Russia’s CBR maintains key rate at 16%
1 hour ago
Romania's exports increased by 1.3% in the fourth quarter of 2020 compared to the same period in 2019, to €17.4bn, marking the first positive annual performance since the last quarter of 2019.
But the recovery wasn't strong enough to offset the sharp contraction of exports during the lockdown of -33.6% year-on-year in Q2, and therefore for the whole year, Romania's exports shrank by 9.9% to €62.2bn.
Exports of transport means (automobiles mainly) and components, accounting for about half of the country's total exports, dropped by 7.5% to €30.2bn.
Beverages and tobacco was 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 €1.5bn in 2020).
As for imports, they also increased by 1.3% y/y in Q4, to €22.7bn.
Consequently, the trade deficit in the last quarter of 2020 (€5.3bn) advanced by 1.7% y/y, a pace close to that posted in Q3 (+1.2% y/y).
In the full year 2020, imports contracted by 6.6% y/y (slower than the 9.9% y/y drop in exports) to €80.6bn.
The import of mineral fuels (oil and gas) dropped by 36% y/y to €4.2bn, but this was the steepest decline among the major foreign trade categories. Meanwhile, imports increased for some categories of goods such as food (+6.1%) and chemicals (+3.6%).
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