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Romania 2007 Trade Gap Widens To EUR21.5B

Romania's trade deficit widened roughly 44.4% in 2007 to EUR21.5 billion from EUR14.89 billion in 2006, driven by higher imports from European Union states, the National Institute for Statistics said Monday.
Romania 2007 Trade Gap Widens To EUR21.5B
11 feb. 2008, 10:14, English

Imports were up 24.9% last year to EUR50.8 billion, while exports rose 13.7% on the year to EUR29.3 billion, the institute said.

In December alone, the trade deficit narrowed a notch to EUR2.0 billion from a EUR2.1 billion deficit in the last month of 2006.

The E.U., which Romania joined in 2007, was the country’s main source of imports last year, accounting for EUR36.1 billion of imports. Exports to the E.U. bloc of 27 countries represented EUR21.1 billion of Romania’s total exports.

Exports are calculated exclusive of costs, insurance and freight fees, but imports are calculated to include such costs. The statistical institute said trade data for 2007 are estimates.

The Romanian authorities forecast that in 2007 the country’s current account deficit would edge wider to 13.4% of gross domestic product, primarily as a result of a wider trade deficit. In 2006, the current account gap was 10.3% of GDP.