 406.84 411.40
Capital transfers -22.78 -7.96 -14.61 -17.54 -28.36
Direct investment 240.65 516.26 696.69 121.08 195.40
of which: in domestic economy 239.72 533.62 712.77 127.84 198.90
equity capital and reivested earnings 160.61 340.19 540.40 150.00 175.72
other capital 79.11 193.43 172.37 -22.16 23.18
Portfolio investment -4.79 -4.51 6.38 -5.82 5.64
Assets * -0.21 -0.07 -0.04 -0.25 -0.20
equity securities -0.21 -0.07 -0.03 -0.25 -0.20
debt securities -0.01
Liabilities** -4.58 -4.44 6.42 -5.57 5.84
equity securities 1.78 1.72 11.36 2.39 5.84
debt securities -6.36 -6.16 -4.94 -7.96
Financial derivatives, net 0.19 -0.47 0.94 0.34 -0.63
Other investment 238.11 582.34 663.58 108.23 533.72
Assets* -49.36 35.32 52.14 -210.56 75.46
trade credits 17.42 -7.61 76.30 44.86 21.24
currency and deposits abroad -66.78 48.93 -25.96 -259.62 61.61
loans -6.00 1.80 4.20 -7.39
Liabilities** 287.47 547.02 611.44 318.79 458.26
trade credits 44.89 107.08 131.16 90.70 128.62
long-term loans 203.40 292.59 364.72 -9.88 253.33
disbursed 393.94 533.75 702.23 308.87 607.29
reimbursed -190.54 -241.16 -337.51 -318.75 -353.96
short-term loans 0.09 39.96 32.79 -48.90 29.73
non-residents' deposits in the national banking system 53.32 60.56 53.12 -46.64 -69.59
other liabilities -14.23 46.83 29.65 149.31 116.17
SDR allocation 184.20
Reserve assets* -140.76 -528.86 -452.01 200.55 -294.37
Errors and omissions 77.24 117.25 86.16 57.77 70.87
Informative:
Money transfers from abroad in favor of individuals
854.55 1218.23 1660.09 1182.02 1244.14
(migrant workers and other) via authorized banks
* (-) increase, (+) decrease
** (+) increase, (-) decrease

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 National Bank of Moldova
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Page 2 of 19
During 2010, the economic recovery of the partner countries determined an increase in external
demand for products exported by the Republic of Moldova.

The current account of the balance of payments recorded a deficit amounting to US$ 482.27 million
in 2010, which increased by 3.8% as compared to the previous year. It should be mentioned, the growth
rate of exports of goods (22.5%) was higher than that of imports (16.3%).
The evolution of imports of energy resources shows growing values, driven by price increases.
Also the receipts for communications services, information, business, and governmental services
have increased, while the balance of services was determined by travel and transportation, which have
significant shares and recorded deficits.
The deficit in the external trade in goods and services totaled US$ 2259.19 million.
The income balance recorded a surplus of US$ 471.17 million. Total income inflow amounted to
US$ 741.25 million, of which residents’ compensation for working abroad was evaluated at US$ 722.82
million. Income in the form of dividends received by foreign direct investors totaled US$ 124.47 million.
Curent transfers recorded a surplus of US$ 1305.75 million. The inflow of current transfers equaled
US$ 1391.15 million, of which workers’ remittances were estimated at US$ 635.03 million.

The net inflows of foreign direct investment in domestic economy in January-December 2010
amounted to US$ 198.90 million, which is by 55.6% higher as against the previous year, nevertheless, the
pre-crisis level was not reached. Foreign direct investment in equity capital of banks increased by US$
34.03, while other sectors’ net FDI inflow was much lower than before the crisis.

During 2010, the public sector – the National Bank of Moldova (NBM) and the Government –
made new drawings on external loans in the amount of US$ 273.39 million, of which US$ 183.08 million
– from the International Monetary Fund (IMF) and US$ 40.42 million – lent to the government by the
International Development Agency and the Government of Poland. The repayments according to
agreements amounted to US$ 54.32 million.
The banks made drawings on new long-term loans in the amount of US$ 146.21 million and repaid
US$ 120.35 million. Other sectors’ long-term loan drawings totaled US$ 187.69 million, scheduled
repayments – US$ 179.29 million, but actually have been repaid US$ 138.72 million, the difference being
counted as arrears.

The official reserve assets constituted US$ 1717.69 million as of December 31, 2010, which is
enough to cover 4.5 months of imports of goods and services. Their net increase as a result of balance of
payments transactions was US$ 294.37 million.

The international investment position, which reflects foreign assets and liabilities, remained net
debit and recorded US$ 4546.43 million at the end of 2010. Net foreign assets have increased by US$
587.03 million over the year, and the liabilities – by US$ 132.96 million.

The gross external debt of the Republic of Moldova amounted to US$ 4778.72 million as of
December 31, 2010, of which: US$ 1348.77 million - public and publicly guaranteed debt, and US$
3429.95 million – private non-guaranteed debt. It should be noted that long-term liabilities accounted for
64.0% of the total gross external debt of the Republic of Moldova.

Main macroeconomic indicators characterizing the developments in the external sector of the
national economy over the last years are summarized in table 2.

