The deficit between the value of exports and that of imports continued to grow in the first three months of the year, despite the outbreak of the COVID-19 pandemic that stopped the economic activity of many companies.
Thus, the trade deficit amounted to EUR 4.46 billion in the first three months of the year, EUR 732 million higher than in the same period last year, according to the National Institute of Statistics (INS).
Exports in the first quarter totaled EUR 17.1 billion and imports EUR 21.5 billion euros. The value of exports decreased by 2.6 percent compared to the first quarter of 2019, while the value of imports increased by 1.3 percent.
In March, the decline in exports was much higher than in the whole period. The value of exported goods amounted to EUR 5.4 billion, 11.3 percent lower than in March 2019. Imports decreased, but only by 1.8 percent, to EUR 7.3 billion.
In the first quarter, the structure of exports and imports was dominated by the machinery and transport equipment industry, with a share of 48 percent in exports and 36 percent in imports, and the “other manufactured goods” group, with a share of 30 percent in exports and 29 percent on imports.
The value of intra-EU trade in goods in the first quarter was EUR 12.3 billion for exports and EUR 15.8 billion for imports, representing 72.3 percent of total exports and 73.5 percent of total imports.