BUCHAREST: Romania trade deficit widened 56 percent on the year to 970 million euros ($1.27 billion) in the first two months of 2012, with exports' growth rate slowing, the National Statistics Board said on Monday.
Export growth is expected to slow down further as demand from the debt-ridden euro zone, the country's main trade partner ebbs. A severe cold snap in February will also weigh on first quarter trade figures, as snow blocked roads, ports and hurt output.
Exports were down 0.4 percent on the year in February, when the trade shortfall was 512 million euros. The statistics board said CIF (cost/insurance/freight) imports rose 5.1 percent to 7.95 billion euros in January February, while exports grew 0.6 percent to 6.98 billion euros.
Romania once ran a large trade shortfall that left it exposed to a financing crisis and seeking international aid but the gap has narrowed sharply as a deep recession in 2009 and 2010 weakened the currency and hit domestic consumption.
The centrist coalition government and the International Monetary Fund expect the economy to grow 1.5-2 percent this year, lagging after it grew a more than expected 2.5 percent in 2011.
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