Romania has been gravely stroked by the Covid-19 pandemic. GDP for the first half of 2020 plunged by 4.6% year on year, as the primary reason for this downturn is lower consumption and a drop in exports. In contrast, investments saw positive growth, driven by the construction sector.
In 2020, the South Eastern European nation’s exports of aluminium wire to top five nations are Czech Rep., Hungary, Poland, Bosnia Herzegovina, and Bulgaria. These five nations will take up 71.81% of total Romania’s aluminium wire exports and contribute $92.28 million in revenue.
The Czech Republic will stand at the top with 15,767 tonnes of aluminium wire import from Romania, Hungary to remain at number two with 13,905 tonnes, Poland with 10,545 tonnes import to ranks three in the list, while the fourth and fifth place will be taken consecutively by Bosnia Herzegovina with 5247 tonnes and Bulgaria with 4337 tonnes.
Romania’s export of aluminium wire in 2020 is expected to reach 69,347 tonnes, with a rise by 3.82%, as in 2019 the export stood at 66,693 tonnes and the revenue generation for the export in 2020 will stand at $126.08 million.
Presently, it is expected that GDP will drop by 5% in 2020 but rebound by 3% in 2021. The recovery will depend on a gradual normalization of economic activity in Romania and its main economic partners and a resumption of structural reforms. However, these would be tough to achieve if further major outbreaks of Covid-19 occur.
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