That dollar amount reflects a 21.6% boost compared to $79.7 billion worth of Romanian products exported 5 years earlier during 2018.
Year over year, the overall value of Romanian exported products rose by 10.7% from $87.5 billion in 2021.
Based on the average exchange rate for 2022, the Romanian leu depreciated by -18.9% against the US dollar since 2018 and fell by -12.7% from 2021 to 2022. Romania’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers.
Top International Customers for Romanian Exports
The latest available country-specific data shows that over two-thirds (68.9%) of products exported from Romania was bought by importers in: Germany (19.8% of the Romanian total), Italy (10.1%), Hungary (7.3%), France (6%), Bulgaria (3.9%), Poland (3.8%), Netherlands (3.5%), Spain (3.11%), Türkiye (3.08%), Czech Republic (2.89%), United Kingdom (2.88%), then the United States of America (2.5%).
From a continental perspective, 83.4% of Romania’s exports by value were delivered to fellow European countries while 10% was sold to importers in Asia. Romania shipped 3.1% worth of goods to Africa, with another 3% arriving in North America (3%).
Tinier percentages went to Latin America (0.4%) excluding Mexico but including the Caribbean, and Oceania (0.1%) led by Australia and New Zealand.
Given Romania’s population of 19.04 million people, its total $96.8 billion in 2022 exports translates to roughly $5,100 for every resident in the East European country. That dollar metric exceeds the average $4,600 per person one year earlier for 2021.
Romania’s Top 10 Exports
The following export product groups represent the highest dollar value in Romanian global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Romania.
- Electrical machinery, equipment: US$15.9 billion (16.4% of total exports)
- Vehicles: $13.8 billion (14.2%)
- Machinery including computers: $9.5 billion (9.8%)
- Mineral fuels including oil: $7.4 billion (7.6%)
- Cereals: $4.6 billion (4.7%)
- Iron, steel: $3.5 billion (3.6%)
- Rubber, rubber articles: $3.2 billion (3.3%)
- Articles of iron or steel: $3.13 billion (3.2%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $3.06 billion (3.2%)
- Optical, technical, medical apparatus: $2.9 billion (3%)
Romania’s top 10 exports accounted for more than two-thirds (69.2%) of the overall value of its global shipments.
Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 138.8% from 2021 to 2022.
In second place for improving export sales were articles made from iron or steel propelled by a 14% advance.
Romania’s shipments of rubber and items made from rubber articles recorded the third-fastest gain in value, up by 12.5%.
The leading decliner among Romania’s top 10 product categories were exports of the metals iron and steel, dragged down by a -9.6% year-over-year reduction.
At the more detailed 4-digit Harmonized Tariff System code level, the most valuable Romanian export products are automobile parts or accessories (6.9% of Romania’s export total), cars (6.4%), insulated wire or cable (4.3%), processed petroleum oils (3.8%), electrical and optical circuit boards or panels (3.3%), new rubber tires (2.3%), wheat (2.2%), corn (2.1%), electrical energy (1.9%), then petroleum gases (1.6%).
Products Generating Romania’s Largest Trade Surpluses
The following types of Romanian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports reflect the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Cereals: US$3.6 billion (Up by 1.3% since 2021)
- Vehicles: $2.7 billion (Up by 6.2%)
- Wood: $1.32 billion (Up by 7.4%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $1.28 billion (Up by 2.5%)
- Tobacco, manufactured substitutes: $1.1 billion (Down by -4.1%)
- Oil seeds: $979.6 million (Down by -16.7%)
- Rubber, rubber articles: $877.6 million (Up by 15.7%)
- Ships, boats: $516.2 million (Down by -33.4%)
- Clothing, accessories (not knit or crochet): $336.7 million (Down by -2.3%)
- Live animals: $306.1 million (Down by -15.7%)
Romania has highly positive net exports in the international trade of cereals, notably corn, wheat and barley. In turn, these cashflows indicate Romania’s strong competitive advantages under the vehicles product category.
Products Causing Romania’s Worst Trade Deficits
Romania incurred an overall -$35.9 billion trade deficit during 2022, up 24% from the -$28.9 billion in red ink one year earlier in 2021.
Below are exports from Romania that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Romania’s goods trail Romanian importer spending on foreign products.
- Mineral fuels including oil: -US$8.8 billion (Up by 54.4% since 2021)
- Plastics, plastic articles: -$3.9 billion (Down by -0.1%)
- Machinery including computers: -$3.8 billion (Down by -0.2%)
- Pharmaceuticals: -$3.7 billion (Up by 0.9%)
- Electrical machinery, equipment: -$3 billion (Up by 87.6%)
- Other chemical goods: -$2 billion (Up by 7.7%)
- Fertilizers: -$1.9 billion (Up by 111.7%)
- Iron, steel: -$1.7 billion (Up by 141.2%)
- Organic chemicals: -$1.4 billion (Up by 26.1%)
- Meat: -$1 billion (Up by 17.4%)
Romania has highly negative net exports and therefore deep international trade deficits for crude oil, petroleum gases and electricity under the mineral fuels-related product category.
Romanian Export Companies
Not one Romanian corporation ranks among Forbes Global 2000.
Wikipedia also lists Romanian companies engaged in international trade. Selected examples are shown below.
- Antibiotice Iași (pharmaceuticals)
- Arctic S.A. (household appliances)
- Automobile Dacia (cars)
- Daewoo-Mangalia Heavy Industries DMHI (ships)
- European Drinks & Foods (food, beverages)
- Farmec (cosmetics, personal hygiene)
- Jolidon (lingerie, swimsuits)
- Roman (trucks, buses)
- Romstal (sanitary wear)
- Tehnoton (home electronics, machinery)
In macroeconomic terms, Romania’s total exported goods represent 13.1% of its overall Gross Domestic Product for 2022 ($737.4 billion valued in Purchasing Power Parity US dollars). That 13.1% for exports to overall GDP in PPP for 2022 compares to 13.6% for 2021. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Romania’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Romania’s unemployment rate averaged 5.625% in 2022, up from an average 5.608% one year earlier for 2021 according to statistics from the International Monetary Fund.
Romania’s capital city is Bucharest.
See also Romania’s Top Trading Partners, Moldova’s Top 10 Exports, Hungary’s Top 10 Exports and Poland’s Top Trading Partners<
Research Sources:
Central Intelligence Agency, The World Factbook Europe: Romania. Accessed on May 23, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 23, 2023
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on May 23, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 23, 2023
International Trade Centre, Trade Map. Accessed on May 23, 2023
Investopedia, Net Exports Definition. Accessed on May 23, 2023
Wikipedia, Gross domestic product. Accessed on May 23, 2023
Wikipedia, Romania. Accessed on May 23, 2023
Wikipedia, List of Companies of Romania. Accessed on May 23, 2023
Wikipedia, Purchasing power parity. Accessed on May 23, 2023