Trade deficit at a worrying level. Currency losses are equivalent to Romania’s exports for three months

By Emea Riga
Romania’s trade deficit is growing year by year. And this is due to the excessive dependence of intra-community trade, ie with the EU member states. We are the only EU country that exports and imports from the other member states almost three-quarters of the total goods and services.
The projects of reindustrialization and restoration of the production fabric, especially in the food industry, remained only on paper, in the programs of the various parties that were in power.
It is almost inconceivable that in the group of “food and live animals” products Romania will export to the EU only 2.83 billion Euros and to import goods worth almost 7 billion Euros.
The same goes for the “chemicals and derivatives” product group. We exported 2.6 billion euros worth of products to the EU and 11.6 billion euros worth of imports. That’s because of the more than 10 petrochemical plants that existed before 1990, we now have only one.
According to the National Institute of Statistics (INS), Romania’s foreign trade falls in the following parameters in 2021:
Romania’s exports increased in 2021 by 20.1% compared to 2020, to 74.7 billion euros, and imports increased by 22.1% to 98.398 billion euros, and the trade deficit amounted to 23.698 billion euros.
“In 2021, FOB exports amounted to 74.7 billion euros, and CIF imports amounted to 98.398 billion euros. In 2021, exports increased by 20.1% and imports increased by 22.1% compared to 2020 “The trade deficit (FOB / CIF) deficit in 2021 was 23.698 billion euros, 5.301 billion euros higher than in 2020”, according to INS data.
In December 2021, FOB exports amounted to 6.529 billion euros, and CIF imports amounted to 8.869 billion euros, resulting in a deficit of 2.339 billion euros.
Compared to December 2020, exports in December 2021 increased by 28.7% and imports increased by 26.2%.
In 2021, important shares in the structure of exports and imports are held by product groups: machinery and transport equipment (44.9% for export and 35.2% for import) and other manufactured products (30.5% for export and 29.8% of imports).
The value of intra-EU trade in goods in 2021 was 54.094 billion euros for shipments and 71.263 billion euros for introductions, representing 72.4% of total exports and 72.4% of total imports.
The value of extra-EU27 trade in goods in 2021 was 20.605 billion euros in exports and 27.135 billion euros in imports, representing 27.6% of total exports and 27.6% of total imports.