Romania’s trade deficit crossed the €10 billion threshold in the first half of the year, after an increase of almost €2 billion compared to last year, data published Monday by the National Institute of Statistics (INS) show.
The trade deficit (FOB/CIF) in the first six months deepened to €10.659 billion, €1.977 billion higher than the one recorded between 1 January and 30 June 2020.
According to the NSI, in the period 1 January – 30 June 2021, FOB exports totalled €36.168 billion and CIF imports totalled €46.828 billion.
In the period 1 January – 30 June 2021, exports increased by 26.5% and imports increased by 25.6% compared to the period January – June 2020.
In June 2021, FOB exports totalled €6.242 billion and CIF imports totalled €8.085 billion, resulting in a deficit of €1.843 billion. Compared to June 2020, exports in June 2021 increased by 28.9% and imports by 31.1%.
In the first six months of this year, important shares in the structure of exports and imports are held by the product groups: machinery and transport equipment (47.9% for exports and 36.6% for imports) and other manufactured products (30.4% for exports and 30% for imports).
The value of intra-EU27 trade in goods between 1 January and 30 June 2021 was 26.785 billion euro in dispatches and 34.404 billion euro in introductions, representing 74.1% of total exports and 73.5% of total imports.
The value of extra-EU27 trade in goods in the period 1 January – 30 June 2021 was 9.383 billion euro in exports and 12.424 billion euro in imports, representing 25.9% of total exports and 26.5% of total imports.
The FOB/CIF trade balance is calculated on the basis of the value of FOB exports and CIF imports, as the difference between them. The negative balance of trade is called deficit and the positive balance is called surplus.
The FOB (Free on Board) price is the price at the border of the exporting country, which includes the value of the goods, all transport costs up to the point of embarkation, and all charges that the good has to bear in order to be loaded on board.
The CIF (Cost, Insurance, Freight/Cost, Insurance, Shipment) price is the price at the border of the importing country, which includes both the components of the FOB price and the cost of insurance and international transport.