ROMANIA
Capital: Bucharest
Population:
Romania: 22.28 million
Virginia: 7.64 million
Government type: Republic
Chief of State: President Traian Basescu
Head of government: Prime Minister Calin
Popescu-Tariceanu
Languages (Official): Romanian
Land Size:
237,500 square kilometers
(slightly smaller than Oregon)
(CIA)
Currency: (www.oanda.com)
Romanian leu (RON)
1US$ = 2.4147 RON (November 2007)
(Romania Map. CIA)
DID YOU KNOW?
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U.S. exports to Romania in 2006 were valued at $550.12 million and was led by industrial
machinery.
Romania closed out 2006 with approximately 8% GDP growth, marking the 7th consecutive
year of economic expansion.
January 2007 brought Romania into the European Union (EU) with all of the privileges that
come with membership in this powerful economic club, including harmonized tariffs and the
opportunity for US firms to use Romania as an economically advantageous gateway to the EU
market.
While the commercial climate is generally positive, there are factors that have limited U.S./
Romanian trade to date. These factors include a lack of disposable income due to low wages,
an inefficient judicial system, government bureaucracy, and the ineffectiveness in protection.
Given Romania’s receptivity to American-made products and services, the U.S. should not
only maintain but also improve the market share it enjoys in the Romanian economy.
The strongest areas of opportunity for U.S. exports and investment potential include
information and telecommunication technology, energy, construction, environmental
technology, automotive aftermarket sales, defense, safety and security and franchising.
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ROMANIA
ECONOMIC OUTLOOK
Romania began the transition from Communism in 1989 with a largely obsolete industrial base
and a pattern of output unsuited to the country's needs. The country emerged in 2000 from a
punishing three-year recession thanks to strong demand in EU export markets. Despite the global
slowdown in 2001-02, strong domestic activity in construction, agriculture, and consumption have
kept GDP growth above 4%. However, macroeconomic gains have only recently started to spur
creation of a middle class and address Romania's widespread poverty, while corruption and red
tape continue to handicap the business environment. Romanian government confidence in
continuing disinflation was underscored by its currency revaluation in 2005, making 10,000 "old"
lei equal 1 "new" leu. The economy grew at 6.4% in 2006, the strongest growth in the last decade.
Romania joined the European Union on 1 January 2007, and the IMF has praised the country's
recent reform efforts in preparation for EU accession. (CIA World Factbook)
Romania's strategic location on the crossroads of trade routes in Southeast Europe as well as its
booming economy makes it an increasingly attractive place for Americans to invest. Recent U.S.investments highlight Romania’s market of almost 22 million consumers, pro-American climate,
political and economic stability and formidable economic business opportunities. (CCG)
VIRGINIA EXPORTS TO ROMANIA
$99.98
(millions)
$100
$50
$40.15
$23.89
$0
2004
2005
(Source for graph: World Trade Atlas)
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2006
ROMANIA
VIRGINIA EXPORTS TO ROMANIA
Exports to Romania via Virginia in 2006 were valued at US$ 23.89 million, a 76% decrease from
2005. Tobacco was the number one export to Romania via Virginia, decreasing almost 17% from
2005. Exports of meat products, mainly pork and poultry, also decreased from 2005 by almost
89%. Machinery climbed one spot to the number three export, however this category also saw
declines from 2005, slipping 51%. Vehicles/Not Railway grew a slight 5% over 2005 and Optical/
Medical Instruments jumped 119% over 2005. Plastics and Furniture & Bedding both
experienced strong growth over 2005, growing 184% and almost 131% respectively.
VIRGINIA’S TOP EXPORTS TO ROMANIA - 2006
Tobacco
$17.10
Meat
$3.30
Machinery
$2.49
Vehicles/Not Railw ay
$0.27
Optic/Medical Instr
$0.19
Electrical Machinery
$0.14
Toys/Sports Equip
$0.11
Misc Chemical Products
$0.08
Plastic
$0.06
$0
$20
(millions)
(Source for Text and Graph: World Trade Atlas)
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ROMANIA
VEDP TRADE EVENTS
For a complete listing of VEDP’s international trade events, please visit the “Events” tab on our
website: www.ExportVirginia.org
VEDP CONTACT INFORMATION
Virginia Economic Development Partnership
Division of International Trade
P.O. Box 798
901 East Byrd Street
Richmond, Virginia 23218-0798
Tel: (804) 545-5764
Fax: (804) 545-5751
E-mail: clientservices@yesvirginia.org
Website: www.exportvirginia.org
ADDITIONAL RESOURCES
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The Regional Environmental Center for Central and Eastern Europe.—<http://www.rec.org/>
U.S. Commercial Service—Romania—<http://www.buyusa.gov/romania/en/>
Embassy of Romania—Washington, D.C.—<http://www.roembus.org/>
WORKS CITED
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FX Currency Converter. Accessed November 2007.
<http://www.oanda.com/convert/classic>
United States Central Intelligence Agency. World Factbook 2007, Romania.
<https://www.cia.gov/library/publications/the-world-factbook/geos/ro.html>
United States Dept. of Commerce. Country Commercial Guide 2007: Romania
<http://www.buyusainfo.net/docs/x_2619849.pdf>
World Trade Atlas. US State Export Edition. Annual 2006. <www.gtis.com>
Publication Date: December, 2007
*Information provided by VEDP Fast Facts is intended as advice and guidance only. The information is in no way exhaustive and the VEDP is not a
licensed broker, banker, shipper or customs agency. VEDP shall not be liable for any damages or costs of any type arising out of, or in any way
connected with the use of, these Fast Facts.
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