Romania's import and foreign trade deficit hit new record in October

Romania's trade deficit surged by 33% y/y to reach a new record in October – EUR 3.72 billion, more than last year's deficit in December, when the external gap is seasonally the widest in a year.

Imports increased by 8.6% y/y to EUR 12.2 billion in October 2024, an all-time record as well.

At the same time, the exports advanced by only 0.5% y/y to EUR 8.45 billion.

In 12 months to October, Romania's exports contracted by 1.8% y/y to EUR 92.1 billion.

The imports, in contrast, increased by 2.0% y/y to EUR 125.1 billion.

The detailed data provided by the statistics office INS for the first ten months of the year indicate a significant increase in the imports of chemicals (+7.5% y/y to 14.1% of total imports), slightly processed raw materials (+2.1% y/y to 17.3% of total) and food (+4.3% y/y to 8.9% of total).

On the exports side, exports of vehicles increased by 4.2% y/y to 47% of total exports, compared to slower (+2.7% y/y) imports of vehicles (36.4% of imports). A significant increase was seen in the category of beverages and tobacco: +17.3% y/y to 2.7% of total exports. Exports of petroleum products contracted 14.2% y/y to only 5% of total exports.

(Photo: Andrey Kuzmin/ Dreamstime)