Romania’s exports rose by 23.3% y/y to €5.67bn in August, while imports advanced by only 21.1% y/y to €7.40bn resulting in a trade gap of €1.73bn, 14% more compared to the same month last year, the statistics office announced on October 11.
In principle, this means that exports fared better than imports but the trade gap keeps rising — though not as fast as the 65% y/y growth in July.
Compared to August 2019 — before the crisis — exports increased by 13% and imports by 16%, resulting in a 27% advance of the trade gap.
Under another even more relevant metric, Romania’s exports over the past 12 months ending August (€71.6bn) edged up by only 3.5% compared to January 2020, shortly before the crisis.
Imports, calculated on the same base, increased by 7.6% to €93.01bn resulting in a trade gap of €21.5bn, 24% more compared to January 2020 and nearly 10% of GDP.
For comparison, Romania’s GDP expressed in nominal terms increased by only 1.7% to €226.6bn in the 12-months ending June 2021.