Analysis and Studies - Country Analysis
Romania: a look at the market
June 29th 2023
Romania
Romania is a European country located in the eastern part of the continent bordering the Black Sea, between Bulgaria and Ukraine. The country had a communist past, which was eradicated in 1989, as in many other European countries, in favor of a transition towards democracy. Indeed, Romania joined the NATO in 2004 and the EU in 2007.
The Economy of Romania
Romania, which entered the EU on January 1, 2007, started the process of leaving communism in 1989 with an industrial base that was mostly out-of-date and a production pattern that was inappropriate to the needs of the country.
In the years between 2013 and 2017, the economy recovered thanks to robust industry exports, exceptional agricultural harvests, and more recently, expansionary fiscal measures in the years between 2016 and 2017. Exports continued to be a major driver of economic expansion, with trade with the EU accounting for nearly 70% of all trade in Romania. Due to tax reductions and significant pay increases that started in 2017, and are expected to continue, domestic demand was the main factor.
The top exports of Romania are Motor vehicles ($6.52B), Cars ($6.16B), Insulated Wire ($4.31B), Electrical Control Boards ($2.75B), and Wheat ($2.33B), exporting mostly to Germany ($17.7B), Italy ($8.85B), France ($5.5B), Hungary ($4.51B), and Poland ($3.5B).
On the other hand, Romania imports mostly Motor vehicles ($3.98B), Packaged Medicaments ($3.35B), Cars ($3.34B), Insulated Wire ($2.15B), and Refined Petroleum ($2.1B), mostly from Germany ($21.3B), Italy ($10.1B), Hungary ($7.25B), Poland ($7.02B), and China ($6.89B).
Moreover, always in 2021, Romania was the major exporter of sunflower seeds, which accounted for $937M of export value.
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