Romanian-British trade grows by almost 50%
The total trade of goods and services (exports and imports) between the UK and Romania stood at GBP 8.7 billion in the four quarters to the end of Q3 2022, representing an increase of 47.9% or GBP 2.8 billion, according to data from the…
Irina Marica · Journalist
· Updated · 2 min read
The total trade of goods and services (exports and imports) between the UK and Romania stood at GBP 8.7 billion in the four quarters to the end of Q3 2022, representing an increase of 47.9% or GBP 2.8 billion, according to data from the UK's Department for Business and Trade.
In particular, Romanian exports to the UK reached a record GBP 6.2 billion in 2022, a YoY increase of 54.9%.
Thus, despite the still felt impact of Brexit on Great Britain, but especially the complicated geopolitical context caused by the Russian-Ukrainian conflict, Romanian-British trade is still on an upward trend.
"Romania's evolution from being a curiosity for foreign investors, as it could be perceived 25 years ago when the Romanian-British Chamber of Commerce was born, to that of a serious investment destination is probably among the most remarkable aspects of this period. On the one hand, this raised the standards of commercial collaborations between Romania and Great Britain, but also the expectations of British and other investors towards Romania," said Colin Lovering, president of the Romanian-British Chamber of Commerce.
When considering investments in Romania, foreign investors mainly look at the infrastructure, political and fiscal stability, as well as labour force issues. At the same time, the state aid offered by the government is a determining factor for foreign companies. Thus, according to the press release, Romania allocated 7% of GDP for investments, meaning over RON 100 billion.
"2022 was the best year for Romania to attract foreign direct investment, with almost EUR 11 billion. Romania proved to be a stable country for investors from an economic, political and monetary point of view," said Alexandru Mitroi, Senior Adviser InvestRomania.
The Romanian-British Chamber of Commerce (BRCC) organized on Thursday, April 27, the 3rd edition of the New Horizons for the UK – Romania Trade and Investment Forum. At the event, investors, entrepreneurs and other business leaders from both markets shared knowledge, strategies and best practices in their fields of activity.
(Photo source: Ruletkka/Dreamstime.com)