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Page 3 of 19

Table 2. Main Macroeconomic Indicators

UM 2006 2007 2008 2009 2010
Gross domestic product in current prices MDL million 44754 53430 62922 60430 71849
Gross domestic product in US$ US$ million 3408.1 4402.5 6056.3 5437.6 5810.1
Real GDP as against the previous year % 104.8 103.0 107.8 94.0 106.9
Agricultural output as against the previous year % 98.9 76.9 132.1 90.4 107.9
Industrial output as against the previous year % 95.2 98.7 101.5 78.9 107.0
Capital investment as against the previous year % 124.0 121.9 102.3 65.0 116.7
Broad money (M2) MDL million 12485.2 18396.7 21774.1 20942.0 24770.7
Consumer price index (annual average) % 112.7 112.3 112.7 100.0 107.4
Annual average exchange rate MDL/US$ 13.1319 12.1362 10.3895 11.1134 12.3663
Current account / GDP % -11.4 -15.3 -16.3 -8.5 -8.3
Current account less current transfers / GDP % -35.3 -43.3 -43.4 -31.0 -30.8
Compensation of employees and workers’ remittances / GDP % 34.5 33.9 31.2 22.0 23.4
Balance of goods and services / GDP % -47.1 -52.8 -53.2 -36.6 -38.9
Exports of goods and services / Imports of goods and services % 48.8 46.3 43.5 50.2 50.7
Exports of goods and services / GDP % 44.8 45.4 41.0 36.8 39.9
Imports of goods and services / GDP % 91.9 98.2 94.2 73.4 78.8
Reserve assets / Imports of goods and services months 2.97 3.70 3.52 4.45 4.50
Foreign direct investment in domestic economy, net flow, per
US$ 67 149 200 36 56
capita
Foreign direct investment in domestic economy, stock, per
US$ 351 516 719 743 797
capita
Net international investment position (at year-end) US$ million -1699.89 -2079.42 -2717.40 -3726.59 -4092.40
External debt (at year-end) US$ million 2078.05 2522.67 3345.46 4093.81 4364.10
External debt / GDP % 69.5 74.0 76.0 67.6 80.8
Sources: NBS, NBM

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March 31, 2011
Page 4 of 19
CURRENT ACCOUNT

Chart 1. Current Account Balance

US$ million Current account Balance / GDP %
0 0

-200 -8.5 -8.3

-400 -8

-600 -16.3 -464.61 -482.27

-800 -16

-1000
-987.13
-1200 -24
2008 2009 2010

Chart 2. Current Account – Main Components (US$ million)

2000 1638.80
1220.63 1305.75
1500
1000 598.60 471.17
302.93
500 -1.36
0
-43.98 -80.31
-500
-1000 -464.61 -482.27
-1500 -987.13
-2000
-2500 -1944.19
-2178.88
-3000
-3500 -3223.17
2008 2009 2010
Goods Services Income Current transfers Current account

Chart 3. Deficit of the External Trade in Goods and Services (US$ million)
6000

5000 Imports

4000

3000

2000
Exports
1000

0
2006 2007 2008 2009 2010

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Chart 4. External Trade in Goods Balance
mil. USD %
1645.97 1331.57 1631.08
2000 25
1000
0 0
-1000
-2000 -25
-3000
-4000 -3275.76 -50
-3809.96
-5000
-4869.14
-6000 -75
2008 2009 2010
Exports (left axis) Imports (left axis) Balance (left axis) Balance / GDP (right axis)

Table 3. External Trade in Goods, Dynamics

U.M. 2008 2009 2010
US$ million 1645.97 1331.57 1631.08
Exports, f.o.b. prices (EX)
%* 119.9 80.9 122.5
US$ million -4869.14 -3275.76 -3809.96
Imports, f.o.b. prices (IM)
%* 132.6 67.3 116.3
US$ million -3223.17 -1944.19 -2178.88
Trade balance (EX-IM)
%* 140.3 60.3 112.1
US$ million 6515.11 4607.33 5441.04
External trade turnover (EX+IM)
%* 129.1 70.7 118.1
Exports / GDP % 27.2 24.5 28.1
Imports / GDP % 80.4 60.2 65.6
Trade balance / GDP % -53.2 -35.8 -37.5
Exports to imports ratio % 33.8 40.6 42.8
External trade turnover (EX+IM) / GDP % 107.6 84.7 93.6
* annual dynamics

Chart 5. Trade Balance (f.o.b.- f.o.b.) in Goods by Geographical Region (US$ million)
0

-500

-1000 -622.41 -602.60

-1090.32
-1500 -1321.78
-1576.28
-2000

-2500 -2132.85
-1944.19
-2178.88
-3000

-3500 -3223.17
2008 2009 2010
Trade balance - CIS Trade balance - RW Trade balance - TOTAL

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Table 4. Trade Balance (f.o.b.-c.i.f.) in Goods by Groups of Countries
Degree of
2008 2009 2010 2010 / 2009
influence*
US$ million % p.p. **
European Union, of which: -1,531.04 -946.13 -1,204.54 127.3 13.0
Romania -534.64 -299.87 -369.56 123.2 3.5
Germany -303.11 -156.12 -203.48 130.3 2.4
Poland -83.02 -68.43 -83.64 122.2 0.8
Hungary -67.84 -52.13 -77.80 149.2 1.3
Italy -81.71 -50.25 -69.35 138.0 1.0
Greece -19.31 -31.30 -60.36 192.8 1.5
Bulgaria -37.44 -39.95 -55.74 139.5 0.8
Austria -48.79 -37.96 -42.80 112.8 0.2
Netherlands -43.79 -30.51 -37.63 123.3 0.4
Lithuania -38.10 -29.54 -34.31 116.1 0.2
Belgium -37.99 -23.28 -32.27 138.6 0.5
Czechia -49.50 -27.39 -31.89 116.4 0.2
France -52.10 -18.75 -20.46 109.1 0.1
Spain -21.87 -20.29 -18.95 93.4 -0.1
Slovakia -26.15 -14.73 -18.57 126.1 0.2
Slovenia -30.19 -19.46 -18.53 95.2 0.0
United Kingdom 10.62 12.78 21.67 169.6 -0.4
Balkan states, of which: -180.78 -121.87 -106.81 87.6 -0.8
Turkey -185.56 -121.85 -106.48 87.4 -0.8
Albania 0.78 1.18 6.56 5.6 times -0.3
CIS, of which: -1,197.31 -709.69 -686.00 96.7 -1.2
Ukraine -780.67 -441.31 -517.12 117.2 3.8
Russia -347.12 -251.57 -157.80 62.7 -4.7
Belarus -108.91 -53.38 -36.30 68.0 -0.9
Uzbekistan -1.01 5.42 0.71 13.1 0.2
Kyrgyzstan 2.97 2.10 2.03 96.7 0.0
Azerbaidjan 6.78 3.45 7.02 2.0 times -0.2
Kazakhstan 27.67 24.09 14.85 61.6 0.5
Other countries, of which: -398.45 -213.05 -275.81 129.5 3.2
China -200.19 -155.49 -198.62 127.7 2.2
Brazil -10.85 -4.16 -36.65 8.8 times 1.6
India -13.33 -11.22 -11.73 104.5 0.0
Switzerland 6.05 -2.23 -5.76 2.6 times 0.2
USA -43.77 -5.28 -1.33 25.2 -0.2
Egypt -2.27 -0.08 1.86 - -0.1
Syria 1.28 4.30 9.85 2.3 times -0.3
Iraq 3.63 5.43 10.17 187.3 -0.2
Georgia 4.80 7.07 11.01 155.7 -0.2
Total -3,307.58 -1,990.74 -2,273.16 114.2 14.2
Source: NBS, selections on imports (c.i.f.) by country of shipment, shuttle trade not included
* Influence of the country on growth (+) / decrease (-) of trade balance in goods; ** Percentage points
Note: NBS data do not include adjustments to the foreign trade in goods operated by the Balance of Payments Division of the National Bank
of Moldova, such as exports / imports carried out by individuals, repairs on goods, goods purchased in ports by carriers, etc. Imports are
evaluated in c.i.f. prices and are analysed by country of shipment.

