Romania’s trade deficit more than doubled in the first month of this year, reaching EUR 383 million, compared to EUR 179 million in January 2015.

The imports totaled EUR 4.5 billion, up by 3.1% year-on-year, while the exports went down by 1.6%, to EUR 4.11 billion, according to data released by the National Statistics Institute (INS) on Friday.

The intra-EU exports were EUR 3.2 billion, 2.9% higher than in January 2015, but the extra-EU exports dropped by almost 15%, to EUR 917 million. Intra-EU imports went up by 4.3%, to EUR 3.53 billion.

Cars and automotive represented almost 47% or Romania’s exports and 39% of the imports, followed by other manufactured products (34% of exports and 30.5% of imports). Food, beverages and tobacco stood for 8.3% of the exports and 8.4% of the imports.

Romania’s trade deficit goes up by 40% as food imports soar after VAT rate cut

editor@romania-insider.com