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Economy 
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Economic-overview: After the collapse of the Soviet Bloc in 1989-91, Romania
was left with an obsolete industrial base and a pattern of industrial capacity
wholly unsuited to its needs. In February 1997, Romania embarked on a comprehensive
macroeconomic stabilization and structural reform program, but reform subsequently
has been a stop-and-go process.
Restructuring programs include liquidating large energy-intensive industries
and major agricultural and financial sector reforms.
Today, Romania is continuing its difficult transition to a
market-based economy.
GDP contracted by an estimated 7.3% in 1998 after a 6.6% decline in 1997.
Tight monetary policy and slower exchange rate depreciation earlier in
1998 helped lower inflation to an estimated 41% from 152% in 1997. The large
current account deficit and concerns about meeting debt payments in 1999
contributed to increased pressure on the exchange rate towards the end of
1998. Replacing the IMF standby agreement (suspended because of lack of
progress on structural reforms), servicing large debt payments, and bringing
the budget under control are key priorities for 2000.
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Import/Export Statistics 1998
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The value of exports totalled USD 8.3bn, representing 98.4% of previous
year.
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In terms of export values, textiles and finished garments occupied the
leading position (26.0%), followed by metals (Iron, Steel & Aluminium and
products (19.1%), electrical equipment, appliances and machinery (9.5%),
Shoes (7.3%).
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Import Statistics - Multi-country comparisons
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Export Statistics - Multi-country comparisons
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+ Sectors
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Growth of exports were recorded in 1998 as against 1997 in the following
market sectors Knitted garments (+31.7%), Iron & Steel products (+18.9%),
Unprocessed & Processed timber, plywood products and other wooden products
(+14.4%), vegetable products (+10.1%).
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- Sectors
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Reduced exports were recorded for fertilizers (-73.2%), live animals and
animal produces (-52.8%), animal or vegetable fats and oils (-44.4%), organic
chemicals (-31.4%).
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Geography