The registered trade deficit of Romania’s economy was 10 billion euros in the first four months of 2022, almost 3 billion euros higher than the value recorded between January 1 and April 30, according to data from the National Institute of Statistics (INS). It is no surprise that Romania imports more than exports.
However, the trade deficit does not appear to be shrinking as time passes. It seems to be increasing slowly, to the country’s detriment.
FOB exports totalled EUR 6.886 billion in April 2022, while CIF imports totalled EUR 9.711 billion, resulting in a 2.824 billion euro deficit. Exports climbed by 10.4% in April 2022 compared to April 2021, while imports increased by 21.8%.
FOB exports totalled EUR 28.920 billion in the first four months, while CIF imports totalled EUR 38.933 billion. Compared to the previous year’s period, exports climbed by 20.7%, and imports increased by 25.5%.
Products such as machinery and transport equipment (42.6% for export and 32.5% for import) and other manufactured products (42.6% for export and 32.5% for import) hold significant shares in the structure of exports and imports between January 1 and April 30 2022. (31, 1% for exports and 29.7% for imports).
During the time, intra-EU goods trade was 21.105 billion euros for shipments and 27.682 billion euros for introductions, accounting for 73% of total exports and 71.1% of total imports.
Extra-EU27 goods commerce was worth 7.815 billion euros in exports and 11.251 billion euros in imports between January 1 and April 30, 2022, accounting for 27% of total exports and 28.9% of total imports.
As the trade deficit has been increasing rapidly, the question is: how much longer will Romania’s economy be importing more than exporting? It is a serious problem, which is already starting with price increases to affect Romania.