Imports of fuels and chemicals push Romania’s trade gap up to 12.1% of GDP

Romania’s imports rose by 39% YoY to EUR10.7 bln in May and by 28% YoY to EUR 49.7 bln in January-May, driven by the higher prices of mineral fuels and chemicals - two items that accounted for over a quarter of the country’s imports in the first five months of the year.

It is particularly the import of mineral fuels that increased in value terms by 116% YoY to EUR 5.1bn or 10.3% of the total imports in January-May (up from 6.1% in the same period last year).

As diesel imports from Russia were replaced with imports from EU countries, the prices have further increased, putting pressure on the country’s trade gap.

The chemicals maintained a high share of roughly 15% of the total imports.

On the other hand, Romania’s exports rose comparatively slower: by 35% YoY to EUR 8.0 bln in May and by less than 24% YoY in January-May (to EUR 36.9 bln).

The export of food and crude materials (except for fuels) rose by 54% YOY each to a combined share of 13% of total exports in January-May, while the export of vegetable oil tripled in annual terms to a still insignificant 0.9% of the five months’ exports.

Overall, Romania’s trade deficit widened by 53% YoY to EUR 2.7 bln in May and by 44% YoY to EUR 12.7 bln in the first five months of the year.

In the 12-months to May 2022, Romania’s trade gap soared by 39% YoY to EUR 27.6 bln, or 11.1% of GDP, up from 9% of the GDP in the 12-month to May 2021 and 8% in the 12-month to May 2019, before the pandemic, according to data presented by the statistics office INS on July 11.

(Photo: Lekchangply | Dreamstime.com)