Romania’s trade deficit widens by 59% YoY in Q3

The trade deficit of Romania (goods only) increased to nearly EUR 9.6 bln in Q3, or by 59% compared to the same period last year, the statistics office announced.

The monthly data reveals certain moderation, in the sense of a comparatively smaller deficit in September (+43% YoY), possibly reflecting softening private demand and economic activity - the trends shaping the economic landscape in the entire H2.

The exports increased by 31% YoY to EUR 24 bln, and the imports rose by 38% YoY to EUR 33.6 bln in Q3.

The dynamics of Romania’s foreign trade (exports, imports and deficit) accelerated in the third quarter of the year, partly driven by the prices rising globally (nominal effect), and this is expected to continue in Q4 - before slowing down in 2023 and in the following years when the trade gap will still keep growing at significant rates.

The exports and imports in the 12-month period to September increased by nearly 23.8% YoY and 28.7% YoY - compared to 24.3% YoY and 30.2% YoY rates projected by the state forecasting body CNP for the whole year.

The trade gap in the 12-month period was just under EUR 32 bln - compared to EUR 35.2 bln projected for 2022.

From a 49% YoY advance this year, Romania’s trade gap is expected to grow by only 18% in 2023 and 9% in 2024.

(Photo source: Dreamstime.com)