Total trade in goods and services (exports plus imports) between the UK and Romania stood at GBP 7.5 bln (EUR 8.57 bln) in the four quarters to the end of Q2 2022, an increase of 53.2% from the four quarters to the end of Q2 2021.

UK exports to Romania amounted to GBP 2.3 bln (an increase of 14.0% compared to the four quarters to the end of Q2 2021), according to a report from the British Department for International Trade. In the same period, UK imports of goods from Romania increased by 75.0%, while UK imports of services from Romania increased by 85.7%.

Road vehicles other than cars, beverages, cars, miscellaneous electrical goods, and specialized machinery were the top goods exported from the UK to Romania.

Cars, ships, other road vehicles, general industrial machinery, and clothing were the goods imported to the UK from Romania the most.  Romania also exported travel services (56.5% of the total services imported to the UK), transport, telecommunications, IT services, other business services, and construction to the UK.

The new numbers make Romania the UK’s 34th most important trading partner. In these conditions, on November 17, the "New Horizons for UK - Romania Trade and Investment" Conference will take place in London. The conference is an opportunity for participants to explore the newest investment opportunities in Romania. It aims to offer investors or entrepreneurs from both markets the opportunity to share business ideas and create long-term partnerships.

The event will also discuss the context of the last two years, marked by the COVID-19 pandemic, which also showed relevant decreases in Great Britain's market share in Romania. There were also decreases in UK foreign direct investment in Romania of up to 7.7%, equivalent to GBP 44 mln (EUR 50.2 mln). Grants available for green and effective investments in combating climate change will also be discussed.

radu@romania-insider.com

(Photo source: Ruletkka | Dreamstime.com)