Romania’s exports, imports and trade gap well above medium-term trend levels

Romania’s exports and imports are being both inflated by the rising prices of commodities, but overall the trade gap of the country - which is a net energy importer - has widened in the first quarter of this year (Q1) to EUR 7.2 bln, 34.3% more compared to the same period last year.

The rolling trade gap in the 12-month period to March hit EUR 25.5 bln, 32.5% more than one year earlier.

The trade gap to GDP ratio, compiled following the EU methodology of the latest four-quarter nominal GDP available (at the end of 2021, in this case), rose to 10.7% in March from 8.8% one year earlier.

In the first quarter of this year, the exports increased by almost a quarter - namely by 24.4% YoY to just over EUR 22.0 bln, but the imports advanced faster, by 26.7% YoY to EUR 29.2 bln.

The exports of mineral fuels (4.8% of total exports in Q1) surged by 92% YoY, but the imports for the same category of goods surged by 120% YoY (to 10.2% of total imports) in Q1. Similarly, the imports of chemicals rose by 40% YoY (twice the 20% rise in exports) and hit 16% of total imports - three times the 5% share held by this category in Romania’s exports.

(Photo source: Pixabay.com)