Exports return to pre-crisis level

The sale of Dacia cars on markets such as Germany, France, and Italy brought Romania’s exports back to the pre-crisis level, but analysts say their growth will slow down significantly in the second half of the year.

According to data from the National Statistics Institute, the overall value of exports reached 7.93 billion euros in the first quarter of this year, close to the 8 billion euros reached in the first quarter of 2008, when the crisis was yet to be felt on the Romanian market. Another good news for the economy is the imports decline by 23% in the first quarter of 2010 against the similar period of 2008, to 9.89 billion euros.

Moreover, whilst in the first three months of 2008 the trade balance with countries like Germany, France, and Italy was negative, this year things are looking much better. In the case of France, Romania went from a 200 million-euro deficit (the difference between exports and imports) to a 54 million-euro surplus. In the case of Germany, the deficit was significantly narrowed, from 842 million euros to 218 million euros, while in Italy’s case, the deficit was cut from 194 million euros to 23 million euros.

“The exports revival is linked to the rise of the industrial sector in Europe, which generated growth on the Romanian market, as well. It also has to do with measures taken by EU governments – the car renewal scheme, in Germany in particular,” explains Laurian Lungu, managing partner of research and analysis company Macroanalitica.