| Romanias exports edged down 1% y/y to EUR 3.77bn in July, the countrys statistics office reported. The countrys exports have visibly lost momentum since December after two years of steep expansion. They have rather stagnated in the meantime as in the Jan-Jul period they advanced by less than 1% on the year. The moderate expectations for demand in the EU countries, where 70% of the countrys exports are sold, and the slow re-orientation of exporters toward fast-growing markets indicate a further stagnation in the near future. Exports outside the EU advanced by 2.4% y/y in the first seven months, visibly steeper than the exports to EU countries, which edged up by only 0.2% y/y. Nonetheless, they accounted for only 29.3% of the total. The structure of exports altered marginally in Jan-Jul. The export of automobile and other transport equipment accounted for a bulky 40.5% in total exports of the period even if it narrowed slightly from last years 41.7%. The share held by food, beverages and tobacco increased significantly from 5.4% to 7% on the back of abundant grain crops in 2011. The share held by mineral fuels and lubricants, on the opposite, decreased from 6.4% to 5.4% as one of the three major refineries halted operations for a couple of months this year. Chemical products accounted for 6.5% of the Jan-Jul exports, marginally up from 6.3% a year earlier.
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