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Romania's FOB / CIF trade deficit in January 2024 was standing at EUR 1.958 billion euros, down EUR 359.0 million (-15.5%) from January 2023, according to data with the National Institute of Statistics (INS) released on Monday.
In January 2024, FOB exports amounted to EUR 7.085 billion and CIF imports amounted to EUR 9.043 billion. Y-o-y, January 2024 exports declined 1.3% and imports 4.8%.
In January 2024, important shares in the composition of exports and imports were held by machinery and transport equipment (47.3% exports and 35.9% imports) and other manufactured goods (29.6% exports and 27.9% imports).
The value of Romania's intra-EU27 trade in goods in January 2024 was EUR 5.260 billion in exports and EUR 6.663 billion in imports, accounting for 74.2% of total exports and 73.7% of total imports.
The value of Romania's extra-EU27 trade in goods in January 2024 was EUR 1.824 billion in exports and EUR 2.379 billion in imports, accounting for 25.8% of total exports and 26.3% of total imports.
According to INS, FOB/CIF trade balance is calculated against the FOB export value and CIF import value as difference between them. The negative value of the trade balance is called deficit, and the positive one is called surplus.
FOB price (Free on Board) is the price at the border of the exporting country, which includes the value of the commodity, all transport expenditures to the shipping point as well as all the fees for the commodity to be loaded on board.
CIF price (Cost, Insurance, Freight) is the price at the border of the importing country, including both components of FOB price and the cost of insurance as well as the cost of the international transport.
