Although Romania’s exports exceeded a record level of EUR 60 billion in 2015, their pace of growth have slowed in the second half of 2015 at 2.3 percent from 6 percent in H1, while imports grew much faster from 6.9 percent to 8.2 percent, a document published by the Ministry of Public Finances (MFP) reveals, using Commission for Economic Forecasting (CNP).
„The economic evolution in 2015 was influenced by adopted tax measures. One such measure was the extension of reduced VAT rate to all foodstuffs, which led to an increase of 8.9 percent in retail sales, supporting the domestic demand dynamics. A favorable influence was exercised also by fleet renewal which increased the trade with motor vehicles in 2015 to 19.3 percent,” the quoted document shows.
Romania’s foreign trade was concentrated especially on trade with EU partners so that intra-community exports stood to EUR 40.2408 billion in 2015 up by 7.9 percent compared to the previous year. Instead, the exports value to non EU-countries for the whole 2015 were down by 5.2 percent, according to CNP data.
Intra-community trade value in 2015 represented 73.7 percent of total exports and 77.2 percent of total imports, with a negative balance of trade balance of EUR 8,344.1 million. Regarding foreign trade situation in non-EU area, Romania’s exports totaled EUR 14,356.3 million and imports – EUR14,380.6 million, thus resulting a trade deficit of only EUR 24.3 million.