Romania’s foreign trade (chart) deficit widened by 32% year on year in February 2025, reaching €2.74bn, as export volumes declined and imports continued to rise, according to figures published by the National Institute of Statistics (INS).

The deterioration follows an even sharper 39% increase in the trade gap reported in January, underscoring imbalances seen since last year in the country’s external accounts.

Exports fell by 0.7% y/y in February to €7.90bn, marking a setback for Romanian exporters following marginal gains recorded in late 2024. In contrast, imports climbed by 6.3% y/y to €10.77bn, reflecting persistent domestic demand and rising energy-related import costs.

The latest figures come amid a longer-term trend of stagnant export performance: both exports and imports in 2024 remained steady for the third year, close to the levels seen in 2022. Consequently, the trade gap has remained close to the same level, despite the sentiment created by the 15% y/y wider gap in 2024 (a result of base effects after smaller gap in 2023).

January’s data had, however, already revealed a concerning spread: although exports grew by 2.4% y/y, imports surged by 10.3%, driving the monthly deficit to the same €2.74bn figure. The concerns were confirmed by February foreign trade numbers. While the imports will predictably be dragged down by subdued demand, the exports are also likely to underperform in the coming quarters, given the difficult global context.

For the first two months of 2025, exports posted a modest 0.7% y/y increase, primarily driven by strong performances in selected sectors. Fuel exports rose by 50% y/y, while chemical exports increased by 16% and exports of beverages and tobacco – led by tobacco – advanced by 24%. However, most other sectors reported negative results.

On the import side, the overall 8.2% y/y increase in January-February was led by a 33% rise in fuel imports and a 10% increase in chemical imports. No import category registered a decline, pointing to broad-based import growth across key sectors.