Trade deficit is growing in Romania as imports continue to outpace exports

Romania’s exports went up by 6.9% in April compared to the same month of last year, to EUR 4.7 billion, but the imports increased by 9.8%, reaching EUR 5.5 billion. The trade deficit thus widened by 29% to EUR 835 million, according to the National Statistics Institute (INS). In the first four months of this year, Romania exported EUR 18.6 billion worth of goods, up 4.4% compared to the same period of 2015. The imports went up 7.8% year-on-year to EUR 21.4 billion. The trade deficit went up by 38% to EUR 2.79 billion. Romania’s imports accelerated after the Government cut the VAT rate on food and beverages, in June 2016, boosting domestic consumptions. However, the Parliament approved earlier this week a new law that forces local supermarkets and hypermarkets to sell minimum 51% domestic products. editor@romania-insider.com