According to data from the National Institute of Statistics (INS), the trade balance deficit (FOB/CIF) for the first three months of this year stood at 6.699 billion euros, representing a decrease of 1.5% or 103.3 million euros compared to the deficit recorded in the same period of 2023.
In March 2024, a trade deficit of 2.548 billion euros was recorded. Statistical data show that, between January 1 and March 31, 2024, FOB exports totaled 22.946 billion euros, and CIF imports amounted to 29.645 billion euros. Compared to the same period last year, exports decreased by 3.7%, and imports by 3.2%.
In the first three months of 2024, important weights in the structure of exports and imports are held by the product groups: machinery and transport equipment (47.7% for export and 36.2% for import) and other manufactured products (29.1% for export and 27.9% for import).
The value of intra-EU27 exchanges of goods during the mentioned period was 16.840 billion euros for shipments and 21.937 billion euros for imports, representing 73.4% of total exports and 74% of total imports.
The value of extra-EU27 exchanges of goods in the period January 1 – March 31, 2024 was 6.105 billion euros for exports and 7.707 billion euros for imports, representing 26.6% of total exports and 26% of total imports.
In March 2024, FOB exports totaled 7.904 billion euros, and CIF imports amounted to 10.452 billion euros, resulting in a deficit of 2.548 billion euros. Compared to March 2023, exports in March 2024 decreased by 9.8%, and imports decreased by 6.7%.
According to the INS, the balance of the FOB/CIF trade balance 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. The FOB (Free on Board) price 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 .
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