Romania's trade deficit drops by 7% in first half of 2011

Romania's trade deficit fell by 7 percent in the first half of this year compared to the same period in 2010, to EUR 4.54 billion, according to the Romanian National Statistics Institute (INS). Reducing the trade deficit was due to faster increase of exports compared to imports. In the first six months, exports amounted to EUR 22 billion, 28.2 percent higher than those recorded in the same period last year, while imports climbed 20.4 percent to EUR 26.5 billion. Cars and transport equipment have the highest share in total exports, 42.1 percent, followed by fuel with 6.6 percent, and raw materials with 6.6 percent. In imports, the largest share is also represented by the cars and transport equipment with a share of 33.8 percent, followed by chemicals with 13.4 percent, fuels with 11.7 percent, food products, beverages and tobacco. Irina Popescu, irina.popescu@romania-insider.com (photo source: Sxc.hu)