Romania's exports contracted by 33.5% y/y to €11.5bn in the second quarter of the year, but monthly data reveals a gradual recovery.
The situation improved from the steep 47% y/y contraction seen in April, to a more moderate 13% y/y decline in June, according to data published by the statistics office. Notably, Romania's exports of goods were losing steam since before the coronavirus (COVID-19) pandemic and a return to positive growth rates is unlikely in the short run. In February, before the coronavirus outbreak, Romania's exports edged up marginally by 0.8% y/y.
For the whole first half of the year, Romania’s exports shrank by 18% y/y.
The country's imports also decreased in the second quarter of the year, by 26.4% y/y to €15.7bn, driven by subdued consumption and industrial activity.
The resumption in foreign trade activities was visible in the imports' dynamics as well: they contracted by only 7.9% y/y in June.
Overall, Romania's imports contracted by 13% y/y in the first half of the year.
The trade gap widened by 5% y/y in Q2, but its dynamic was lower than the +19.8% increase recorded in Q1.
In absolute terms, the trade gap reached €4.2bn in Q2 and €8.7bn in H1.