Trade surplus of over 900 million dollars in services
As a result, the surplus of foreign trade in services increased almost twice: from around 472 million dollars in 2021, to more than 904 million dollars – in 2022, with approximately 45% returning to IT services, according to NBM data.
For example, in the last quarter of 2022, the surplus was 2.6 times higher than in the fourth quarter of 2021 and totaled 283.58 million dollars. The evolution was determined by the more significant increase in service exports (+45.4 percent) compared to that of imports (+8.2 percent), explains the National Bank.
We mention that a huge trade deficit of about five billion dollars is recorded in foreign trade with goods from the opposite side.
Transport and passenger services dominate
According to NBM data, in the fourth quarter of 2022, service exports amounted to 643.16 million dollars, of which 30% (193.03 million dollars) went to travel services, which also had the largest contribution (+20.0 pp) to the total increase in service exports.
This evolution was determined by the 2.1 times increase in the value of personal travel services, up to 151.99 million dollars (including the expenses and consumption of refugees on the territory of Moldova), and the business ones increased by 23.3% and totaled 41.04 million dollars.
A significant contribution was made by transport services in the amount of 151.05 million dollars, increasing by 72.7% compared to the similar period of the previous year. This increase was conditioned by the increase in the export of goods transport services by 72.4% ($78.87 million), explains the BNM.
Imports of services in the fourth quarter of 2022 totaled 359.58 million dollars, of which 41.7% (150.11 million dollars) were transport services, having the largest contribution, of 6.1 pp, to the increase in imports total services.
Their increase, by 15.5%, was determined by the increase in the import of passenger transport services by 2.7 times compared to the fourth quarter of 2021. Transport services were also influenced by the increase in the import of air transport services by 95.9% (+$19.08 million,).
The import of travel services increased by 14%, up to 101.72 million dollars, having a positive contribution of 3.8 pp to the total import of services, thanks to the increase of personal travel services by 30%, while the travel services of business decreased by 9%.
Upward evolution of IT services exports
According to the NBM, there was an upward evolution in the fourth quarter of 2022, both the exports of IT services, which increased by 35.8%, up to 145.75 million dollars, and their imports (+16%) totaling 18 .21 million dollars.
Thus, the balance surplus of IT services increased by 39.1% in the fourth quarter of 2022 and totaled 127.54 million dollars.
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p class=”mb-8 px-6 md:px-0 font-bitter text-s17-l170 md:text-s18-l170 text-c121212″>NBM data reveal that for the whole of last year the surplus of these services exceeded 403 million dollars, increasing by about 38% compared to 2021.
