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The EU is Romania's main trade partner in agri-food products. Romanian EU exports represent 64%, and imports from EU countries represent 54%. Other important partners are the CEFTA countries, Turkey, Republic of Moldova and the USA. [1] Romania is an important exporter of military equipment, accounting for 3-4% of the world total in 2007.
Romania imported in 2006 food products of 2.4 billion euros, up almost 20% versus 2005, when the imports were worth slightly more than 2 billion euros. The EU is Romania's main partner in the trade with agri-food products. The exports to this destination represent 64%, and the imports from the EU countries represent 54%.
[citation needed] The Romanian arms industry's main customer, for whom they mainly build warships, vehicles, and equipment, is the Romanian Government. Furthermore, record high defense expenditure (currently at 5 billion €), which was considerably increased under the government of Prime Minister Călin Popescu-Tăriceanu .
In 2006 Romania imported food products worth €2.4 billion, up almost 20% versus 2005, when imports were worth slightly more than €2 billion. The European Union is Romania's main trade partner in agri-food products. Romanian EU exports represent 64%, and imports from EU countries represent 54%.
The second five-year plan (1956–1960) was supposed to accelerate the pace of industrialization again, but, in the context of the Hungarian Revolution of 1956, the Romanian Communist Party cautiously reduced the investment to half of the original amount and, instead, increased the workers' wages by 15%. [7]
Location of Romania. Romania is a sovereign state located in Southeastern Europe.Following rapid economic growth in the early 2000s, Romania has an economy predominantly based on services, and is a producer and net exporter of machines and electric energy, featuring companies like Automobile Dacia and OMV Petrom.
As of 2017, 25.8% of the Romanian workforce is employed in agriculture, compared to an EU average of 4.4%. [5] As of 2016, only 1.6% of Romanian farmers were recipients of tertiary education, compared to an 8.9% EU average. [5]
The effect of the cuts in imports in Romania, a net importer of food from the West, was however not correctly estimated by the foreign analysts, and led to food shortages. [9] Romania's record - having all of its debts to commercial banks paid off in full - has not been matched by any other heavily-indebted country in the world. [10]
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