Romania has a complex, high-income market economy, the 45th largest in the world by total nominal GDP and the 36th largest based on purchasing power parity. [1] The country is a regional leader in multiple fields, such as IT and motor vehicle production. [2] [3]
In 2016, Romania was the 46th largest exporter of goods in the world. [4]
In 2015, Romania's largest trading partner was Germany, followed by Italy. Romania's main exports to Germany were insulated wire, cars and vehicle parts, whereas its main German imports are cars and vehicle parts. The principal Italian imports to Romania include hides, footwear parts, pharmaceuticals, telephones, and vehicle parts. Romania's chief exports to Italy included leather footwear, cars, telephones, tobacco, men's suits, seats and iron pipes. [5]
2.8% of the country's GDP is derived from agricultural activity. While Romania imports substantial quantities of grain, it is largely self-sufficient in other agricultural products and food stuffs. Food must be regulated for sale in the retail market, therefore Romania imports almost no food products from other countries. 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%. Other important partners are the Central European Free Trade Agreement countries, Turkey, Moldova and the United States. [6]
The following is a list of the exports of Romania. Data is for 2017, in billions of United States dollars, as reported by The Observatory of Economic Complexity. Currently the top thirty exports are listed. [7]
Rank | Product | Value ($ billion) |
---|---|---|
1 | Vehicle parts | 7.09 |
2 | Insulated wire | 4.55 |
3 | Cars | 4.04 |
4 | Refined petroleum | 1.96 |
5 | Rubber tires | 1.79 |
6 | Seats | 1.72 |
7 | Electrical control boards | 1.69 |
8 | Wheat | 1.47 |
9 | Ball bearings | 0.942 |
10 | Low-voltage protective equipment | 0.941 |
11 | Electric heaters | 0.916 |
12 | Leather footwear | 0.899 |
13 | Packaged pharmaceuticals | 0.788 |
14 | Non-knit women's suits | 0.770 |
15 | Corn | 0.731 |
16 | Rolled tobacco | 0.729 |
17 | Liquid pumps | 0.718 |
18 | Electrical lighting and signalling equipment | 0.693 |
19 | Passenger and cargo ships | 0.673 |
20 | Air pumps | 0.666 |
21 | Non-knit men's suits | 0.655 |
22 | Spark-ignition engines | 0.643 |
23 | Sunflower seeds | 0.622 |
24 | Other furniture | 0.589 |
25 | Rapeseed | 0.581 |
26 | Iron pipes | 0.570 |
27 | Telephones | 0.549 |
28 | Thermostats | 0.546 |
29 | Sawn wood | 0.534 |
30 | Engine parts | 0.520 |
The economy of Bulgaria functions on the principles of the free market, having a large private sector and a smaller public one. Bulgaria is an industrialised high-income country according to the World Bank, and is a member of the European Union (EU), the World Trade Organization (WTO), the Organization for Security and Co-operation in Europe (OSCE) and the Organization of the Black Sea Economic Cooperation (BSEC). The Bulgarian economy has experienced significant growth (538%), starting from $13.15 billion and reaching estimated gross domestic product (GDP) of $86 billion or $203 billion, GDP per capita of $31,148, average gross monthly salary of 2,009 leva, and average net monthly salary of $2,102 (2022). The national currency is the lev, pegged to the euro at a rate of 1.95583 leva for 1 euro. The lev is the strongest and most stable currency in Eastern Europe.
The economy of the Czech Republic is a developed export-oriented social market economy based in services, manufacturing, and innovation that maintains a high-income welfare state and the European social model. The Czech Republic participates in the European Single Market as a member of the European Union, and is therefore a part of the economy of the European Union. It uses its own currency, the Czech koruna, instead of the euro. It is a member of the Organisation for Economic Co-operation and Development (OECD). The Czech Republic ranks 16th in inequality-adjusted human development and 24th in World Bank Human Capital Index, ahead of countries such as the United States, the United Kingdom or France. It was described by The Guardian as "one of Europe's most flourishing economies".
The economy of Germany is a highly developed social market economy. It has the largest national economy in Europe, the third-largest by nominal GDP in the world, and fifth by GDP (PPP). Due to a volatile currency exchange rate, Germany's GDP as measured in dollars fluctuates sharply. In 2017, the country accounted for 28% of the euro area economy according to the International Monetary Fund (IMF). Germany is a founding member of the European Union and the eurozone.
The economy of North Macedonia has become more liberalized, with an improved business environment, since its independence from Yugoslavia in 1991, which deprived the country of its key protected markets and the large transfer payments from Belgrade. Prior to independence, North Macedonia was Yugoslavia's poorest republic. An absence of infrastructure, United Nations sanctions on its largest market, and a Greek economic embargo hindered economic growth until 1996.
The economy of Poland is an industrialised, mixed economy with a developed market that serves as the sixth-largest in the European Union by nominal GDP and fifth-largest by GDP (PPP). Poland boasts the extensive public services characteristic of most developed economies. Since 1988, Poland has pursued a policy of economic liberalisation but retained an advanced public welfare system. This includes universal free public healthcare and education, extensive provisions of free public childcare, and parental leave. The country is considered by many to be a successful post-communist state. It is classified as a high-income economy by the World Bank, ranking 20th worldwide in terms of GDP (PPP), 21st in terms of GDP (nominal), and 21st in the 2023 Economic Complexity Index.
