Romania’s foreign trade deficit reaches new record in October
The trade deficit in Romania widened by 38% YoY in October to a new record of EUR 3.4 bln, according to data from the statistics office INS. The exports increased by 22% YoY to nearly EUR 8.0 bln, while the imports surged by 26% YoY to EUR…
iulian ernst · Journalist
· Updated · 1 min read
The trade deficit in Romania widened by 38% YoY in October to a new record of EUR 3.4 bln, according to data from the statistics office INS. The exports increased by 22% YoY to nearly EUR 8.0 bln, while the imports surged by 26% YoY to EUR 11.4 bln.
The deficit in the rolling 12 months to October reached EUR 32.9 bln, 44.5% more compared to October 2021.
The latest scenario published by the state forecasting body envisages further widening of the trade gap to EUR 35.2 bln in 2022, followed by a milder 18% YoY deepening of the deficit in 2023.
The trade deficit with goods has fluctuated between 11% and 12% of GDP in each of the three quarters this year, illustrating structural issues.
The deficit-to-GDP ratio has constantly widened over the past decade at a rate similar to that seen before the 2008-2009 crisis, but in absolute terms, it is still far from the 15%-20% levels reached at that time. Furthermore, the trade deficit this time is supposed to be financed (and partly caused) by the significant inflows under the Recovery and Resilience Facility.
(Photo source: Andreykuzmin/Dreamstime.com)
