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Trade deficit exceeds EUR 25bl nine months into 2022
- In September 2022, the FOB exports amounted to 8518.0 million euro and the CIF imports amounted to 11553.7 million euro, a commercial deficit of 3035.7 million euro being registered.
- Compared to September 2021, the exports increased by 34.1% and the imports increased by 36.2% in September 2022. - In the period 1.I-30.IX 2022, the FOB exports amounted to 68804.5 million euro and the CIF imports amounted to 93867.7 million euro.
- In the period 1.I-30.IX 2022, the exports increased by 26.2% and the imports increased by 31.7%, compared to the period 1.I-30.IX 2021.
- In the period 1.I-30.IX 2022, the FOB-CIF trade deficit was of 25063.2 million euro, 8313.5 million euro more than in the period 1.I-30.IX 2021.
Romania's FOB/CIF trade deficit in the first nine months of 2022 widened by EUR 8.313 billion to EUR 25.063 billion as exports rose by 26.2%, and imports increased by 31.7%, according to data with the National Statistics Institute published on Wednesday.
Romania's FOB exports totalled EUR 68.804 billion, January 1 - September 30, 2022, and CIF imports exceeded EUR 93.867 billion.
In the first nine months, important shares in the composition of Romania's foreign trade were held by machinery and transport equipment (41.3% of export and 32.3% of import) and other manufactured goods (30.2% of export and 28.8% of import).
The value of intra-EU27 trade in goods during the same period was EUR 49.839 billion worth of exports and EUR 66.084 billion worth of imports, making up 72.4% of total exports and 70.4% of total imports.
The value of extra-EU27 trade in goods in the first nine months of 2022 was EUR 18.964 billion euros worth of exports and EUR 27.783 billion worth of imports, making up 27.6% of total exports and 29.6% of total imports.
According to INS, Romania's September 2022 FOB exports totalled EUR 8.518 billion, and CIF imports increased to EUR 11.553 billion, which gives a deficit of EUR 3.035 billion. Compared with September 2021, exports in September 2022 increased by 34.1%, and imports by 36.2%.
FOB (Free On Board) price is the price of goods at the frontier of the exporting country or price of a service provided to a non-resident. It includes the values of the goods or services at the basic price, the transport and distribution services up to the frontier, the taxes minus the subsidies.
The cost, insurance and freight (CIF) price is the price of a good delivered at the frontier of the importing country, or the price of a service delivered to a resident, before the payment of any import duties or other taxes on imports or trade and transport margins within the country.