Romania Trade, Exports and Imports

 

 

Romania saw an immediate change in its international trade scenario when it liberalized its trading system at the time of joining the European Union in 2007. Romania has been seeing a continuous increase in exports since 2003. Despite negative GDP growth in 2009, due to the global recession, the country’s exports grew 22.54%.[br]

 

Romania Trade, Exports and Imports

Romania has always been plagued by trade deficit. While the estimated total exports in Romania amounted to $49.41 billion in 2009, its total imports were $76.17 billion. As of September 17, 2009, the country ranked 55 globally in terms of exports and 42 in terms of imports.

 

Leading exports include:

• Machinery and equipment

• Textiles and footwear

• Metals and metal products

• Machinery and equipment

• Minerals and fuels

• Chemicals

• Agricultural products

 

Leading imports include:

• Machinery and equipment

• Fuels and minerals

• Chemicals

• Textile and products

• Metals

• Agricultural products

 

The countries with which Romania trades with are:

 

Export (as of 2008)

• Germany 16.3%

• Italy 15.4%

• France 7.3%

• Turkey 6.5%

• Hungary 5%

• Bulgaria 4.1%

 

Romania was the largest trading partner of the US among the Central-Eastern European countries until CeauÅŸescu’s 1988 renunciation of the Most Favored Nation (non-discriminatory) trading status. However, now with Romania shipping only about 1.5% of its exports to the US, the world leader is no longer a crucial export partner.

 

Import (as of 2008)

• Germany – 16.1%

• Italy 11.2%

• Hungary 7.3%

• Russia 5.9%

• France 5.6%

• Turkey 4.9%

• Austria 4.8%

• Kazakhstan 4.5%

• China 4.2%

 

In 2007, Romania exported approximately $40.25 billion worth of goods in the international market. Meanwhile, Romanian imports totaled $64.33 billion, resulting in the overall trade deficit of $24.1 billion. 

Reserves of foreign exchange and gold:

• $33.7 billion (December 31, 2009 est.)

• $39.47 billion (December 31, 2008 est.)[br] 

Debt – external:

• $95.48 billion (estimated amount as of December 31, 2009)

• $102.2 billion (estimated amount as of December 31, 2008)