Romania's trade balance continued to deteriorate in June, so that after the first six months of this year, the deficit surged to almost three billion euros. This represents an increase of 28% from the corresponding period last year.
Exports went up 20.2% between January-June 2004, to more than nine billion euros, whereas imports grew 22%, to 11.9 billion euros.
The new record high posted by exports in June, which surged to more than 1.6 billion euros, could not keep up with the accelerated growth rate in imports, which increased to 2.27 billion euros. From an annual increase of 23.6% in May, imports posted a 29.6% growth rate in June. Thus, June's deficit amounted to 632 billion euros.
The spectacular growth posted by the import of means of transportation has maintained during the first six months, with this segment posting an increase of over 81% as compared to the first half of 2003, to more than one billion euros. The bulk of these imports are financed by loans and leasing, with this increase having been heralded by the record sales mainly posted by importers of automobiles.
A 20% growth rate was posted with regard to the acquisition of mineral products (crude oil, minerals, coal), which cost almost 1.7 billion euros.
Industry retooling is continuing, and thus the main category of imports includes machinery and equipment, which grew 22% in H1 2004 from the corresponding period last year. In six months, Romania has spent 2.7 billion euros on mechanical devices and electrical equipment.
Exports surged 28.9% in June as compared to the same month last year, but failed to keep up with the 29.6% growth posted by imports.
At any rate, the economic recovery visible on those markets that absorb most of Romania's exported goods (namely Italy, Germany and France) has sustained the somehow surprising exports growth trend, considering the pessimistic forecasts issued early in the year.
Thus, exports to the European Union member countries have come to account for 73.7% of the total, up from 70% at the beginning of the year. The value of exports to EU markets has grown more than 19% compared to the first half of last year.
razvan.voican@zf.ro
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