Romanian exporters’ association warns of weaker exports in March-May.

By bne IntelliNews May 28, 2013

Romania’s exports weakened in March-May, the head of exporters’ association ANEIR, Mihai Ionescu, was quoted as saying by Agerpres without providing more insights on the exports’ dynamics.

The exports have been the main driver of Romania’s GDP, which increased unexpectedly by 2.1% y/y in Q1. Any negative correction in this regard would hurt the analysts' sentiment that has improved to the last year’s high as reported by the local association of CFA analysts quoted by Ziarul Financiar daily.

The exports increased strongly in Jan-Feb, supporting the whole Q1 GDP growth, but lost ground in the next several months, ANEIR president warned. The whole economy is slowing down, he added.

Separately, Ionescu commented on the large share of some 82%, which foreign-owned companies hold in Romania’s total exports.

The country’s exports increased 6.1% y/y in January and 10% y/y in February despite the gloomy expectations of the analysts based on the weak demand in Romania's main trade partners in Europe. Yet, the exports to non-EU countries surged 17.5% y/y in January and 23.7% y/y in February.

Total exports, however, lost ground and narrowed by 1.4% y/y in March, according to official data. Nonetheless, Romania’s CA balance remained in the surplus area in Q1 – which was an unexpected performance that inspired even more confidence in investors than the exports figures.

 

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