Romania’s 5-Mo Trade Deficit Up 10.7% On Yr To EUR8.76B

In January-May, exports were up 17.2% on the year to EUR13.7 billion, while imports rose by 14.6% on the year to EUR22.45 billion.

However, in May alone, the country’s trade gap narrowed by 6.5% to EUR1.75 billion, compared with EUR1.873 in May 2007.

The lower deficit in May was the result of a 19.4% increase in monthly exports to EUR2.95 billion, compared with an 8.2% rise of imports to EUR4.7 billion.

The European Union, which Romania joined in 2007, was once again the country’s main source of imports in Jan-May, accounting for nearly EUR15.6 billion. Exports to the E.U. bloc of 27 countries represented EUR9.56 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 May 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.