Romania2020 Economic Complexity : 1.01, Rank 26 of 127
2020 Product Exports | Imports: $73B | $90.2B, 41 of 226 | 36 of 226
2020 Per Capita Product Exports | Imports: $3.79k | $4.68k, 65 of 219 | 79 of 219
2020 Service Exports | Imports : $18.5B | $13.8B, 22 of 65 | 24 of 65
Overview In 2020, Romania was the number 45 economy in the world in terms of GDP (current US$), the number 41 in total exports, the number 36 in total imports, the number 70 economy in terms of GDP per capita (current US$) and the number 26 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Romania are Motor vehicles; parts and accessories (8701 to 8705) ($6.07B), Cars ($5.75B), Insulated Wire ($3.67B), Electrical Control Boards ($2.33B), and Rubber Tires ($1.6B), exporting mostly to Germany ($15.9B), Italy ($7.45B), France ($4.65B), Hungary ($3.24B), and Bulgaria ($2.59B).
In 2020, Romania was the world's biggest exporter of Sunflower Seeds ($671M) and Sheep and Goats ($285M)
Imports The top imports of Romania are Motor vehicles; parts and accessories (8701 to 8705) ($3.85B), Packaged Medicaments ($3.17B), Cars ($2.49B), Crude Petroleum ($2.18B), and Insulated Wire ($1.76B), importing mostly from Germany ($17.8B), Italy ($7.81B), Hungary ($6.28B), China ($5.76B), and Poland ($5.58B).
Location Romania borders Bulgaria, Hungary, Moldova, Serbia, and Ukraine by land and Turkey by sea.
The following section uses the most recent trade data from partners of Romania.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Romania Exports Services (2020): $18.5B
Romania Imports Services (2020): $13.8B
In 2020, Romania exported $18.5B worth of services. The top services exported by Romania in 2020 were Other transport ($6.91B), Miscellaneous business, professional, and technical services ($5.78B), Information services ($890M), Telecommunications services ($877M), and Business travel ($780M).
The top services imported by Romania in 2020 were Miscellaneous business, professional, and technical services ($4.65B), Personal travel ($2.04B), Other transport ($2.02B), Business travel ($1.05B), and Air transport ($598M).
Romania has a high level of specialization in Sheep and Goats (44.6), Sunflower Seeds (31.9), Non-Retail Combed Wool Yarn (22.1), Processed Tobacco (18), and Revolution Counters (14). Specialization is measured using RCA, an index that takes the ratio between Romania observed and expected exports in each product.
The highest complexity exports of Romania according to the product complexity index (PCI) are Cermets (2.08), Drafting Tools (1.84), Oscilloscopes (1.83), Chemical Analysis Instruments (1.75), and Polymer Ion-Exchangers (1.65). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Romania according to the relatedness index, are Iron Stovetops (0.32), Aluminium Structures (0.31), Iron Cloth (0.3), Central Heating Boilers (0.3), and Locomotive Parts (0.3). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Romania is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Romania's economy has become relatively more complex, moving from the 44th to the 26th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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