OVERVIEW
In 2023, Romania was ranked 43rd out of 195 states in the world in terms of GDP for its economy, with $351B current US$, 66th out of 196 in terms of GPD per capita and 41st out of 226 in total exports.
Also, during the last 20 years Romania’s economy has evolved and grown so complex that it climbed the ECI - economic complexity index - rankings, going from the 43rd position to the 22nd.
These rankings use six-digit exports classified according to the HS96 classification, and they consider only countries with, at least, 1 million people, $1 billion coming from exports and products with over $500 million world trade.
EXPORTS
In 2023, the products that were exported from Romania the most were Cars, traded $9.37B, Motor vehicles, specifically parts or accessories, a little over $8B, Insulated Wire, valued $4.11B, Wheat, around $3.13B, and Electrical Control Boards, about $3.04B; in the latest year, it also became the world’s larger exporter or Sunflower Seeds, close to $859M, and Non-Retail Silk Yarn, approximately $104M.
The most preferred destinations were Germany, Italy, France, United Kingdom and Hungary, respectively with $19.9B, $10.2B, $6.5B, $5.14B and $4.22B.
IMPORTS
In 2023, the most imported products in Romania were Motor vehicles: parts and accessories, with $5.36B, Packaged Medicaments, quoted $4.31B, Cars, a little over $4.27B, Crude Petroleum, close to 4.15$ and Refined Petroleum, about $3.41B.
All these goods mainly come from the following countries: Germany ($25.1B), Italy ($11.3B), Hungary ($8.43B), Poland ($8.29B) and China ($7.45B).
CONCLUSIONS
Romania, in the latest 20ish years, has become a powerful and important reference for various fields in the European market and is in the top 50 of the countries with a complex economy, specifically 26th on trade, 42nd on technology and 75th on research.
Source: https://oec.world/en
