Romania's trade deficit shrinks by 1.5pct three months into 2024

Romania's Q 1 2024 FOB / CIF trade deficit was EUR 6.699 billion, down 1.5% or EUR 103.3 million y-o-y according to data with the National Institute of Statistics (INS) published on Friday.In March 2024, the trade deficit was standing at EUR 2.548 billion.Statistical data indicate that Q1 2024 FOB exports amounted to EUR 22.946 billion and CIF imports amounted to EUR 29.645 billion, which means that exports declined 3.7% and imports 3.2% y-o-y.Important shares in the composition of the Q1 2024 exports and imports were held by machinery and transport equipment (47.7% of exports and 36.2% of imports) and other manufactured products (29.1% of exports and 27.9% of imports).The value of intra-EU27 trade in goods in Q1 2024 was EUR 16.840 billion worth of exports and EUR 21.937 billion worth of imports, making up 73.4% of total exports and 74% of total imports.The value of extra-EU27 trade in goods between in Q1 2024 was EUR 6.105 billion in exports and EUR 7.707 billion in imports, accounting for 26.6% of total exports and 26% of total imports.In March 2024, FOB exports amounted to EUR 7.904 billion and CIF imports to EUR 10.452 billion, which means a deficit of EUR 2.548 billion. March 2023 exports were down 9.8% and imports 6.7%, both y-o-y.According to INS, FOB/CIF trade balance is calculated against the FOB export value and CIF import value as difference between them. The negative value of the trade balance is called deficit, and the positive one is called surplus.FOB price (Free on Board) is the price at the border of the exporting country, which includes the value of the commodity, all transport expenditures to the shipping point as well as all the fees for the commodity to be loaded on board.CIF price (Cost, Insurance, Freight) is the price at the border of the importing country, including both components of FOB price and the cost of insurance as well as the cost of the international transport.