Romania’s top import and export

A new study from used CEPII’s BACI International Trade Database to map out each country’s top imports and exports and revealed that two-fifths (39.5%) of European countries count petroleum as their top export (17 out of 43 countries). Medicine, transmitters, and vehicle engines are the top exports for three countries each. Switzerland is the only European country with gold for its top export.

ecarbonization targets will likely change this landscape over the next two to three decades. But there will be knock-on consequences for other exports. For example, Germany now imports most of its fossil fuels, such as petroleum, having exhausted much of its own domestic resources. Germany’s current top export is vehicle engines – an industry that is itself in flux during the transition to electric.

As for Romania, the study says it mainly exports conductors. Only two countries in Europe have a food product as their top export- Ukraine with Corn and Republic of Moldova with Sunflower Seeds.

In terms of imports, Romania top import is petroleum. As a matter of fact, petroleum is the top import in 128 countries, but gold is also among countries’ most common imports.Africa has the most diverse range of top imports, from aircraft, cigarettes, and diamonds to stamps, tubing, and vehicle engines. Gold is the top import in five countries, including the UK and Switzerland. The UK is what’s known as a “terminal hub” for gold, meaning the trade in gold is significant despite not mining very much on homeland. The nominal trade in gold is so significant that it skews the government’s overall trade figures, making them look healthier than they are.

A brief upside to the pandemic was that everyone switched off their engines and stopped using their cars so much. However, since petroleum is the most common ‘top import’ around the world (128 countries), the impact on the economy has been significant. The United States imported 7.86 million barrels per day in 2020 – the lowest figure since 1991.

Comments (0)
Add Comment