Romania's trade deficit lessens for a second time in June, indicating a reduction in the country's import expenditures over exports.
Romania's trade deficit took a significant step towards improvement in June 2025, as the deficit narrowed to approximately €2.37 billion, down from €2.80 billion in the same month the previous year. This reduction can be largely attributed to robust export growth, restrained import demand, and beneficial external factors such as lower energy prices.
The key drivers of this positive trend are stronger export growth compared to imports and moderation in private and public consumption. Exports increased by 6.3% year-on-year (to €8.22 billion) in June, boosted by a 9% rise in sales to non-EU markets and a 5.25% increase to EU markets. Meanwhile, imports grew only moderately by 0.6% year-on-year (to €10.59 billion), reflecting a 3.5% rise in EU imports but a 6.7% decline in purchases from non-EU countries.
Cautious consumption behavior helped keep import growth subdued, thus limiting the trade deficit expansion. Lower crude oil prices and milder weather in Q2 2025 also contributed to lower import expenses, especially on mineral fuels—a large import category for Romania.
The rebound in mineral fuels exports, which rose sharply by +34% year-on-year in the first half of 2025, helped offset some of the import costs and supported export growth.
The trade gap to GDP ratio, however, remains at 9.9% for the 12-month period to June 2025, which is above the pre-war levels and the highest since March 2025. This is primarily due to expensive energy imports.
The steepest rise in Romania's exports since late 2023 was due to higher energy prices and abundant trade with grains to and from Ukraine. Imports in Romania moderately increased by 0.6% year-on-year in June, and the imports of mineral products showed an annual rise of +9.1% y/y in the first half of 2025, a decrease from the +31% y/y in Q1, suggesting more reserves remained after a mild winter season.
Romania's exports for the rolling 12 months reached €94.1 billion, a 2.4% increase compared to the previous 12-month period. Simultaneously, Romania's imports for the rolling 12 months reached €129 billion, a robust +5.3% y/y increase.
The economic impact of the war in Ukraine continues to affect Romania's trade balance, with the trade gap to GDP ratio exceeding 10% during 2022-2023. In Q2, the annual advance of imports in Romania eased to +2.0% y/y after the +8.1% y/y advance in Q1.
Despite the progress made in reducing the trade deficit, the improvement in Romania's external balance is not yet visible in the trade gap to GDP ratio. The country continues to grapple with the economic repercussions of the ongoing conflict in Ukraine, making it crucial for policymakers to maintain a balanced approach to stimulating exports and managing imports.
[1] Source: National Institute of Statistics Romania [3] Source: European Commission's Directorate-General for Economic and Financial Affairs (DG ECFIN)
The robust growth in Romania's exports, particularly in the sectors of non-EU and EU markets, energy, and grains, is significantly contributing to the finance industry by generating more revenue. On the other hand, the moderate increase in imports, partially driven by decreased purchases from non-EU countries and lower crude oil prices, is helping to manage the country's trade expenses within the industry of finance.
