Romania’s economic deficit reached 4.39 billion Euros (the excess of imports over exports) in the first semester of this year, up 37.8% vs. the same period last year, and 5.81 billion Euros (FOB/CIF), according to a press release by the Economy ministry.

Exports went up 23.3% while imports 25.3% compared to the first semester 2005.

The increase of the trade deficit and the imports were influenced by the dependency of local production on the import goods, and the competition between the import and local goods.

Exports reached 12.67 billion Euros in first semester of 2006, up 20.3% compared to S1 2005. Imports grew 25.3% vs first semester of 2005.

The fast increase of imports last year led to a record trade deficit of 0.3 billion Euros, up 40.4% compared to 2004. This year however, the trade deficit topped 3.4 billion Euros, 1.07 billion more compared to the same period 2005.