Romania’s trade gap narrows by 14% y/y in 12 months to November

Romania’s trade gap narrows by 14% y/y in 12 months to November

/ bne IntelliNews

By bne IntelliNews January 10, 2024

Romania’s trade deficit (goods only, chart) contracted on an annual basis for the tenth month in a row in November, by 9% y/y to €2.36bn, while the deficit in the 12 months to November contracted by 14.1% y/y to €28.6bn, according to data published by the statistics office INS.

Thanks to the fast advance of nominal GDP, the trade gap to GDP ratio dropped to 9.1% from 11.9% in January – when the country’s trade deficit reached the widest value.

The gradual improvement in Romania’s trade gap through the first eleven months of 2023 follows the steep deterioration seen over the previous year, particularly in 2021-2022, amid rising commodity/energy prices.

Historically and in absolute terms, Romania’s external position still shows a wide deficit as the figure was around 6% in 2016.

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