Romania's International Trade Evolution in 2020

In 2020, Romania’s total volume of trade amounted to 180 billion euros, of which: 85.6 billion euros were exports and 94.4 billion euros were imports. Compared to the previous year, there was a 10.4% reduction, which was likely caused by the effects of the COVID-19 pandemic. The lockdown measures, along with other restrictions, have significantly impacted international trade. 

Exports Levels in 2020

The volume of trade in goods was 142.8 billion euros, 8.1% lower than in 2019. Exports (-9.9%) contributed the most to this decrease, with imports (-6.6%) also showing significant contraction. Romania’s top ten trading partners in 2020 were:

    1. Germany (22.8% of Romania’s total exports)

    2. Italy (10.7%)

    3. France (6.8%)

    4. Hungary (5.0%)

    5. Poland (3.8%)

    6. Bulgaria (3.6%)

    7. Netherlands (3.6%)

    8. United Kingdom (3.4%)

    9. Turkey (3.3%)

    10. Czech Republic (3.1%)

The highest volume of exports was recorded in October at 6.26 billion euros. September recorded the second-highest at 6.07 billion euros followed by November (6.03 billion euros), February (5.94 billion), and January (5.69 billion), with April recording the lowest at 2.93 billion euros. Deliveries to EU member states also went down by 8.9%, recording a 73.6% share in total Romanian exports. Exports to non-EU countries declined as well, with the volume reduction being 12.6% and the share of total exports being 26.4%. 

The top five product groups for Romanian exports were:

    1. Transport machinery and equipment (48.6% of total exports)

    2. Manufactured goods classified mainly by raw material (16.0%)

    3. Miscellaneous manufactured articles (14.3%)

    4. Food and live animals (6.9%)

    5. Chemicals and derivatives (5.0%)

Imports Levels in 2020

On the other hand, Romanian imports recorded a volume of 80.6 billion euros, a decline of 6.6% compared to 2019. This was mainly because of the 5.6% reduction of imports from EU member states (which have a share of 73.5% of total foreign goods inflows), along with from non-EU countries which contracted by 9.5%. The top ten markets of origin of goods entering the country were:

    1. Germany (with a share of 20.7%)

    2. Italy (8.9%)

    3. Hungary (7.3%)

    4. China (6.3%)

    5. Poland (6.2%)

    6. France (4.6%)

    7. Turkey (4.3%)

    8. Netherlands (3.9%)

    9. Austria (3.2%)

    10. Czech Republic (3.1%)

Meanwhile, the top five product groups for Romanian imports were:

    1. Electrical machinery and equipment and parts thereof (48.6% of total imports)

    2. Nuclear reactors, boilers, machinery, and mechanical appliances; parts thereof (12.4%) 

    3. Vehicles other than railway or tramway rolling stock, and parts and accessories thereof (9.02%)

    4. Mineral fuels, mineral oils, and products of their distillation; bituminous substances; mineral waxes (5.23%)

    5. Plastics and articles thereof (5.16%)

While Romania saw mostly lower economic activity in 2020, there are still some positive aspects to take note of. For example, there was a return of external trade flows in the second half of the year, particularly between September and November. Moreover, the decrease in exports at the end of the year was less than the level initially predicted in the first half of 2020. Moreover, with more and more people now getting vaccinated, we can stay hopeful that Romania’s international trade industry will be able to successfully recover and bounce back from the pandemic.