Romania, located at the crossroads of Southeastern Europe and Eastern Europe, and sharing land borders with Serbia, Hungary, Ukraine, Moldova, and Bulgaria, shipped 70.7 billion dollars in goods around the world in 2020.
This figure represents an 11.2 percent increase since 2016, but a minus 8.5 percent decrease from 2019 to 2020.
Romania’s Top Trading Partners
Romania exported 70.7 billion dollars in goods to the rest of the world in 2020. This figure represents an 11.2 percent increase since 2016, but a minus 8.5 percent decrease from 2019 to 2020.
Using a continental perspective, 85.2 percent of Romania’s exports by value were delivered to other European countries, while 9.6 percent were sold to Asian importers.
Africa with 2.2 percent, North America with 2.1 percent, Latin America excluding Mexico but including the Caribbean with 0.4 percent, and Oceania, led by Australia and New Zealand, received smaller percentages of 0.2 percent.
Here is a list of 15 of Romania’s top trading partners, countries that imported the most Romanian shipments in terms of dollar value in 2020.
The percentage of total Romanian exports for each import country is also shown.
Germany: 16.1 billion dollars accounted for 22.8 percent of total Romanian exports
7.6 billion dollars with Italy accounts for 10.7 percent
France with 4.8 billion dollars accounts for 6.8 percent
Hungary with 3.5 billion dollars accounts for 5 percent
2.7 billion dollars for Poland accounts for 3.8 percent
Bulgaria with 2.6 billion dollars accounts for 3.6 percent
2.5 billion dollars with the Netherlands accounting for 3.6 percent
2.4 billion pounds with the United Kingdom accounts for 3.4 percent
2.3 billion dollars for Turkey accounts for 3.3 percent
2.2 billion dollars for the Czech Republic accounts for 3.1 percent
Spain with 2.1 billion dollars accounts for 3 percent
Austria with 1.7 billion dollars accounts for 2.4 percent
The Slovak Republic with 1.5 billion dollars accounts for 2.2 percent
Belgium with 1.4 billion dollars accounts for 2 percent
Moldova with 1.2 billion dollars accounts for 1.7 percent
More than three-quarters or 77.2 percent of Romanian exports in 2020 were delivered to the 15 trade partners mentioned previously.
Only two of the top ten countries increased their purchases of Romanian exports: the Netherlands up by 6.9 percent and Belgium up by 1.3 percent.
The United Kingdom was down by minus 17.7 percent year on year, Moldova was down by minus 15.5 percent, and Italy experienced the steepest decline down by minus 13.3 percent.
Romania’s Top 10 Exports
Based on the average exchange rate for 2020, the Romanian leu depreciated by minus 4.6 percent against the US dollar since 2016 and declined by minus 0.1 percent from 2019 to 2020.
Because of Romania’s weaker local currency, exports paid for in stronger US dollars are less expensive for international buyers.
According to the most recent country-specific data, 71.4 percent of Romanian exports were purchased by importers in Germany claimed 22.8 percent of the global total, Italy with 10.7 percent, France with 6.8 percent, Hungary with 5 percent, Poland with 3.8 percent, Bulgaria with 3.6 percent, the Netherlands also with 3.6 percent, the United Kingdom with 3.4 percent, Turkey with 3.3 percent, the Czech Republic with 3.1 percent, Spain with 3 percent, and Austria with 2.4 percent.
From a continental standpoint, 85.2 percent of Romania’s exports were delivered to other European countries, while 9.6 percent were sold to Asian importers.
Romania sent another 2.4 percent of its exports to Africa.
North America with 2.1 percent, Latin America excluding Mexico but including the Caribbean with 0.4 percent, and Oceania led by Australia and New Zealand received smaller percentages of 0.2 percent.
Given Romania’s population of 19.4 million people, its total of 70.7 billion dollars in 2020 exports translates to roughly 3,600 dollars for every resident in the East European country.
The export product groups listed below have the highest dollar value in Romanian global shipments in 2020.
The percentage share of each export category in terms of total Romanian exports is also shown.
13.2 billion dollars in electrical machinery and equipment account for 18.7 percent of total exports
12.2 billion dollars for automobiles accounts for 17.2 percent
7.8 billion dollars for machinery, including computers, accounts for 11 percent
Optical, technical, and medical equipment: 2.6 billion accounts for 3.7 percent
2.6 billion dollars for furniture, bedding, lighting, signs, and prefabricated buildings account for 3.6 percent
Cereals are worth 2.5 billion dollars accounting for 3.5 percent
Rubber and rubber products: 2.3 billion accounts for 3.3 percent
2 billion dollars in iron or steel articles accounts for 2.8 percent
1.9 billion dollars for iron and steel account for 2.8 percent
Plastics and plastic products: 1.8 billion dollars account for 2.6 percent
These top ten product categories account for more than two-thirds or 69.2 percent of total Romanian exports.
From 2019 to 2020, none of the aforementioned categories saw an increase.
Cereals were the biggest loser among Romania’s top ten export categories, falling by minus 15.3 percent year on year.
Lower international sales of wheat and corn contributed to the downward trend.
Automotive parts and accessories with 8.7 percent of the total are Romania’s most valuable exported products, followed by cars with 7.7 percent, insulated wire or cable with 5.1 percent, electrical or optical circuit boards and panels with 3.7 percent, new rubber tires with 2.2 percent, seats and chairs with 2.1 percent, refined petroleum oils with 1.9 percent, corn with 1.7 percent, and mobile phones with 1.5 percent.
In terms of macroeconomics, Romania’s total exported goods account for 12.1 percent of its overall GDP in 2020 valued at 584.9 billion in Purchasing Power Parity US dollars.
In 2020, exports will account for 12.1 percent of total GDP in PPP terms, compared to 14.1 percent in 2019.
This suggests, albeit over a short timeframe, that Romania’s total economic performance is becoming less reliant on products sold in international markets.
The unemployment rate is another important indicator of a country’s economic performance.
According to Trading Economics, Romania’s unemployment rate was 5.6 percent in January 2021, up from 4.2 percent the previous year.
Bucharest is Romania’s capital city.
Main products imported by Romania
The majority of Romania’s imports in 2020 were electrical machinery and equipment.
Romania imported machinery and other equipment totaling more than 12.6 billion euros.
This industry’s products were also the most exported by Romania in 2020.
The second most frequently imported product by Romania was in the mechanical sector, specifically machinery, mechanical equipment, and nuclear reactors worth approximately ten billion euros.
Mineral fuels, plastics, pharmaceuticals, and iron are among the other imported goods.