Romania's trade deficit fell to its lowest level in 10 years in February, according to estimate from the National Statistics Institute (INS). The deficit was just over EUR 208 million, down more than EUR 300 million on the level recorded in February last year.

Compared with February 2012, exports increased by 10.8 percent expressed in RON or 10 percent expressed in EUR  and imports increased by 2 percent in local currency or 1.3 percent in EUR. This took total FOB exports to EUR 3.87 billion and CIF imports to EUR 4.08 billion.

The trade deficit for January and February this year was also lower than during the equivalent period in 2012. For the first two months, the deficit stood at just over EUR 508 million – more than EUR 460 million lower than January/February 2012.

For the first two months of 2013, FOB exports valued EUR 7.57 billion and CIF imports amounted to EUR 8.08 billion.

Compared to the equivalent period in 2012, exports increased by 9.4 percent at values expressed in local currency, or 8.1 percent in euros, while imports rose by 2.5 percent in RON and 1.3 percent in euros.

A significant share of the exports and imports by product group was held by machinery and transport equipment – 42.4 percent of exports and 34.4 percent of imports. Other manufactured goods accounted for 34 percent of export and 29.6 percent of imports.

Last year, Romania exported goods worth EUR 45 billion while imports valued EUR 54.6 billion, resulting in a trade deficit of EUR 9.5 billion, close to the level recorded in 2011.

editor@romania-insider.com

photo source: sxc.hu