Euro surge bolsters foreign trade

Romania’s exports exceeded all expectations last year, amounting to $13.8bn. Having gained 21.8% compared with 2001, exports remained the drive behind the economic growth estimated at more than 4.7% of GDP. Exports could cross the $15bn line this year. The spectacular dynamic in 2002 was greatly helped by the 25.2% drop of the ROL against the EUR, the currency used as payment for most of the Romanian exports, so that the international circumstances brought more money to the Romanian exporters.
Imports in their turn reached a record level of $17.8bn, growing 14.8%, yet they were outpaced by exports. This allowed for a $180 million cut of the trade deficit calculated in FOB/CIF prices.
Exports in December 2002 amounted to $1.21bn, up 48.6% since the year-ago period, but down 10.2% compared with November 2002.
Imports in the last month of 2002 reached $1.65bn, 17.9% more than in December 2001, but 4.6% below November 2002.
Clothing items and textiles maintained their position as top exported commodities, accounting for 25.3% of the total and collecting $3.5bn, 17.8% more than in the previous year.
The highest increase (50%) among all the commodities exported was registered by mineral products (petroleum, cement, salt), which totalled $1.17bn. Exports of mechanical equipment and devices and of electrical equipment come next, as they increased by 29.3% to $2.17bn.
Metallurgical product exports progressed by 18% to $1.78bn, while exports of footwear went up 18.7% to $1.16bn.
Exports to developed countries increased 21.9%, while exports to the EU member states included in this category went up 20.5%. Developed countries accounted for 74.5% of the total exports, while EU members accounted for 67.1%.
Romania’s main export partners are Italy (25% of the total), Germany (15.6%), France (7.6%), UK (5.8%), US (4.3%), Turkey (4.2%), Holland (3.1%), Hungary (3.1%), Austria (3%) and Greece (2.8%).