Romania's trade balance (FOB/CIF) deficit for the first nine months of the current year increased 15% compared to the same period in 2023, reaching 23.485 billion euro, according to data published the National Institute of Statistics (INS) on Monday.According to the source, in September 2024, FOB exports totaled 8.148 billion euros, while CIF imports amounted to 10.719 billion euros, resulting in a deficit of 2.571 billion euros.Compared to September 2023, exports in September 2024 increased 0.3%, while imports rose 4.2%.From January 1 to September 30, 2024, FOB exports amounted to 69.285 billion euros, down 1.4%, while CIF imports totaled 92.770 billion euros, up 2.3%, compared to the same period last year.According to INS, in the first nine months of this year, significant shares in the structure of exports and imports were held by the following product groups: machinery and transport equipment (46.9% for exports and 36.4% for imports) and other manufactured products (28.9% for exports and 28.7% for imports).The value of intra-EU27 trade in goods from January 1 to September 30 was 50.057 billion euro for exports and 67.147 billion euro for imports, representing 72.2% of total exports and 72.4% of total imports.The value of extra-EU27 trade in goods was 19.227 billion euro for exports and 25.623 billion euro for imports, representing 27.8% of total exports and 27.6% of total imports.According to INS, the trade balance FOB/CIF is calculated based on the value of FOB exports and CIF imports, as the difference between the two. A negative balance is called a deficit, while a positive balance is called a surplus.The FOB price (Free on Board) refers to the price at the border of the exporting country, including the value of the goods, all transport costs up to the point of shipment, and all fees that the goods must bear to be loaded onto the ship.The CIF price (Cost, Insurance, Freight) refers to the price at the border of the importing country, which includes both the components of the FOB price as well as the cost of insurance and international transport.
Imagine living in Europe with visa-free travel across 29 Schengen countries, low living costs, and access to some of the best tax policies in the EU—all without the typical bureaucratic hurdles. Sounds too good to be true? It’s not. Romania’s business residency program is the ultimate “cheat code” for expats looking to make Europe their […]
Igor Feio, a Portuguese citizen living in Romania for over ten years, analyzes the mechanisms that favored then rise of populist and far-right parties and candidates in the recent presidential and parliamentary elections. Throughout Europe over the last half a decade, movements and parties from what is considered to be a far-right and populist ideology […]
Hungarian low-cost airline Wizz Air is further expanding its base in Craiova, in southern Romania, following the reallocation of its second aircraft, an Airbus A320neo, in the summer of 2025. Starting June 1, 2025, the airline offers a connection between Craiova and Memmingen. Beginning with June 2, it will introduce one between Craiova and Bari. […]
White Image, a leader in business process automation and optimization, has expanded its service portfolio with a new digital solution—integrating brand campaigns into WhatsApp, thus offering clients the opportunity to exploit one of the most effective digital communication channels. This strategic step comes in the context of a growing demand for quick and efficient consumer […]
Moldova, Romania’s small eastern neighbor, is set to declare a state of emergency in the energy sector for 60 days, starting December 16, 2024. The announcement was made by prime minister Dorin Recean during a press conference. This situation has arisen because the Republic of Moldova can no longer rely on supplying Transnistria with gas […]
Legal frameworks often struggle to keep pace with rapid technological advancements, but Andreea Cirstea-Ion and Roman Hamed, the founders of the Romanian law firm Roman HAMED & Andreea ION (“Legal to Business”), are determined to close the gap. In this interview, the duo shares their journey from law school to establishing a firm that thrives […]
