Romania’s exports of goods increased by 2.7 percent year-on-year in November to EUR 5.94 billion but were largely outpaced by imports which reached the second-highest monthly level, government data showed on Wednesday. The trade gap rose by almost 40 percent.
In October 2018, Romania’s exports reached an all-time high of EUR 6.34 billion.
According to National Institute of Statistics (INS), imports rose by 8.7 percent in November to EUR 7.51 billion, and the trade deficit widened by 39.4 percent to EUR 1.57 billion.
In the first 11 months of last year, exports increased by 8.6 percent year-on-year, to EUR 63.13 billion, and imports grew by 10.1 percent, to EUR 76.55 billion.
The 11-month trade deficit rose by 18.2 percent year-on-year, to EUR 13.4 billion.
Romania’s trade gap surged 30 percent in 2017 to EUR 12.96 billion, as the government adopted during the last few years a strategy of wage-led growth, stimulating household consumption and GDP growth rates.
But this model has generated larger fiscal and current account deficits and experts insist Romania should change the economic model in order to obtain real long-term economic and social development.