Loading ...The Romanian exports have recorded structural improvement, analysts said, adding such improvement is mainly backed by the producers having turned to high value-added goods, while re-tooling and the depreciation of the national leu currency are the main causes for the increase in exports, the Business Standard daily reports on August 18.
The improved exports are a result of foreign investment and imports of technology.
The improved exports are a result of foreign investment and imports of technology.
The exports outpaced imports in the last six months. In June alone the volume of exports climbed by 21% in euro terms. This compares to a rise in the Hungarian exports by 7.6% while the shipments made by the Czech Republic and Poland advanced by 19.4% and 16.1% respectively.
The increased exports seen by Romania this year, having grown faster than imports, was little anticipated by the financial market last year. Only part of the economists and part of the authorities said last year that the relation between exports and imports would change in 2008. Former Labour Minister Gheorghe Barbu said in last September that the imports would slow down, since Romania had imported the technology it needed.
"Now the time has come for us to export what we are going to produce with such technology", Barbu said. His remarks are backed by this year’s realities, though they seemed little credible last year. The advance posted by the deliveries based on the imports of technology was also anticipated by the Banca Comerciala Romana (BCR) chief economist Lucian Anghel. "It takes a 3 to 5 year cycle for the imported technology to begin to produce export. One of the areas where the technology imports have been extremely efficient in this respect is the processing industry, the car-making industry in particular. The export figures were very good in the first 6 months of this year and I think they’ll keep steady in the full-year too", Anghel stressed.
He says Romania in the third quarter will export grain, since it had a bumper crop. The analysis also anticipated the narrowed current account gap, he added.
The current account deficit climbed by 8.48% in the first half-year to 7.98 billion euros, according to figures released by the National Bank of Romania.
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