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Chart 6. Main trading partners of the Republic of Moldova in 2010 (US$ million)
Exports from the Republic of Imports to the Republic
Moldova of Moldova
Russia 404.17 561.97
Romania 257.33 626.89
Ukaine 91.59 608.71
Italy 148.09 217.44
Germany 75.43 278.91
Turkey 82.49 188.97
China 2.30 200.92
Belarus 80.28 116.58
Poland 46.73 130.37
United Kingdom 82.11 60.44

500 400 300 200 100 0 100 200 300 400 500 600 700
Source: NBS (shuttle trade not included); selections on imports by country of shipment

Table 5. Exports of Goods by Groups of Countries

Share in total Degree of
2008 2009 2010 2010 / 2009
2009 2010 influence*
US$ million % p.p. **
European Union, of which: 820.13 668.09 746.51 51.9 47.2 111.7 6.1
Romania 335.82 239.64 257.33 18.6 16.3 107.4 1.4
Italy 167.05 135.71 148.09 10.5 9.4 109.1 1.0
United Kingdom 52.27 60.30 82.11 4.7 5.2 136.2 1.7
Germany 63.77 75.46 75.43 5.9 4.8 100.0 0.0
Poland 56.14 33.69 46.73 2.6 3.0 138.7 1.0
Greece 9.01 17.06 23.45 1.3 1.5 137.5 0.5
France 21.37 22.23 23.31 1.7 1.5 104.9 0.1
Bulgaria 22.34 13.91 18.83 1.1 1.2 135.4 0.4
Lithuania 8.06 10.45 11.74 0.8 0.7 112.3 0.1
Netherlands 13.15 10.94 10.88 0.8 0.7 99.5 0.0
Austria 12.47 7.81 10.78 0.6 0.7 138.0 0.2
Hungary 18.48 13.20 8.14 1.0 0.5 61.7 -0.4
Czechia 5.34 5.21 7.78 0.4 0.5 149.3 0.2
Belgium 9.65 5.55 7.49 0.4 0.5 135.0 0.2
Slovakia 7.62 6.68 5.33 0.5 0.3 79.8 -0.1
Balkan states, of which: 48.12 40.73 92.40 3.2 5.8 2.3 times 4.0
Turkey 33.44 33.10 82.49 2.6 5.2 2.5 times 3.8
Albania 0.83 1.20 6.56 0.1 0.4 5.5 times 0.4
CIS, of which: 616.71 491.39 624.20 38.2 39.5 127.0 10.3
Russia 313.68 286.60 404.17 22.3 25.5 141.0 9.1
Ukraine 142.82 81.41 91.59 6.3 5.8 112.5 0.8
Belarus 92.66 80.79 80.28 6.3 5.1 99.4 0.0
Kazakhstan 44.51 26.55 30.55 2.1 1.9 115.1 0.3
Azerbaidjan 7.12 3.86 7.48 0.3 0.5 193.8 0.3
Uzbekistan 8.09 6.69 4.44 0.5 0.3 66.4 -0.2
Other countries, of which: 106.22 87.33 119.02 6.8 7.5 136.3 2.5
USA 15.10 12.21 22.01 0.9 1.4 180.3 0.8
Switzerland 39.69 21.69 17.45 1.7 1.1 80.5 -0.3
Georgia 6.34 8.57 12.36 0.7 0.8 144.2 0.3
Syria 3.90 6.68 11.36 0.5 0.7 170.1 0.4
Iraq 3.85 5.49 10.17 0.4 0.6 185.2 0.4
Egypt 0.19 2.12 4.97 0.2 0.3 2.3 times 0.2
Total 1,591.18 1,287.54 1,582.13 100.0 100.0 122.9 22.9
Source: NBS; shuttle trade not included
* Influence of the country on growth (+) / decrease (-) of exports of goods; ** Percentage points

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Table 6. Exports by Main Groups of Goods
Share in
2008 2009 2010 2010 / 2009
total 2010

