Romania's exports increased by 1.3% in the fourth quarter (Q4) of 2020 compared to the same period in 2019, to EUR 17.4 billion.

It was the first positive annual performance since the last quarter of 2019 - but it wasn't strong enough to offset the sharp contraction of exports during the lockdown: -33.6% year-on-year in Q2.

For the whole year, Romania's exports shrank by 9.9% to EUR 62.2 bln.

The export of transport means (automobiles mainly) and components, accounting for about half of the country's total exports, dropped by 7.5% to EUR 30.2 bln.

Beverages and tobacco were the sole major trade category where exports advanced in 2020. The increase (38%) was robust, although the total exports in absolute value remain modest (only EUR 1.5 bln in 2020).

As for the imports, they also increased by 1.3% yoy in Q4, to EUR 22.7 bln. Consequently, the trade deficit in the last quarter of 2020 (EUR 5.3 bln) advanced by 1.7% yoy at a pace close to that posted in Q3 (+1.2% yoy).

In full 2020, imports contracted by 6.6% yoy (slower than the 9.9% drop in exports) to EUR 80.6 bln.

The import of mineral fuels (oil and gas) dropped by 36% yoy to EUR 4.2 bln, but this was the steepest decline among the major foreign trade categories. Meanwhile, the imports increased for some categories of goods such as food (+6.1%) and chemicals (+3.6%). 

andrei@romania-insider.com

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