During the first four months of this year, Romania's trade deficit reached over 1.6 billion euros, almost 28% higher when compared to the corresponding period of last year.
However, monthly deficit amounted to 499 million euros, going down for the first time after eight consecutive months of growth. The adjustment for April is significant, considering that the trade deficit during the first quarter of 2004 was 47% higher than the deficit posted in Q1 of 2003, due to a boom in imports. April's result can be explained by the performance of exports, which registered a quicker growth pace than imports during that month.
Thus revenues from exports stood at 1.48 billion euros, 24.5% higher in comparison to April 2003, while imports grew by a mere 15.6%, to 1.98 billion euros.
"This is a positive trend modification, even though it occurred at an early stage. One should note the increasingly rapid growth rate of monthly exports, against the slower growth of imports, which indicates a certain limitation of the latter," commented Radu Craciun, senior analyst with ABN Amro Bank.
Thus, the growth rate of exports increased from 21% at the beginning of the year, to 25%, while imports slowed down from 23% per month to 16%. During the January-April period, the overall dynamic still favours imports. Within four months, Romania exported commodities worth 5.8 billion euros, 17% more than in 2003. Imports cost 7.4 billion euros, 19.2% higher when compared to the same period last year.
The most spectacular increase in revenues from exports was registered by metallurgic products, which shot up by as much as 34.4% - a leap that can be accounted for by a rise in related prices on international markets.
razvan.voican@zf.ro
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