US$ million %
I. Livestock; animal products 10.14 9.15 26.97 1.7 2.9 times
II. Vegetable products 210.08 268.38 381.09 24.1 142.0
III. Animal or vegetable fats and oils 62.89 50.71 47.59 3.0 93.8
IV. Prepared foodstuffs; beverages, spirits; tobacco 311.93 281.00 316.95 20.0 112.8
V. Mineral products 63.46 14.38 17.15 1.1 119.3
VI. Products of the chemical industry 32.97 57.57 74.13 4.7 128.8
VII. Plastics, rubber and articles thereof 38.19 26.86 26.22 1.7 97.6
VIII. Raw hides and skins, leather, furs, and articles thereof 33.29 23.94 24.72 1.6 103.3
IX. Wood and articles thereof (furniture not included) 5.39 3.91 5.73 0.4 146.5
X. Wood pulp, paper, paperboard and articles thereof 16.71 7.82 11.81 0.7 151.0
XI. Textiles and textile articles 313.94 257.80 267.69 16.9 103.8
XII. Footwear, headgear, umbrellas and the like 48.00 26.38 30.65 1.9 116.2
XIII. Articles of stone, plaster, cement; ceramic products; glass 52.51 25.82 35.33 2.2 136.8
and glassware
XIV. Pearls, precious or semi-precious stones, precious metals,
metals clad with precious metal and articles thereof; imitation 0.22 0.37 0.30 0.0 81.1
jewellery; coins
XV. Base metals and articles thereof 119.12 29.42 58.26 3.7 198.0
XVI. Machinery and mechanical appliances; electrical
167.50 139.28 171.76 10.9 123.3
equipment; image and sound recorders and reproducers
XVII. Vehicles, aircraft and associated transport equipment 16.07 14.99 21.17 1.3 141.2
XVIII. Optical, photographic, cinematographic, medical or
surgical instruments and apparatuses; clocks and watches; 28.88 10.94 12.87 0.8 117.6
musical instruments, parts and accessories thereof
Other 59.89 38.82 51.74 3.3 133.3
TOTAL 1,591.18 1,287.54 1,582.13 100.0 122.9
Source: NBS; shuttle trade not included

Table 7. Exports of Alcoholic Beverages

Share in total 2010 / Degree of
2005 2008 2009 2010
2009 influence*
2005 2008 2009 2010
US$ million % % p.p.**
TOTAL 314.24 193.15 157.26 175.84 100.0 100.0 100.0 100.0 111.8 11.8
Russia 234.92 58.90 52.15 62.20 74.8 30.5 33.2 35.4 119.3 6.4
Belarus 36.56 46.65 44.02 41.33 11.6 24.2 28.0 23.5 93.9 -1.7
Ukraine 18.40 43.84 13.56 23.98 5.9 22.7 8.6 13.6 176.8 6.6
Kazakhstan 7.47 9.18 14.37 13.44 2.4 4.8 9.1 7.6 93.5 -0.6
Poland 2.39 9.53 9.39 7.97 0.8 4.9 6.0 4.5 84.9 -0.9
Georgia 1.76 2.24 3.67 4.90 0.6 1.2 2.3 2.8 133.5 0.8
Czechia 1.27 3.02 3.50 4.13 0.4 1.6 2.2 2.3 118.0 0.4
USA 0.79 1.56 1.81 2.56 0.3 0.8 1.2 1.5 141.4 0.5
Germany 1.37 1.78 4.22 2.52 0.4 0.9 2.7 1.4 59.7 -1.1
Romania 1.59 5.56 3.23 2.41 0.5 2.9 2.1 1.4 74.6 -0.5
China 0.00 0.61 0.37 2.10 0.0 0.3 0.2 1.2 5.7 times 1.1
Kyrgyzstan 1.21 1.39 1.99 1.41 0.4 0.7 1.3 0.8 70.9 -0.4
Lithuania 0.71 0.59 0.72 1.02 0.2 0.3 0.5 0.6 141.7 0.2
Azerbaidjan 1.02 2.54 0.17 0.89 0.3 1.3 0.1 0.5 5.2 times 0.5
Latvia 1.20 1.48 0.63 0.58 0.4 0.8 0.4 0.3 92.1
Other countries 3.58 4.28 3.46 4.40 1.1 2.2 2.2 2.5 127.2 0.6
Source: NBS
* Influence of the country on growth (+) / decrease (-) of exports of alcoholic beverages; ** Percentage points

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Page 9 of 19
Table 8. Exports of Goods after Processing
2009 2010
Exports of goods Exports of goods Change 2010 / Degree of
after share in after share in in share 2009 influence**
total processing total* total processing total*
US$ million % US$ million % p.p.*** % p.p.***
Romania 239.64 138.38 57.7 257.33 134.75 52.4 -5.4 97.4 -0.9
Italy 135.71 118.20 87.1 148.09 124.36 84.0 -3.1 105.2 1.6
United Kingdom 60.30 44.42 73.7 82.11 56.67 69.0 -4.6 127.6 3.1
Germany 75.46 30.74 40.7 75.43 27.06 35.9 -4.9 88.0 -0.9
Turkey 33.10 22.66 68.5 82.49 22.89 27.7 -40.7 101.0 0.1
Poland 33.69 14.53 43.1 46.73 15.03 32.2 -11.0 103.4 0.1
France 22.23 6.74 30.3 23.31 6.96 29.9 -0.5 103.3 0.1
Belgium 5.55 3.79 68.3 7.49 5.08 67.8 -0.5 134.0 0.3
Netherlands 10.94 3.53 32.3 10.88 3.73 34.3 2.0 105.7 0.1
Slovakia 6.68 3.79 56.7 5.33 3.34 62.7 5.9 88.1 -0.1
San Marino 2.90 2.90 100.0 3.34 3.31 99.1 -0.9 114.1 0.1
Bulgaria 13.91 0.11 0.8 18.83 1.53 8.1 7.3 13.9 times 0.4
Switzerland 21.69 1.87 8.6 17.45 1.45 8.3 -0.3 77.5 -0.1
USA 12.21 1.15 9.4 22.01 1.29 5.9 -3.6 112.2 0.0
Other countries 613.53 2.97 0.5 366.36 1.34 0.4 -0.1 45.1 -0.4
TOTAL 1,287.54 395.78 30.7 1,582.13 410.57 26.0 -4.8 103.7 3.7
* Share of exports of goods after processing in total exports of goods of the respective country
** Influence of the country on the growth (+) / decrease (-) of exports of goods after processing; *** Percentage points

