Economic Promotion

Promoting Romanian exports

Korea is one of Romania's main economic partners in Asia, with which Romania has concluded a long-term strategic partnership. The bilateral cooperation between Romania and Korea is moving forward on a fast track, boosting the two-way trade, business and investments. In terms of commercial exchange, we noticed, especially in the last 4 years, a tendency of a stable increase, respectively a total volume of around 1 billion USD per year, with balanced exchanges. The volume of the bilateral trade reached 959.6 million USD in 2015; out of witch 459.3,4 million represents Romanian exports to Korea and 563.1 million Romanian imports from Korea. The trade balance was unfavorable for Romania (-77,0 million USD). In accordance to these results, Korea became the second largest market in Asia for our exports, after China, surpassing Japan and India. We think that through common efforts in 2-3 years our total bilateral trade could reach more than 1,5 - 2,0 billion USD.

A total of three product groups concentrate more than 85% of the Romanian exports to Korea: machinery and electrical equipment, vegetal products (cereals) and wood and wood products. As regards the imports, five groups of goods represent more than 92% of the Romanian imports from Korea: machinery and electrical equipment, plastics, textiles and garments and vehicles and transport means. For this reason, one of Romania’s objectives is to diversify the bilateral exchanges of goods with Korea, according to our common interests and real possibilities of our economies.

 

 

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