The trade deficit in Romania (chart) contracted by 26% y/y to €7.07bn in Q3, driven by subdued demand for consumption and lower cost of energy imports.
Exports contracted by 5.1% y/y to €22.86bn and imports dropped even faster, by 11% y/y to €29.93bn in the quarter.
The trade gap in the 12-month period to September decreased by 7.7% y/y to €29.5bn.
This accounts for 9.7% of the annual GDP calculated as of the end of June (latest data available), down from 12.3% in September 2022 – but not far from the 8.6% calculated in September 2021.
Before the economic crisis in 2020, the trade gap to GDP ratio was 8.0% in September 2019, calculated on comparable terms.
The ratio is expected by the state forecasting body CNP to ease only marginally in the coming years as more moderate demand for consumption would be offset by demand for investments.