Commercial ties between Romania and Germany strengthen by 17.7% YoY in Jan-Sep
The bilateral trade with goods between Romanian and Germany rose to EUR 28.8 bln in January-September, 17.7% more compared to the same period last year, according to the Romanian-German trade chamber AHK Romania quoting data from the German statistics bureau.
The growth rates are lower compared to the overall advance of Romania's exports (+25% YoY, as of Jan-Aug) and imports (+30% YoY), but the overall figures were pushed up by the energy goods, not an important item in the trade between Romania and Germany.
Notably, Romania's trade deficit with Germany has narrowed as the exports increased by 20.6% YoY to EUR 13.1 bln, only EUR 1.7 bln less than the imports that advanced comparatively slower by 8.8% YoY.
Germany is Romania's largest trade partner, accounting for some 20% of Romania's exports and imports (data as of 2021). Germany is also the main foreign investor in Romania.
"The data show the sustained dynamic of bilateral economic relations and indicate that the German companies want to continue investing in Romania. The proximity to Western Europe, especially in the context of the reorientation of the supply chains, and the country's EU and NATO membership are important assets of Romania," said Sebastian Metz, general director of AHK Romania.
He expressed his hope that Romania will be able to materialize its strengths regarding energy security and energy supply, respectively, to attract additional investments in this sector.
"Furthermore, we would like the accession to the Schengen area to be completed as soon as possible because, in addition to the numerous concrete economic benefits, which the business environment urgently needs in a difficult macroeconomic context, this also represents a strong political signal," said the AHK head.
Germany has already expressed support for Romania's Schengen membership - which now depends only on The Netherlands' position.
(Photo source: AHK Romania)