Table 9. Imports of Goods by Groups of Countries (c.i.f. prices)

Degree of
2008 2009 2010 Share in total 2010 2010 / 2009
influence*
US$ million % p.p.**
European Union, of which: 2351.17 1614.22 1951.05 50.6 120.9 10.3
Romania 870.46 539.51 626.89 16.3 116.2 2.7
Germany 366.88 231.58 278.91 7.2 120.4 1.4
Italy 248.76 185.96 217.44 5.6 116.9 1.0
Poland 139.16 102.12 130.37 3.4 127.7 0.9
Hungary 86.32 65.33 85.94 2.2 131.5 0.6
Greece 28.32 48.36 83.81 2.2 173.3 1.1
Bulgaria 59.78 53.86 74.57 1.9 138.5 0.6
United Kingdom 41.65 47.52 60.44 1.6 127.2 0.4
Austria 61.26 45.77 53.58 1.4 117.1 0.2
Netherlands 56.94 41.45 48.51 1.3 117.0 0.2
Lithuania 46.16 39.99 46.05 1.2 115.2 0.2
France 73.47 40.98 43.77 1.1 106.8 0.1
Belgium 47.64 28.83 39.76 1.0 137.9 0.3
Czechia 54.84 32.60 39.67 1.0 121.7 0.2
Slovakia 33.77 21.41 23.90 0.6 111.6 0.1
Spain 23.13 21.48 19.65 0.5 91.5 -0.1
Slovenia 31.66 20.07 19.30 0.5 96.2
Balkan states. of which: 228.90 162.60 199.21 5.2 122.5 1.1
Turkey 219.00 154.95 188.97 4.9 122.0 1.0
CIS. of which: 1814.02 1201.08 1310.20 34.0 109.1 3.3
Ukraine 923.49 522.72 608.71 15.8 116.5 2.6
Russia 660.80 538.17 561.97 14.6 104.4 0.7
Belarus 201.57 134.17 116.58 3.0 86.9 -0.5
Kazakhstan 16.84 2.46 15.70 0.4 6.4 times 0.4
Other countries. of which: 504.67 300.38 394.83 10.2 131.4 2.9
China 202.45 156.40 200.92 5.2 128.5 1.4
Brazil 16.77 4.41 36.77 1.0 8.3 times 1.0
USA 58.87 17.49 23.34 0.6 133.4 0.2
Switzerland 33.64 23.92 23.21 0.6 97.0
India 14.39 11.76 15.14 0.4 128.7 0.1
TOTAL 4898.76 3278.28 3855.29 100.0 117.6 17.6
Source: NBS (shuttle trade not included); selections on imports by country of shipment

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Table 10. Imports of Goods by Groups of Countries (c.i.f. prices)
Share in
2008 2009 2010 2010 / 2009
total 2010
US$ million %
I. Livestock; animal products 100.32 75.28 94.74 2.5 125.9
II. Vegetable products 166.76 132.57 168.88 4.4 127.4
III. Animal or vegetable fats and oils 20.88 16.07 19.30 0.5 120.1
IV. Prepared foodstuffs; beverages, spirits; tobacco 343.42 289.69 308.62 8.0 106.5
V. Mineral products 1,126.00 718.18 807.10 20.9 112.4
VI. Products of the chemical industry 416.76 365.95 404.33 10.5 110.5
VII. Plastics, rubber and articles thereof 276.80 186.54 227.67 5.9 122.0
VIII. Raw hides and skins, leather, furs, and articles thereof 33.18 26.29 27.43 0.7 104.3
IX. Wood and articles thereof (furniture not included) 89.30 64.83 73.00 1.9 112.6
X. Wood pulp, paper, paperboard and articles thereof 117.21 87.94 102.71 2.7 116.8
XI. Textiles and textile articles 285.43 244.38 282.33 7.3 115.5
XII. Footwear, headgear, umbrellas and the like 30.89 22.20 22.17 0.6 99.9
XIII. Articles of stone, plaster, cement; ceramic products; glass and
138.70 86.57 98.71 2.6 114.0
glassware
XIV. Pearls, precious or semi-precious stones, precious metals, metals clad
10.87 8.02 6.07 0.2 75.7
with precious metal and articles thereof; imitation jewellery; coins
XV. Base metals and articles thereof 372.51 183.75 242.39 6.3 131.9
XVI. Machinery and mechanical appliances; electrical equipment; image
765.52 467.49 576.47 15.0 123.3
and sound recorders and reproducers
XVII. Vehicles, aircraft and associated transport equipment 390.59 157.33 237.94 6.2 151.2
XVIII. Optical, photographic, cinematographic, medical or surgical
instruments and apparatuses; clocks and watches; musical instruments, 74.63 56.07 53.92 1.4 96.2
parts and accessories thereof
Other 138.99 89.13 101.51 2.6 113.9
TOTAL 4,898.76 3,278.28 3,855.29 100.2 117.6
Source: NBS (shuttle trade not included); selections on imports by country of shipment

Table 11. Imports of Energy Resources (f.o.b. prices)

