Discusses key economic indicators and trade statistics, which countries are dominant in the market, the U.S. market share, the political situation if relevant, the top reasons why U.S. companies should consider exporting to this country, and other issues that affect trade, e.g., terrorism, currency devaluations, trade agreements.
Romania is a market with vast potential, a strategic location, though with a challenging business climate. Its economy was among the EU’s fastest growing with 4.1% growth in 2019. While this growth was primarily driven by consumption, nearly every sector experienced business growth. Leading economic sectors presently include agriculture, manufacturing, auto assembly, textiles and footwear, petroleum refining.
Romania is eligible to receive approximately €43 billion ($57.1 billion) in EU funding for the 2014-2020 programming period, but lack of institutional capacity has limited its ability to effectively absorb these funds. Bilateral trade in goods between Romania and the United States amounted to $3.32 billion in 2019, with $2.38 billion in Romanian exports to the United States and $0.94 billion in U.S. exports to Romania.
This report is intended to aid American companies in developing and executing new and increased sales to this important and promising – yet still transitional – EU market.