Romania’s exports slow their growth pace in H2 2015

Romania’s exports slowed their growth pace in H2 2015, while imports grew faster, reads a document posted on the website of the Ministry of Public Finance (MFP) drawn up by the National Prognosis Commission (CNP).

‘The economic trend in 2015 was influenced by the adopted fiscal measures. One such measure was the extension of reduced VAT rate to all foodstuffs, which has led to an increase by 8.9 percent in retail sales, backing the rise in domestic demand. A favorable influence was exerted also by car fleet renewal that prompted higher trade in motor vehicles in 2015 by 19.3 percent,’ reads the document.

According to the cited source, the growth trend of population’s consumption was supported by the increase in the gross minimum salary and keeping the negative inflation, having led to an increase in real available income.

‘Romania’s foreign trade activity concentrated in particular on the trade with EU partners, so that the intra-community exports in 2015 recorded the value of 40.2408 billion euros, up by 7.9 percent from the previous year. Instead, the exports to extra-EU space in 2015 were down by 5.2 percent,’ informs the CNP.

The rise in imports was due to intensified intra-EU imports by 10.1 percent, according to the CNP, whilst the imports from the extra-EU space decreased by 0.1 percent compared to a year earlier.

‘Romania’s imports in H2 2015 recorded an increase of 8.2 percent over H2 2014, namely a 11.7 percent rise in the imports from EU and a reduction by 2.1 percent in those from non-EU states.

The value of intra-EU trade of goods in 2015 represented 73.7 percent of total exports and 77.2 percent of total imports, with a negative balance of the trade balance of 8344.1 million. As to the Romania’s exports to non-EU statutes, these totaled 14,356.3 million euros and imports 14,380.6 million euros, thus resulting a trade deficit of only 24.3 million euros,’ the cited document also reads.

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