Romania's trade deficit-to-GDP ratio increased by 0.7 percentage points to 9.9% over a 12-month period ending in May.
Romania's trade deficit took a break in May, contracting by 10.6% year-on-year to EUR 2.28 billion. This positive development follows a series of months where the deficit had been on an upward trend.
The value of Romania's exports in May reached EUR 8.00 billion, representing a year-on-year increase of 10.6%. In contrast, the country's imports in May were EUR 10.73 billion, showing a year-on-year increase of 5.0%. Despite the growth in imports, the year-on-year increase in Romania's exports was higher, contributing to the narrowing of the trade deficit.
Industries such as automotive, electronics, and manufacturing sectors played a significant role in driving up both export and import figures in May. However, specific company data is not available in the provided sources.
It's worth noting that the celebration of Easter in May this year but not in May last year may have contributed to the enhancement of Romania's foreign trade in goods. This could have led to increased demand for goods, particularly consumer goods, which might have boosted both exports and imports.
The trade deficit decrease in May is a positive sign for Romania's economy, indicating a healthier balance in its foreign trade. However, continued monitoring and analysis will be necessary to understand the long-term implications of these trends.
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