Share in
Unit of 2010 / 2009
2008 2009 2010 total 2010
measure
%
Energy products – total (US$ million) 903.24 652.99 732.77 100.0 112.2
From CIS (US$ million) 546.79 435.87 467.96 63.9 107.4
Coal (US$ million) 19.28 10.48 19.53 2.7 186.4
(thou. tons) 148.50 132.88 179.61 135.2
Natural gas (US$ million) 256.50 267.45 267.39 36.5 100.0
(m3 mil.) 1,226.90 1,126.27 1,187.85 105.5
Fuel oil (US$ million) 271.01 157.94 181.04 24.7 114.6
Fuel oil (US$ million) 6.35 14.25 8.90 1.2 62.5
(thou. tons) 14.00 45.83 18.01 39.3
Diesel (US$ million) 178.85 92.71 107.59 14.7 116.1
(thou. tons) 188.04 176.47 153.47 87.0
Gasoline (US$ million) 18.69 11.52 7.12 1.0 61.8
(thou. tons) 21.70 21.30 10.35 48.6
Other (US$ million) 67.12 39.46 57.43 7.8 145.5
From the rest of the world (US$ million) 356.45 217.12 264.81 36.1 122.0
Coal (US$ million) 13.12 0.20 0.24 - 120.0
(thou. tons) 57.32 1.35 1.87 138.5
Fuel oil (US$ million) 343.33 216.92 264.57 36.1 122.0
Fuel oil (US$ million) 0.60 0.22 0.15 - 68.2
(thou. tons) 0.77 0.42 0.24 57.1
Diesel (US$ million) 160.70 82.98 121.06 16.5 145.9
(thou. tons) 163.27 142.72 166.92 117.0
Gasoline (US$ million) 167.06 123.81 133.22 18.2 107.6
(thou. tons) 189.75 196.53 174.19 88.6
Other (US$ million) 14.97 9.91 10.14 1.4 102.3

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Chart 7. Imports of Energy Resources in Physical Volume by Country

Fuel oil Other Diesel

Kazakhstan countries Other
Greece countries
9.4% 3.5% Belarus 10.9% 3.2%
14.2%

Romania
Belarus Ukraine 40.6%
87.1% 31.0%

Gasoline Other Coal Other

Bulgaria Belarus countries countries
Lithuania 2.7%
6.4% 5.5% 0.2%
7.9%
Greece
12.8%

Romania
Ukraine
67.2%
97.3%

Table 12. Imports and Exports of Electricity (f.o.b. prices)

2008 2009 2010 2010 / 2009 (%)

Quantity, kw/h mil. 2,958.06 6.90 24.88 3.6 times

Value, US$ mil. 137.96 0.36 2.11 5.9 times

Chart 8. Balance of Services

US$ million Exports (left axis) %
Imports (left axis)
1500 Balance / GDP (right axis) 3
1200 Balance (left axis)
837.28 2
900 668.88 689.79
600 1
300
0
0
-300 -1
-600
-2
-900 -712.86 -770.10
-838.64
-1200 -3
2008 2009 2010

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Table 13. Services in Dynamics
2008 2009 2010 2010 / 2009
US$ million %
Balance of services -1.36 -43.98 -80.31 182.6
Exports 837.28 668.88 689.79 103.1
Imports -838.64 -712.86 -770.10 108.0
Transportation 32.12 -3.29 -40.68 12.4 times
Exports 357.04 253.48 244.45 96.4
Imports -324.92 -256.77 -285.13 111.0
Travel -75.73 -74.75 -103.83 138.9
Exports 211.96 168.29 162.10 96.3
Imports -287.69 -243.04 -265.93 109.4
Communications 67.19 66.06 87.92 133.1
Exports 114.56 105.21 126.05 119.8
Imports -47.37 -39.15 -38.13 97.4
Other services -24.94 -32.00 -23.72 74.1
Exports 153.72 141.90 157.19 110.8
Imports -178.66 -173.90 -180.91 104.0

Chart 9. External Trade in Services Balance by Geographic Region (US$ million)

40 27.23 Balance of services - CIS
Balance of services - RW
20
Balance of services - TOTAL
0 -1.36
-20
-15.64 -20.44
-40 -28.59 -28.34
-60 -43.98
-59.87
-80 -80.31
-100
2008 2009 2010

Chart 10. Income Balance

mil. USD Inflow (left axis)
%
Outflow (left axis)
1000 905.01 Balance (left axis) 20
741.25 18
800 Balance / GDP (right axis) 16
590.00 14
600 12
10
400 8
6
200 4
2
0 0
-2
-200 -4
-6
-400 -306.41 -287.07 -270.08 -8
2008 2009 2010

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Table 14. Income Balance, Dynamics
2008 2009 2010 2010 / 2009
US$ million %
Income balance 598.60 302.93 471.17 155.5
Credit 905.01 590.00 741.25 125.6
Debit -306.41 -287.07 -270.08 94.1
Compensation of employees 763.00 497.12 663.47 133.5
Credit 842.00 563.42 722.82 128.3
Debit -79.00 -66.30 -59.35 89.5
Income on direct and portfolio investment -140.25 -138.02 -142.23 103.1
Credit 16.47 19.50 15.22 78.1
Debit -156.72 -157.52 -157.45 100.0
Dividends and distributed profits -41.50 -137.90 -126.41 91.7
Credit 0.04 0.14 0.70 5.0 times
Debit -41.54 -138.04 -127.11 92.1
Reinvested earnings and non-distributed profits (-) /
-98.70 11.56 -22.05 -
losses (+)
Debit -98.70 11.56 -22.05 -
Interest -0.05 -11.68 6.23 -
Credit 16.43 19.36 14.52 75.0
Debit -16.48 -31.04 -8.29 26.7
Income on other investment -24.15 -56.17 -50.07 89.1
Credit 46.54 7.08 3.21 45.3
Debit -70.69 -63.25 -53.28 84.2

Chart 11. Current Transfers Balance

US$ mil. %
2000 1750.29 50
1600 1323.99 1391.15 40
1200 30
800 20
400 10
0 0
-400 -111.49 -103.36 -85.40 -10
2008 2009 2010

Credit (left axis) Debit (left axis) Balance (left axis) Balance / GDP (right axis)

