Export increase in sight

From 2005 to 2007 Romania looks set to witness an average annual growth of 14.9% in terms of exports and 14.5% in terms of imports, resulting in high trade deficit figures, according to the estimates of the Economic Pre-Accession Programme updated for 2004. “Foreign trade is expected to develop at a sustained pace, faster than growth in Gross Domestic Product. For 2005 to 2007 estimates indicate average annual growth of 14.9% in exports and 14.5% in imports, leading to an increase in the FOB/FOB trade deficit from 5.3bn euros in 2004 to around 8bn euros in 2007,” the document shows. The updated data also include modifications of the forecasts from the previous issue drafted by the former Government, which anticipated average annual growth of 18% and 16.4% in terms of exports and imports respectively over the period 2004 to 2007 and a FOB/FOB deficit increasing from 4.5bn euros in 2004 to some 6bn euros in 2007. The FOB (ferry on board) prices do not include insurance and freight in the import value. ZF