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Romania’s 8-Mo Trade Def Up 9.3% On Yr To EUR14.57B

Romania’s January-August trade deficit rose 9.35% on the year to EUR14.57 billion, from EUR13.33 billion in the same period a year earlier, the National Statistics Institute said Friday.
Romania’s 8-Mo Trade Def Up 9.3% On Yr To EUR14.57B
10 oct. 2008, 10:06, English

In January-August, exports were up 18.3% on the year compared to the same period of 2007, to EUR22.63 billion, outpacing the imports’ growth of 14.6% to EUR37.21 billion.

In August alone, the trade deficit was down 5.8% on the year, and was the result of EUR26.18 billion worth of exports and EUR4.33 billion in imports.

The European Union, which Romania joined in 2007, was the country’s main source of imports in the first eight months, accounting for EUR25.51 billion in imports, a significantly higher value compared to EUR11.7 in accounted in the non-EU area. Exports to the E.U. bloc of 27 countries represented EUR15.76 billion of Romania’s total exports.

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

In 2007, Romania’s trade deficit widened nearly 44.4% in 2007 to EUR21.5 billion from EUR14.89 billion in 2006, driven by higher imports from E.U. states. The Romanian authorities forecast that in 2008 the country’s trade gap would be around EUR24 billion.