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The principalities of Wallachia and Moldavia - for centuries under the suzerainty of the Turkish Ottoman Empire - secured their autonomy in 1856; they were de facto linked in 1859 and formally united in 1862 under the new name of Romania. The country gained recognition of its independence in 1878. It joined the Allied Powers in World War I and acquired new territories - most notably Transylvania - following the conflict. In 1940, Romania allied with the Axis powers and participated in the 1941 German invasion of the USSR. Three years later, overrun by the Soviets, Romania signed an armistice. The post-war Soviet occupation led to the formation of a communist "people's republic" in 1947 and the abdication of the king. The decades-long rule of dictator Nicolae CEAUSESCU, who took power in 1965, and his Securitate police state became increasingly oppressive and draconian through the 1980s. CEAUSESCU was overthrown and executed in late 1989. Former communists dominated the government until 1996 when they were swept from power. Romania joined NATO in 2004 and the EU in 2007.

Location

Southeastern Europe, bordering the Black Sea, between Bulgaria and Ukraine

Natural Resources

petroleum (reserves declining), timber, natural gas, coal, iron ore, salt, arable land, hydropower

Population - distribution

urbanization is not particularly high, and a fairly even population distribution can be found throughout most of the country, with urban areas attracting larger and denser populations; Hungarians, the country's largest minority, have a particularly strong presence in eastern Transylvania

21959278
Romanian (official) 85.4%, Hungarian 6.3%, Romani 1.2%, other 1%, unspecified 6.1% (2011 est.)
BUCHAREST (capital) 1.868 million (2015)
Conventional long form
none
Conventional short form
Romania
Local long form
none
Local short form
Romania
semi-presidential republic
Name
Bucharest
Geographic coordinates
44 26 N, 26 06 E
Time difference
UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Romania, which joined the EU on 1 January 2007, began the transition from communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. Romania's macroeconomic gains have only recently started to spur creation of a middle class and to address Romania's widespread poverty. Corruption and red tape continue to permeate the business environment.
Inflation
-1.538%
External debt stocks
US$ 95,955,177,000
Total tax rate (% of commercial profits)
38.4%
Real Interest Rate
3.473%
Manufacturing, value added (% of GDP)
23.651%
Current Account Balance
US$ -4,385,350,420
Labor Force, Total
9,295,482
Employment in Agriculture
25.59%
Employment in Industry
28.46%
Employment in Services
45.96%
Unemployment Rate
6.42%
Imports of goods and services
US$ 79,015,837,992
Exports of goods and services
US$ 77,264,072,767
Total Merchandise Trade
73.95%
FDI, net inflows
US$ 5,372,961,305
Commercial Service Exports
US$ 19,849,995,170
wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep
electric machinery and equipment, auto assembly, textiles and footwear, light machinery, metallurgy, chemicals, food processing, petroleum refining, mining, timber, construction materials
Commodities
machinery and equipment, other manufactured goods, agricultural products and foodstuffs, metals and metal products, chemicals, minerals and fuels, raw materials
Partners
Germany 19.8%, Italy 12.5%, France 6.8%, Hungary 5.4%, UK 4.4% (2015)
Commodities
machinery and equipment, other manufactured goods, chemicals, agricultural products and foodstuffs, fuels and minerals, metals and metal products, raw materials
Partners
Germany 19.8%, Italy 10.9%, Hungary 8%, France 5.6%, Poland 4.9%, China 4.6%, Netherlands 4% (2015)
Country Risk Rating
A4
A somewhat shaky political and economic outlook and a relatively volatile business environment can affect corporate payment behavior. Corporate default probability is still acceptable on average.
Business Climate Rating
A3
The business environment is relatively good. Although not always available, corporate financial information is usually reliable. Debt collection and the institutional framework may have some shortcomings. Intercompany transactions may run into occasional difficulties in the otherwise secure environments rated A3.
  • Large home market
  • Significant agricultural potential
  • Limited energy dependence (23%) thanks to oil and gas, coal and uranium
  • Large-scale renewable electricity production (37%)
  • Diversified industry with inexpensive labor
  • Leu stable against euro
  • Population in decline
  • Shortcomings in social development, difficult integration of Hungarian and Roma minorities
  • Sizeable informal economy (28%)
  • Poor agricultural productivity
  • Shortcomings in administration and justice, corruption
  • Poor transport infrastructures
  • Low participation rate for Hungarian and Romanies minorities, young people, and women

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