• In the first nine months of 2022, the export of cereals from Romania registered an increase of over 40%.
According to the data provided by the National Institute of Statistics (INS), cited by Agerpres, in the first nine months of 2022, the export of Romanian cereals was increasing. INS reports that Romania exported, in the first nine months of last year, compared to the similar period in 2021, cereals and cereal-based preparations in the amount of almost 3,78 billion euros, thus registering an increase of 41,2% .
data National Institute of Statistics shows that in March of 2022, the largest exports were achieved, reaching the amount of 619,1 million lei.
The trade surplus in the cereal and cereal products sector, for the first nine months of the previous year, was reported at 2.509 billion euros, and in the period January-September 2022, Romania imported cereals and cereal-based preparations worth 1,27 billion euro (+23,5%).
Large trade deficit
The press release released by the National Institute of Statistics on January 9, 2023 shows a large trade deficit in terms of the export of various goods. The data show that the deficit of the trade balance in the period January 1, 2022 - November 30, 2022 was 31000,4 million euros, higher by 9654,9 million euros (+45,2%) than the one recorded in the period January 1 - November 30, 2021 .
In November 2022, FOB exports stood at 8426,8 million euros, and CIF imports totaled 11015,9 million euros, resulting in a deficit of 2589,1 million euros.
Compared to November 2021, exports from November 2022 increased by 18,8%, and imports increased by 19,3%, so that between January 1 and November 30, 2022, FOB exports reached 85261,8 million euros, and CIF imports of 116262,2 million euros.
In the period January 1 - November 30, 2022, exports increased by 25,1% and imports increased by 29,9%, compared to the period January 1 - November 30, 2021.
Specifications:
The trade balance FOB/CIF it is calculated based on the value of the FOB export and the CIF import, as the difference between them. The negative balance of the trade balance is called a deficit, and the positive one is called a surplus.
FOB price (Free on Board) represents the price at the border of the exporting country, which includes the value of the good, all transport costs to the point of embarkation, as well as all the taxes that the good must bear to be loaded on board.
CIF price (Cost, Insurance, Freight/Cost, Insurance, Shipping) represents the price at the border of the importing country, which includes both the components of the FOB price, as well as the cost of insurance and international transport.
Article written by Gabriela Dan, Editor of Arta Albă
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