Table 15. Current Transfers in Dynamics

2008 2009 2010 2010 / 2009
US$ million %
Current transfers balance 1638.80 1220.63 1305.75 107.0
Credit 1750.29 1323.99 1391.15 105.1
Debit -111.49 -103.36 -85.4 82.6
Grants and technical assistance 276.44 246.62 275.50 111.7
Credit 277.71 247.56 276.98 111.9
Debit -1.27 -0.94 -1.48 157.4
Education and staff training 35.40 28.47 42.02 147.6
Credit 35.68 28.96 42.72 147.5
Debit -0.28 -0.49 -0.70 142.9
Humanitarian aid 59.37 21.42 40.97 191.3
Credit 59.41 21.43 40.99 191.3
Debit -0.04 -0.01 -0.02 2.0 times
Fees to international organizations -5.82 -5.00 -4.94 98.8
Credit 0.09 0.02 0.04 2.0 times
Debit -5.91 -5.02 -4.98 99.2
Workers' remittances 1032.77 627.24 618.88 98.7
Credit 1046.02 635.21 635.03 100.0
Debit -13.25 -7.97 -16.15 2.0 times
Other current transfers 240.64 301.88 333.32 110.4
Credit 331.38 390.81 395.39 101.2
Debit -90.74 -88.93 -62.07 69.8

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CAPITAL AND FINANCIAL ACCOUNT

Chart 12. Capital and Financial Account – Main Components (US$ million)
1100 900.97 Capital transfers Direct investment
1000 Portfolio investment* Other investment
900 Reserve assets Capital and financial account
800 696.69
700 663.58
600 406.84 411.40 533.72
500
400
300 200.55 195.40
200 121.08 108.23
100 7.32 5.01
0
-100 -14.61 -17.54 -5.48 -28.36
-200
-300
-400 -294.37
-500
-452.01
2008 2009 2010
* including financial derivatives

Table 16. External Assets and Liabilities, Net Flows

2008 2009 2010
US$ million
Financial account 915.58 424.38 439.76
External assets -416.05 -17.10 -223.24
Direct investment -16.08 -6.76 -3.50
Portfolio investment -0.04 -0.25 -0.20
Financial derivatives -0.06 -0.08 -0.63
Other investment 52.14 -210.56 75.46
trade credits 76.30 44.86 21.24
loans 1.80 4.20 -7.39
currency and deposits -25.96 -259.62 61.61
Reserve assets -452.01 200.55 -294.37
External liabilities 1331.63 441.48 663.00
Direct investment 712.77 127.84 198.90
Portfolio investment 6.42 -5.57 5.84
Financial derivatives 1.00 0.42
Other investment 611.44 318.79 458.26
trade credits 131.16 90.70 128.62
loans 397.51 -58.78 283.06
currency and deposits 53.12 -46.64 -69.59
other liabilities 29.65 149.31 116.17
SDR allocation 184.20

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Table 17. Direct Investment (US$ million)
2008 2009 2010
inflow outflow net inflow outflow net inflow outflow net
Direct investment 870.86 174.17 696.69 363.40 242.32 121.08 360.57 165.17 195.40
abroad 7.10 23.18 -16.08 3.39 10.15 -6.76 0.09 3.59 -3.50
in domestic economy 863.76 150.99 712.77 360.01 232.17 127.84 360.48 161.58 198.90
equity capital 481.21 39.51 441.70 209.53 47.97 161.56 183.05 29.38 153.67
banks 30.06 30.06 25.45 25.45 34.03 34.03
other sectors 451.15 39.51 411.64 184.08 47.97 136.11 149.02 29.38 119.64
reinvested earnings and undistributed profit
98.70 98.70 -11.56 -11.56 22.05 22.05
(+) / losses (-)
banks 22.68 22.68 -21.48 -21.48 -24.66 -24.66
other sectors 76.02 76.02 9.92 9.92 46.71 46.71
other capital (other sectors) 283.85 111.48 172.37 162.04 184.20 -22.16 155.38 132.20 23.18
claims on direct investors 7.69 22.84 -15.15 10.28 0.10 10.18 2.71 6.80 -4.09
liabilities to direct investors 276.16 88.64 187.52 151.76 184.10 -32.34 152.67 125.40 27.27
Structure of direct investment flows in
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
domestic economy (%)
banks 6.1 7.4 1.1 3.1 2.6 4.7
other sectors 93.9 100.0 92.6 98.9 100.0 96.9 97.4 100.0 95.3

Chart 13. FDI in Domestic Economy, Annual Dynamics (US$ million)

3000 2649.59 2837.48
2566.56
2500

2000

1500

1000 712.77

500 198.90
127.84
0
2008 2009 2010

Stock, at the year-end Net flow

Chart 14. FDI – Equity Capital Accumulated at Year-end, by Region (US$ million)
EU CIS Other countries
1000
900
800
700
600
500
400
300
200
100
0
|December 31, 2008 December 31, 2009 December 31, 2010

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Chart 15. FDI Stock – Equity Capital, Main Countries (US$ million)
Banks Other sectors
Romania Russia

Italy Cyprus

France USA

Austria Germany

Germany Netherlands

Russia Italy

USA Romania

UK France
End of 2010 End of 2010
Greece End of 2009 Switzerland End of 2009
End of 2008 End of 2008
Virgin Is. (Br.) Turkey

0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 0 15 30 45 60 75 90 105 120 135 150 165

Table 18. Portfolio Investment (US$ million)

2008 2009 2010
Portfolio investment 6.38 -5.82 5.64
Assets -0.04 -0.25 -0.20
Equity securities -0.03 -0.25 -0.20
Other sectors -0.03 -0.25 -0.20
Debt securities -0.01
Banks -0.01
Liabilities 6.42 -5.57 5.84
Equity securities 11.36 2.39 5.84
Banks 10.98 -0.52 5.75
equity securities sold to nonresidents 12.38 0.01 5.81
equity securities repurchased from nonresidents -1.40 -0.53 -0.06
Other sectors 0.38 2.91 0.09
equity securities sold to nonresidents 0.66 3.07 0.13
equity securities repurchased from nonresidents -0.28 -0.16 -0.04
Debt securities – bonds and notes -6.36 -6.35
General government -6.36 -6.35
Money market instruments 1.42 -1.61
General government 1.42 -1.61
treasury bills sold to nonresidents 4.56
treasury bills repurchased from nonresidents -3.14 -1.61
Note: Nonresident to nonresident transactions are not reflected in the balance of payments.

