Romania’s FOB/CIF trade balance deficit in 2024 rose to EUR 33.393 billion, up EUR 4.4 billion euros (+15.3%) from 2023, according to data published on Monday by the National Institute of Statistics (INS).

In December 2024, FOB exports amounted to EUR 6.581 billion, and CIF imports to EUR 9.916 billion, which gave a EUR 3.336 billion deficit.

As against December 2023, Romania’s exports in December 2024 increased by 7.1% while imports increased by 3.5%.

In 2024, FOB exports fell by 0.4% to EUR 92.691 billion, while CIF imports increased by 3.3% to EUR 126.084 billion. Important shares in the composition of exports and imports are held by machinery and transport equipment (47% of exports and 36.4% of imports) and other manufactured products (28.5% of exports and 28.6% of imports).

The value of intra-EU27 trade in goods in 2024 was EUR 66.721 billion in exports and EUR 90.883 billion in imports, making up 72% of total exports and 72.1% of total imports.

The value of extra-EU27 trade in goods in 2024 was EUR 25.97 billion in exports and 35.201 billion euros in imports, making up 28% of total exports and 27.9% of total imports.

The FOB (Free on Board) price is the price at the border of the exporting country, which includes the value of the goods, all transport costs to the point of embarkation, as well as all the taxes that the goods must bear in order to be loaded on board.

At the same time, the CIF price (Cost, Insurance, Freight) is the price at the border of the importing country, which includes both the components of the FOB price and the cost of insurance and international shipment.

AGERPRES