Exports slightly recover lost ground

Romanian economy is starting to show slightly positive signs after well over two months of bad news: exports are slightly recovering the lost ground, interest rates are going down, investments in mutual funds reached an all-time high in April, and Romania’s default risk traded abroad has now gone down to 30,000 euros to insure one million euros, from 73,000 euros at this year-start, central dailies report.

As for the exports, they witnessed the slowest decline pace of the last four months in March. Value of exports stood at 2.56 billion euros, almost 7 percent lower than in the same month of last year, but the decline pace was four times lower than in January (-24 percent) and February (-28 percent).
„This was a positive signal in terms of industrial orders coming from abroad.

Something is starting to move, especially in the car making industry. The main foreign partner is Germany and we hope this positive signal will continue,” said Valentin Brebenel, advisor with the Small and Medium- Sized Enterprises Ministry, quoted by Ziarul financiar daily.

The results of the main local carmaker, Automobile Dacia, confirm the increase in the number of orders local firms got from abroad. The company exported almost three times more vehicles in March than in the corresponding month of 2008. With over 24,800 units sold abroad, Dacia achieved exports of almost 198 million euros, accounting for almost 8 percent of Romania’s overall exports.

„Dacia exports surge, of 150 percent in March, which influenced Romania’s commercial balance, was also the result of the launch of the auto scrap schemes in Western Europe”, Constantin Stroe, Automobile Dacia Vice-president was quoted as saying by ZF.

On the other hand, the business milieu explained this slight recovery in March as this is a good month for the end of quarter deliveries.

„In April, the commercial exchanges return to the values in the first two months of the year. In the fourth month of the year we faced a 40 percent decline in extra-community exports, which make us believe that at the end of the first half of the year we will see a 30 percent decline in extra and intra-community exports”, Mihai Ionescu, President of the National Association of Exporters and Importers of Romania (ANEIR) was quoted by Business Standard daily.

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