Romania’s exports went up by 9.1% in 2017 versus the previous year, to EUR 62.64 billion, while the imports climbed by 12.3%, to EUR 75.6 billion.

The trade deficit thus widened by 30% compared to 2016, reaching almost EUR 13 billion, the National Statistics Institute (INS) announced on Friday.

In December, Romania recorded its highest monthly trade deficit in eight years, namely EUR 1.61 billion. The growth in imports was 10.8% while the exports only increased by 4.2% in the last month of the year.

The increase in domestic consumption due to higher individual revenues was the main driver for the higher trade deficit. The growing imbalance has led to a depreciation of the local currency versus the euro and higher inflation.

editor@romania-insider.com