In January-June, exports were up 18.1% on the year in the first semester, to EUR16.750 billion, outpacing the imports’ growth of 15.3% to EUR27.543 billion.
In June alone, the trade deficit was up 11.43% on the year, and was the result of EUR3.035 billion worth of exports and EUR5.032 billion in imports.
The European Union, which Romania joined in 2007, was the country’s main source of imports in Jan-June, accounting for EUR19.126 billion, or 69% of total imports. Exports to the E.U. bloc of 27 countries represented EUR11.665 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 June 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.