Thus, Romania’s imports fell to 4.22 billion euros , while exports slid to 2.54 billion euros, narrowing the monthly foreign trade deficit to 1,68 billion euros, down by 26.8% versus prior year. The evolution of foreign trade in November confirm the statements of exporters, who warned on softer demand, as the large export markets of Romania plunged into recession.

Early last month, chairman of National Association of Importers and Exporters, Mihai Ionescu said “exports have already fallen into recession”.

Ionescu added that in November 2008, the demand for exports weakened by 10-35% versus initial orders, and for “next year, renewal of contracts remains uncertain”, the most affected being car industry, furniture, glass.

The statistics find that the exports to trade partners in EU fell the most in November 2008, by 10.6% from a year ago, down to 1.815 billion euros, while exports towards countries outside European Union weakened at a lower extent, by merely 4.6%, to 720.7 million euros.

As for imports, the trend is similar. Imports from the other 26 Member States shrunk by 19.4%in November 2008 compared to a year earlier, down to 2.937 billion euros, while imports outside EU slid 11.1%, down to 1.278 billion euros.

In October, imports rose by 4.8%, up to 5.3 billion euros while exports climbed 13.8% to 3.23 billion euros, reads the statistic report remitted by INS.

In first eleven months of last year, foreign trade of goods rose by 12.2% versus 2007, up to 52.54 billion euros, and exports advanced by 15.9% up to 31.59 billion euros.

Foreign trade deficit equated 20.96 billion euros in first eleven months in 2008, up by 7.2% from 2007, according to preliminary data of INS. Calculated in national currency, Romania’s foreign trade deficit amounted to 76.6 billion lei.