The trade deficit posted by Romania in July was the second-largest ever at €2.2bn and almost two-thirds (65%) wider compared to July 20202 — not exactly the best comparison, given the disruptions in foreign trade last year during the pandemic.
Exports increased by 15% y/y to €6.36bn, but imports advanced even more by 24% y/y to €8.55bn. The growth rates for both export and imports are still pushed up by the low base, but the wide differential is relevant for Romania’s structural foreign trade balance.
Compared to the same period of 2019 (before the crisis), Romania’s trade gap in June-July (a metric used to address the volatility) increased by 38% as exports increased by 10% and imports by 16%.
In the first seven months of the year, Romania’s trade gap widened by 29% y/y to €12.9bn. Exports increased by 24.5% y/y to € 42.5bn, and imports rose by 25.4% y/y to €55.3bn. Compared to 2019, the growth rates were 4.3% and 10.2% respectively.
Between January 1 and July 31, important shares in the structure of exports and imports were held by the group of machinery and transport equipment (47.5% of exports and 36.4% of imports) and other manufactured products (30. 5% of exports and 30.2% of imports).