Romania Trade Deficit Widens

Romania’s exports increased by 9.8% in the first quarter of this year compared to the same period of last year, to almost €17 billion ($20.26 billion). However, imports continued to grow at a faster pace, namely 10.8%, reaching €19.7 billion. The trade deficit thus widened by 18%, to €2.71 billion, according to data from the National Statistics Institute, Romania Insider reported. Exports to the EU increased by 10.6% in the first quarter, reaching €13 billion, while imports from EU countries went up 9.9%, to €14.85 billion. In March, the exports went up by 6.6%, to €6.1 billion, while imports grew by 5.8%, to €7.16 billion, thus leading to a trade deficit of €1.06 billion. Meanwhile, the median forecast of a Reuters poll of analysts puts Romanian inflation at 5.2% year-on-year at the end of April, up from March’s 5%. Six of ten analysts expect the central bank to keep interest rates on hold at 2.50% at its next meeting on July 4.