Romania's exports contracted to EUR 11.5 billion in the second quarter (Q2) of the year, down 33.5% compared to the same period last year.

However, the situation improved gradually from the steep 47% annual contraction seen in April to a more moderate 12% decline in June, according to data from the National Statistics Institute (INS).

For the whole first half of the year (H1), the value of Romanian exports shrank by 18%.

The country's imports also decreased in the second quarter of the year, by 26.4% year-on-year to EUR 15.7 bln, driven by subdued consumption and industrial activity.

The resumption in foreign trade activities was visile in the imports' dynamics as well: they contracted by only 7.9% year-on-year in June.

Overall, Romania's imports contracted by 13% in the first half of the year.

The trade gap widened by 5% in Q2, but its dynamic was lower than the +19.8% increase recorded in Q1. In absolute terms, the trade gap reached EUR 4.21 bln in Q2 and EUR 8.67 bln in H1.

(Photo: Pixabay)

editor@romania-insider.com