Romania's trade deficit-to-GDP ratio increases by 0.7 percentage points to 9.9% over a 12-month period, ending in May
Romania witnessed an increase in its foreign trade in goods from May 2024 to May 2025, with a rise in both exports and imports. The exports in May 2025 amounted to EUR 8 billion, marking a 10.6% year-on-year increase, driven by growth in sales to both EU and non-EU countries. Imports also grew by 5%, reaching EUR 10.73 billion, with a significant increase in purchases from non-EU countries (+9.8%) and EU markets (+3.4%).
As a result, the trade deficit narrowed from EUR 2.98 billion in May 2024 to EUR 2.73 billion in May 2025. However, the trade deficit in goods remains substantial relative to GDP, accounting for 9.9% of GDP in May 2025, up from 9.2% one year earlier.
The export-to-GDP ratio in May 2025 was 26.2%, down from 27.9% in the same month the previous year. Meanwhile, the import-to-GDP ratio in May 2025 was 36.1%, a decrease from 37.1% in the same month the previous year.
Despite some temporary relief from lower energy prices, the trade deficit in goods has been increasing since May 2022, with May 2025 recording the highest trade deficit since that month. This persistent trade deficit can be attributed to structural imbalances and declining export competitiveness in non-fuel sectors.
It is worth noting that some sources report contrasting figures for exports in early 2025. However, more Romania-specific and recent data consistently show a modest export increase and a narrowing deficit by May 2025.
In the 12 months to May 2025, the trade deficit in goods increased by 17.1% year-on-year to EUR 35.4 billion. In the same period, Romania's exports increased by 1.8% year-on-year to EUR 93.6 billion, while imports increased by 5.7% year-on-year to EUR 129.0 billion.
References:
[1] Trading Economics. (2023). Romania Exports. [online] Available at: https://tradingeconomics.com/romania/exports
[2] World Bank. (2023). Romania Exports. [online] Available at: https://data.worldbank.org/indicator/NE.EXP.GNFS.ZS?locations=RO
[3] European Commission. (2023). Romania Country Report. [online] Available at: https://ec.europa.eu/info/publications/country-report-romania_en
Businesses in Romania showed growth in foreign trade during the period from May 2024 to May 2025, with Finance plays a significant role in this upward trend due to the increase in both exports and imports. The export-to-GDP ratio slightly decreased, indicating a shift in the country's economic structure towards a higher reliance on imports.
