Romania’s exports rose by 23.3% YoY to EUR 5.67 bln in August, while the imports advanced by only 21.1% YoY to EUR 7.40 bln resulting in a trade gap of EUR 1.73 bln, 14% more compared to the same month last year, according to data from the National Statistics Institute (INS).

In principle, it means that the exports fared better than imports, but the trade gap keeps rising - indeed not as fast as (+65% YoY) in July.

The lockdown and the economic slowdown last year and the sharp rise in some prices globally (energy, food) complicates the big picture.

Compared to August 2019 - before the crisis - the exports increased by 13% and the imports by 16% - resulting in a 27% advance of the trade gap. It is a more accurate representation of Romania’s foreign trade dynamics that is not encouraging.

Under another metric, Romania’s exports over the past 12 months ending August (EUR 71.6 bln) edged up by only 3.5% compared to January 2020 - before the crisis.

The imports, calculated on the same base, increased by 7.6% to EUR 93.01 bln resulting in a trade gap of EUR 21.5 bln, 24% more compared to January 2020. For comparison, Romania’s GDP expressed in nominal terms increased by only 1.7% to EUR 226.6 bln (12-month ending June 2021). 

(Photo: Pixabay)

iulian@romania-insider.com