Romania's trade gap widens by 50% y/y in October

Romania's exports increased to EUR 6.34 billion in October, 10% more than in the same month of last year (y/y). However, the imports soared by 16.1% y/y to EUR 8.23 billion and the trade deficit deepened by 50% y/y to EUR 1.55 billion, according to data from the National Statistics Institute (INS). The trade gap in only one month thus amounted to the equivalent of 0.75% of full year's GDP. In January-October, the trade deficit reached EUR 11.8 billion, 15% more than last year in the same period and the equivalent of 6% of this year's GDP. Exports in January-October increased by 9.2% y/y mainly driven by more petroleum products (+26.4% y/y, 4.2% of period's total exports) and transport means (mainly cars, +11.4% y/y, 47.4% of period's total exports). Imports increased by 10.3% y/y in January-October, with the most notable advance rates for crude oil (+28.3% y/y, 7.5% of the period's total imports) and transport means (mainly cars, +12.4% y/y, 38% of the period's total imports). editor@romania-insider.com (photo source: Pixabay.com)