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October 28, 2020
BUSINESS

A first in Romania’s economy: Trade volume surpasses EUR 100 bln in 2014

* Exports have surpassed EUR 52 bln, while imports have surpassed EUR 58 bln  * This is the fourth consecutive year in which Romania registers one of the highest export growth rates in the European Union

Before 1990 Romania’s exports surpassed USD 10 bln only on two occasions. Those were record levels registered by the economy. According to the most recent data published by the National Statistics Institute (INS), last year the value of exports surpassed by far EUR 50 bln. Based on the information we have from the Export Council (a public-private body), 2014 was the fourth year in which Romania’s exports grew at the fastest rate in the EU, placing our country at the top of the EU rankings from that point of view. This trend has all chances of being maintained in 2015, being supported both by foreign companies and by companies whose capital is fully Romanian. The establishment of the Foreign Trade Institute (decided by the government well over a month ago) is expected to act as an important lever for the promotion of local merchandise on foreign markets. Maybe through the joint effort of the Economy Ministry and the Export Council the volume of intra-EU trade will fall below the 70 per cent level. Considering that the European Union and the members of the Euro Area in particular are no longer the engine of the European economy. Romania needs to identify and sell its products on other continents too. In this context it is worthy to mention the extremely low level of our trade with China and the United States of America.

Next we offer a synthesis of the data published yesterday by the INS.

Romania’s exports reached the level of 52.5 billion euros in 2014, up by 5.8%, whilst imports rose to 58.5 billion euros, by 5.9% higher than in 2013, according to the estimative data released on Monday by the National Statistics Institute (INS).
The FOB exports in 2014 were worth 233.214 billion lei (52.458 billion euros) and the CIF imports had the value of 260.056 billion lei (58.504 billion euros).
Compared to 2013, exports increased by 6.4% – in lei values (5.8% in euro values) and imports went up by 6.4% in lei values (5.9% in euro values).
The FOB-CIF trade deficit in 2014 amounted to 26.842 billion lei (6.046 billion euros), up by 1.606 billion lei (339.2 million euros) from 2013.
The value of the intra-EU trade (Intra-EU28) in 2014 was 165.748 billion lei (37.305 billion euros) in terms of exports and 195.943 billion lei (44.103 billion euros) in terms of imports, having represented 71.1% of total exports and 75.4% of total imports.
The extra-EU trade (Extra-EU28) in 2014 had the value of 67.466 billion lei (15.153 billion euros) in terms of exports, and 64.112 billion lei (14.401 billion euros) in terms of imports, having accounted for 28.9% of total exports and 24.6% of total imports.
In 2014, significant shares in the structure of exports and imports were held by the following groups of products: cars and transport equipment (42.3% in terms of exports and 35.5% as far as imports go) and other manufactured products (32.7% for export and 30.7% for imports respectively).

 

 

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