Business Relations
Trade
Estonia’s trade with Romania has been modest. A significant change in trade volume was seen in 2004 when Estonia joined the European Union – trade began to grow, but declined again as a result of the global economic downturn in 2009 (primarily due to the dramatic decrease in Estonia’s export). In the years 2007-2010, Romania was 43rd-44th among Estonia’s largest trade partners, and rose to 38th in 2011.
In 2016, Romania improved its ranking even further – Romania was on 35th place among Estonia’s trade partners (0.3% of total turnover). As of 2010, trade with Romania has grown, (primarily due to an increase in imports), and reached close to 130 million euros in 2016. In 2018, the trade volume was 145.2 million euros, making Romania the 26th trade partner for Estonia, its share being 0.5%.
The share of goods originating from Estonia accounted for almost 88% of our exports to Romania in 2018.
Estonian-Romanian trade 2008-2018 (in millions EUR)
|
2008 |
Export
12.0 |
Import
6.7 |
Turnover
18.7 |
Balance
5.3 |
| 2009 | 7.0 | 6.2 | 13.2 | 0.8 |
| 2010 | 7.8 | 11.3 | 19.1 | -3.5 |
| 2011 | 11.1 | 19.9 | 31.0 | -8.8 |
| 2012 | 10.8 | 23.8 | 34.6 | -13.0 |
| 2013 | 11.1 | 38.5 | 49.6 | -27.4 |
| 2014 | 19.1 | 53.1 | 72.2 | -34 |
| 2015 | 30.7 | 43.8 | 74.5 | -13.1 |
| 2016 | 79.7 | 50.2 | 129.9 | 29.5 |
| 2017 | 79.1 | 47.9 | 127 | 31.2 |
| 2018 | 85.8 | 54.4 | 145.2 | 26,5 |
Main export articles in the year 2018 were machinery and mechanical equipment (63% of the total export to Romania), metal and metal products (8%) and products from the chemical industry (7%).
Main import articles in 2018 were machinery and equipment (75% of the total imports from Romania) and textile products (7%)
According to Krediidiinfo, 140 Estonian companies exported to Romania in 2017 (only 79 in 2009).
Investments
As of 31.12.2018, Estonian direct investments in Romania amounted to 35 million euros (0.5% of all direct investments abroad). These pertained to real estate, mining, construction, wholesale, retail, the information and communications sector, and professional, scientific and technical activities. At the same time, Romania’s direct investments in Estonia amounted to 7,2 million euros and went mainly into wholesale and retail trade, financing and insurance.
There were 71 companies with Romanian participation in the Estonian Commercial Register and 61 companies with Estonian participation in the Romanian National Trade Register (in May 2018).
Tourism
Opportunities to develop tourism between Estonia and Romania have certainly not yet been exhausted. In 2010, Estonian accommodation establishments housed 1343 Romanian citizens. This number has grown yearly. In 2015 the number of Romanian citizens in Estonian accommodation establishments was 3441, in 2016 3114 and in 2018 4400. In addition to Tallinn, popular destinations among Romanians were Tartu County and Pärnu County (in 2016 in addition to Tallinn also Tartu County and Ida-Viru County). Direct flights between Tallinn and Constanța were launched by Estonian state-owned airline Nordica in June 2018.