Romania’s foreign trade gap (goods) shrank by 19% y/y in October 2025, as the exports performed better than imports for the sixth month in a row: it increased by 5.1% y/y to EUR 8.87 billion, while the imports contracted by 2.4% y/y to EUR 11.88 billion, according to data published by the statistics office INS. In absolute terms, the trade gap was the third highest ever (EUR 3 billion), and the impressive one-fifth annual contraction was largely due to the high base – the gap reached the widest level (EUR 3.73 billion) in October 2024.

Romania’s chronic trade deficit shows some signs of improvement since it deteriorated significantly during 2022, driven by the rise in the price of imported energy goods and general subdued economic activity across Europe in the first months after Russia invaded Ukraine. 

The rolling trade gap in 12 months to October 2025 reached EUR 33.7 billion (+2.2% y/y), and it has decreased slightly for the past 6 months from the peak reached in April 2025 (EUR 35.7 billion). 

As a share of GDP, Romania’s trade gap in 12 months to October 2025 was 9.1% – down from 12.1% in 2022 when the 12-month rolling gap peaked at EUR 34.1 billion.

The exports in 12 months to October increased by 4.2% y/y to EUR 96.0 billion, while the imports rose by only 3.7% y/y to EUR 129.7 billion. 
It was for the first time since July 2024 that the trend exports (the exports calculated for a rolling 12-month period) rose again faster than imports. 

The trade gap remains substantial, but its nominal stabilisation amid a sharp rise in nominal GDP (+32% since 2022) resulted in a significant improvement in the gap-to-GDP ratio (9.1% of GDP).

The subdued demand for consumption in Q2 and particularly Q3 2025 (when retail sales contracted by 0.2% y/y) may explain part of the moderation seen in imports, hence in the trade gap, and further improvement may follow in the coming quarters when the consumption dynamics are likely to remain in the negative area.

iulian@romania-insider.com

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