Romania’s trade deficit up 18.4% yoy in Jan-Oct

Romania’s trade deficit (goods only) widened by 18.4% year-on-year in the first ten months of the year compared to the same period in 2018, to EUR 14.0 billion (6.5% of GDP), the statistics office INS informed, quoted by Romania-Insider.com.

The imports increased by 4.6%, to EUR 72.2 bln, while exports advanced at a slower pace of 1.7%, to EUR 58.2 bln.

For the entire January-October period, the trade deficit increased by EUR 2.1 bln, almost 1% of GDP, compared to the trade deficit in the same period last year.

The exports of beverages and tobacco soared by nearly one third: 30.3% year-on-year in value terms, while the exports of live animals surged by 10.6% as well. In contrast, exports of mineral fuels, lubricants and derivatives decreased by 8.6%.

Of all the product categories, the largest increase in imports was recorded for mineral fuels, lubricants and derived materials from the EU, up 35%.

“Notably, the deficit of the balance of trade with goods with the EU countries increased by 20.3% year-on-year to EUR 9.2 bln,” commented Andrei Rădulescu, head of macroeconomic research at country’s largest lender Banca Transilvania.

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