Romani's 2008 Trade Deficit At EUR22.5B, Up 3.4% On Year

02.09.2009 ZF English

Romania’s trade deficit was up 3.4% in 2008 to EUR22.5 billion, from EUR21.7 billion in 2007, but exports grew at a higher pace than imports, the National Statistics Institute reported Monday.

In 2008, exports grew by 13.8% to EUR33.61 billion from EUR29.54 billion in the previous year.

Imports were up 9.4% at the end of 2008 to EUR56.13 billion, from EUR51.32 billion at the end of the previous year.

In December alone, the trade deficit was down 34.6% on the year to EUR1.45 billion. Exports dropped 16% on the year to EUR1.92 billion in December, while imports were at EUR3.37 billion, 25.2% lower than in the same month a year earlier.

The European Union, which Romania joined in 2007, was the country's main source of imports in 2008, accounting for EUR38.7 billion.

Exports are calculated exclusive of costs, insurance and freight fees, but imports are calculated including such costs. The statistics institute said trade data for December are estimates.

Romania's trade deficit widened nearly 44.4% in 2007 to EUR21.5 billion from EUR14.89 billion in 2006.