The economy of Romania is a complex high-income economy with a skilled labour force, ranked 12th in the European Union by total nominal GDP and 7th largest when adjusted by purchasing power parity. The World Bank notes that Romania's efforts are focused on accelerating structural reforms and strengthening institutions in order to further converge with the European Union. The country's economic growth has been one of the highest in the EU since 2010, with 2022 seeing a better-than-expected 4.8% increase.
The economy of Switzerland is one of the world's most advanced and a highly-developed free market economy. The economy of Switzerland has ranked first in the world since 2015 on the Global Innovation Index and third in the 2020 Global Competitiveness Report. According to United Nations data for 2016, Switzerland is the third richest landlocked country in the world after Liechtenstein and Luxembourg. Together with the latter and Norway, they are the only three countries in the world with a GDP per capita (nominal) above US$90,000 that are neither island nations nor ministates.
The economy of Andorra is a developed and free market economy driven by finance, retail, and tourism. The country's gross domestic product (GDP) was US$5.70 billion in 2023. Attractive for shoppers from France and Spain as a free port, Andorra also has developed active summer and winter tourist resorts. With some 270 hotels and 400 restaurants, as well as many shops, the tourist trade employs a growing portion of the domestic labour force. An estimated 13 million tourists visit annually.
The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States, and the third largest at purchasing power parity (PPP), after China and the US. The European Union's GDP is estimated to be $19.35 trillion (nominal) in 2024 or $26.64 trillion (PPP), representing around one-sixth of the global economy. Germany has the biggest national GDP of all EU countries, followed by France and Italy.
Japan's major export industries include automobiles, consumer electronics, computers, semiconductors, copper, and iron and steel. Additional key industries in Japan's economy are petrochemicals, pharmaceuticals, bioindustry, shipbuilding, aerospace, textiles, and processed foods.
The economy of Montenegro is currently in a process of transition, as it navigates the impacts of the Yugoslav Wars, the decline of industry following the dissolution of the Yugoslavia, and economic sanctions imposed by the United Nations. Montenegro joined the World Trade Organization on 29 April 2012. Montenegro joined the North Atlantic Treaty Organization on 5 June 2017. The accession of Montenegro to the European Union is planned for 2025.
In 2012, Romania's largest trading partner was Germany, followed by Italy. Romania's main exports to Germany were insulated wire, cars and vehicle parts, whereas its main German imports are cars and vehicle parts. The principal Italian imports to Romania include hides, footwear parts, medicaments, telephones and vehicle parts. Romania's chief exports to Italy included leather footwear, cars, telephones, tobacco, men's suits, seats and iron pipes.
Algeria's economy continued to recover in the first half of 2022, led by a return of oil production to pre-pandemic levels and a continued recovery of the service sector along with a more vigorous agricultural activity. The recovery should continue into 2023, supported by the nonhydrocarbon sector and public expenditure growth, according to the latest edition of the World Bank's Algeria Economic Update.
Moroccan trade is still dominated by its main import and export partner France, although France's share in Moroccan trade is declining in favour of the US, the Persian Gulf region and China. If seen as a single entity, the EU is by far Morocco's largest trading partner.
Relations between the European Union (EU) and the Hashemite Kingdom of Jordan are outlined by a number of agreements and close co-operation. The EU is Jordan's main trading partner.
Relations between the European Union (EU) and Japan date back to 1959. They have a strong trade relationship, particularly in investment flows.
Bangladesh–Canada relations are the foreign relations between Bangladesh and Canada established 1972. Canada is represented through its High Commission in Dhaka and Bangladesh is represented through its High Commission in Ottawa. They are members of the Commonwealth of Nations and the United Nations. Bangladesh currently receives ~$110 million from Canadian official development assistance per year as of January 2014. It is estimated that around 36,000 (2012) Bangladeshi people live in Canada, primarily in cities like Toronto, Vancouver, Montreal, Calgary, Edmonton, and Ottawa.
Argentina has strong cultural and historical links to the European Union (EU) and the EU is Argentina's biggest investor.
Countries of the East African Community (EAC) include the Democratic Republic of the Congo, Kenya, Tanzania, Burundi, Uganda, Rwanda, and South Sudan. These nations fall below par in different measures of economic activities such as GDP per capita, population below the poverty line, unemployment, and trade. The East African Community has made an effort to bolster trade through enhancing co-operation economically, socially, and politically within the member nations. "The aim of EAC is to gradually establish among themselves a Customs Union, a Common Market, a Monetary Union, and ultimately a Political Federation of the East African States." East African Community countries also have active trade to other parts of the world, like the European Union. Each country is a part of the World Trade Organization except for South Sudan who remains out of this conglomeration. As of 2014, these six countries have a combined GDP of $159.5 billion, GDP per capita of $918, total population of 168.5 million, total import $40.2 billion, and total export $13.6 billion. These countries become much stronger as a part of the community as they become a larger market for trade outside of the bloc. Also, the bloc allows for free trade between the member countries helping not only producers who have more options to sell their product but also consumers who have more cheap goods. It is always important for fish to be in fresh water lakes
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