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Chart 16. Other Investment – Assets (US$ million)
160
120 75.46
76.30 61.61
80 52.14 44.86
40 1.80 21.24
4.20
0
-40 -7.39
-25.96
-80
-120
-160 Currency and deposits
-200 Trade credits
Loans
-240 Total assets
-210.56
-280 -259.62
2008 2009 2010

Note: (-) growth

Chart 17. Other Investment – Liabilities (US$ million)

700 Trade credits
611.44 Government and NBM loans, SDR allocations
Banks' and other sectors' loans
600 Currency and deposits
Change in arrears on energy resources
Other
500 Total liabilities 458.26

400 365.29 318.79

300
219.07
200 165.93
131.16 128.62
115.82
90.70
100 63.99 69.14
53.12 47.03
32.22 17.23 12.42 33.49

-40.51 -46.64
-100 -69.59
2008 2009 2010

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Table 19. External Loans (US$ million)

2008 2009 2010
drawings repayments drawings repayments drawings repayments
Monetary authorities loans
37.56 25.43 14.86 61.34 8.41
(NBM from IMF)
Government loans 74.82 54.73 41.19 44.60 212.05 45.91
including: rescheduled 31.52 21.74
Banking loans 226.10 62.16 100.04 155.65 156.98 123.12
long-term 171.51 54.21 98.04 107.47 146.21 120.35
short-term 54.59 7.95 2.00 48.18 10.77 2.77
Other sectors’ loans 476.22 274.87 184.72 169.62 217.75 187.62
long-term 418.34 203.14 169.64 151.82 187.69 179.29
short-term 57.88 71.73 15.08 17.80 30.06 8.33
TOTAL 814.70 417.19 325.95 384.73 648.12 365.06
TOTAL except rescheduled 783.18 395.45 325.95 384.73 648.12 365.06

Table 20. Other Liabilities (US$ million)

2008 2009 2010
Other liabilities 29.65 149.31 116.17
General government
accumulation of principal arrears 21.74
accumulation of interest arrears 9.78
rescheduling of arrears -31.52
Other sectors 39.95 149.31 115.56
accumulation of principal arrears 60.60 159.01 126.78
including: arrears on energy resources imports 17.23 33.49 47.03
accumulation of interest arrears 4.77 19.79 13.66
repayment of principal arrears -25.42 -29.49 -24.88
Banks -10.30 0.61

Chart 18. Official Reserve Assets of the Republic of Moldova at Year-end

US$ mil. months

4.5 4.5
2400 5
2100 3.5
1800
1500 3
1717.69
1200 1672.41 1480.26
900 2
600
300
0 0
2008 2009 2010
Reserve assets stock (left axis)
Reserve assets / Average monthly imports of goods and services (right axis)

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ANALYTICAL PRESENTATION OF THE BALANCE OF PAYMENTS

Table 21. Balance of Payments of Moldova in Analytical Presentation (US$ million)

2006 2007 2008 2009 2010
CURRENT ACCOUNT -392.55 -726.27 -1049.05 -533.96 -590.32
Goods -1582.70 -2298.07 -3223.17 -1944.19 -2178.88
Services -21.98 -24.67 -1.36 -43.98 -80.31
Income 402.53 416.41 598.60 302.93 471.17
Current transfers 809.60 1180.06 1576.88 1151.28 1197.70
CAPITAL AND FINANCIAL ACCOUNT 337.30 995.69 1259.55 71.84 375.12
Capital transfers -22.78 -7.96 -14.61 -17.54 -28.36
Direct investment, of which: 240.65 516.26 696.69 121.08 190.82
in domestic economy 239.72 533.62 712.77 127.84 194.32
Portfolio investment -4.79 -4.51 6.38 -5.82 5.64
Assets -0.21 -0.07 -0.04 -0.25 -0.20
Liabilities -4.58 -4.44 6.42 -5.57 5.84
Financial derivatives 0.19 -0.47 0.94 0.34 -0.63
Other investment 124.03 492.37 570.15 -26.22 207.65
Assets -49.36 35.32 52.14 -210.56 75.46
Liabilities 173.39 457.05 518.01 184.34 132.19
loans* 75.18 279.11 344.03 -43.92 72.55
general government -29.90 -14.62 -21.26 -3.41 3.98
banks 7.00 121.91 163.94 -55.61 38.44
other sectors 98.08 171.82 201.35 15.10 30.13
other investment flows 98.21 177.94 173.98 44.06 59.64
SDR allocation 184.20
Errors and omissions 77.24 117.25 86.16 57.77 70.87
OVERALL BALANCE 21.99 386.67 296.66 -404.35 -144.33
Financing -21.99 -386.67 -296.66 404.35 144.33
IMF loans, net 41.05 11.22 12.13 -14.86 174.67
Change in reserve assets** -140.76 -528.86 -452.01 200.55 -294.37
Exceptional financing 77.72 130.97 143.22 218.66 264.03
Intergovernmental grants 4.69 52.22 61.92 69.35 108.05
Direct investment associated with reduction in debt 4.58
Other investment - liabilities 73.48 78.75 81.30 149.31 155.98
- governmental loans for BOP sustaining 10.28 9.83 40.42
- loans rescheduling 87.71 31.94 31.52
- arrears (net), including rescheduled -14.23 36.53 39.95 149.31 115.56
Advance payments, subsequent rescheduled payments -0.45 -4.58
* except rescheduled
**(-) increase, (+) decrease

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