Germany is Romania's most important trade partner, Economy Ministry says

The bilateral trade between Germany and Romania stood at EUR 40.68 billion in 2022, representing a 17% YoY increase and making Germany the country's most important commercial partner, the Romanian Ministry of Economy, Entrepreneurship and Tourism (MEAT) said.

The Romanian economy minister Ștefan-Radu Oprea met with the German ambassador to Bucharest, Peer Olav Gebauer, on August 16. The talks focused on boosting bilateral economic cooperation, aiming both at attracting German investments in Romania and encouraging local companies that want to initiate and develop projects in Germany.

"Currently, Germany is the most important trade partner of Romania, with the very good commercial relations […] being also demonstrated by the 17% increase in the value of bilateral trade in 2022, compared to the level of the previous year, to EUR 40.68 billion. In the same period, Germany was the first destination for Romanian exports, with a share of 20% of Romania's total exports," reads the press release issued by the Ministry of Economy after the meeting.

With over 25,000 investing companies, Germany is also the second source of foreign direct investments to Romania, the same source said.

The two officials also discussed the work sessions and bilateral institutional meetings that are to be held in the next period between the two countries, such as the Romanian-German Business Forum in Berlin (September 28-29), the Romania-Bavaria Joint Governmental Commission (September 14-15) and the Romania-Baden Württemberg Joint Governmental Commission.

At the end of the meeting, ambassador Peer Gebauer thanked Romania for the cooperation within the Security Corridors, which ensure the transit of Ukrainian grains, essential for global food security. In his turn, the Romanian minister mentioned that continuous steps had been taken to expand the capacity of the port of Constanța.

(Photo source: Facebook/Ministerul Economiei, Antreprenoriatului și Turismului)