Romania's foreign trade balance showed signs of improvement in January 2024, as a more pronounced decline in imports outpaced a moderate decrease in exports.
Exports and Imports in January 2024
According to data from the National Institute of Statistics (INS), Romania's FOB (Free On Board) exports in January 2024 totaled €7.085 billion, while CIF (Cost, Insurance, Freight) imports reached €9.043 billion.
Compared to January 2023, exports registered a 1.3% decrease, while imports saw a more significant 4.8% decline. This resulted in a narrowing of the trade balance deficit by 15.5% to €1.958 billion in January 2024.
Key Takeaways
The data suggests that Romania's economy is adapting and adjusting to external factors in the first month of the current year.
The analysis of trade performance provides valuable insights into shifts in international trade flows.
Such information is crucial for assessing the health of the national economy.
Structure of Trade in January 2024
In January 2024, the structure of Romania's trade in goods highlighted two significant product categories:
Machines and transport equipment: This category accounted for 47.3% of total exports and 35.9% of total imports.
Other manufactured products: These products contributed 29.6% to exports and 27.9% to imports.
Trade within the European Union (EU27)
Trade within the EU27 played a substantial role in Romania's overall trade activity in January 2024.
Exports to the EU27 reached €5.260 billion, representing 74.2% of total exports.
Imports from the EU27 amounted to €6.663 billion, accounting for 73.7% of total imports.
Conclusion
Romania's trade balance improvement in January 2024, driven by a steeper decline in imports compared to exports,indicates a potential shift in the country's trade dynamics. While exports faced a slight decrease, the notable reduction in imports helped narrow the trade deficit. The data highlights the importance of monitoring trade performance to gain insights into the overall health of the Romanian economy.
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Source: Infofinanciar.ro
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