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Romania's FOB/CIF trade deficit in the first two months of 2024 stood at EUR 4.142 billion, down EUR 228.4 million (-5.2%) y-o-y, according to data with the National Institute of Statistics (INS) published on Tuesday.
In February 2024 alone, the trade deficit was standing at EUR 2.174 billion.
Statistical data show that between January 1 and February 29, 2024, FOB exports amounted to EUR 15.042 billion, and CIF imports to EUR 19.184 billion. Y-o-y, exports decreased by 0.1% and imports by 1.2 %.
In the first two months of 2024, important shares in the composition of exports and imports were held by machinery and transport equipment (47.3% of exports and 36.3% of imports) and other manufactured products (29.1% of export and 27.9% of imports).
The value of intra-EU27 trade in goods during the same period was EUR 11.045 billion in exports and EUR 14.111 billion in imports, making up 73.4% of total exports and 73.6% of total imports.
The value of extra-EU27 trade in goods during the same period was EUR 3.996 billion in exports and EUR 5.073 billion in imports, accounting for 26.6% of total exports and 26.4% of total imports.
In February 2024, FOB exports amounted to EUR 7.956 billion and CIF imports exceeded EUR 10.130 billion, generating a deficit of EUR 2.174 billion. Y-o-y, the February 2024 increased by 1% and imports increased by 2%.
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.
