The German companies are “increasingly setting up research and development centers in Romania” and “the valued added of the German companies in Romania” has increased significantly, reads a statement of the Romanian-German Trade and Industry Chamber (AHK Romania) summarizing the bilateral trade developments.

The foreign trade figures show the combined foreign trade turnover (exports plus imports, taken together) increased last year by 12.3% YoY to EUR 33 bln in 2021, according to AHK Romania quoting German statistics office Destatis.

Romania’s overall foreign trade volume (exports plus imports) surged by 21.2%, meaning that Germany has lost ground - yet remaining Romania’s largest trade partner.

Furthermore, the trade deficit Romania incurred in its relation with Germany has increased in 2021: Romania’s exports to Germany rose by only 8.7% YoY to EUR 14.8 bln while the imports advanced nearly twice as fast by 15.4% YoY to EUR 18.3 bln.

Indeed, the clothing factories dominating the country’s exports decades ago in Romania were shifted by the Western investors to countries with lower labor costs.

The share of other export items (supposedly higher value-added) has increased.

On the upside (from the perspective of the German exporters), the rising incomes turned Romania into an even more interesting market for German products, AHK Romania remarks. 

(Photo: Ruletkka/ Dreamstime)

andrei@romania-insider.com