INS: Romania's 1Q Trade Gap Narrows To EUR1.4B

05.10.2011 By Florentina Dragu

Romania’s trade deficit narrowed to EUR1.4 billion in the first quarter, from EUR2 billion in the year-earlier period, the country’s statistics institute INS said Tuesday.

Exports rose 39.4% on the year to EUR11 billion in January to March, while imports were up 25% to EUR12.4 billion.

Vehicles made up for the bulk of exports and imports, amounting to 42.9% of overall exports and 34.2% of the imports in the first quarter, the data showed.

Exports are calculated exclusive of costs, insurance and freight fees, but imports are calculated including such costs.

In March alone, Romania's trade deficit was of EUR806 million, narrower from EUR929.1 million in the year-earlier month.

Exports were at EUR4.08 billion in March, up 35% on the year, while imports were up 23.7% to EUR4.9 billion.

Romania's trade deficit narrowed to EUR9.46 billion in 2010, from EUR9.86 billion a year earlier, with exports rising faster than imports.