Imports outstrip exports hands down

The sky is the limit. This seems to be the direction in which imports are heading. Five months into the year the trade deficit has already exceeded 3.2bn euros, which is almost 1bn euros higher than that seen in the same period of 2004.

In the first few months of the year exports continued to grow but failed to keep pace with the accelerating increase in imports. According to data from the National Statistics Institute, Romania spent 11.8bn euros in the first five months of the year, 22.4% more than in the same period of 2004. At the same time, exports brought in revenues of only 8.6bn euros, despite a 17.2% growth on the same January-May period of last year. This equates to a more than five per cent slower pace of growth.

For May the situation was the same: imports were at 2.6bn euros, 19.2% up on the same month last year, while exports rose to 1.7bn euros, 12.9% more than a year before. In the first five months of the year Romanians imported an increased amount of mechanical machines and devices, and electrical equipment and machinery – the value of which, 2.6bn euros, being 18.4% higher than for the same period last year.

Next, in terms of value, come imports of mineral products at 1.8bn euros, 42.5% higher compared with January-May 2004, followed by clothes at 1.3bn euros, a fall of 0.6% on the same period last year.

The strongest five-month growth was seen for vehicle imports (45.5%), which rose to 1.18bn euros.