| 6 7 | Analysis of Romania's trade balance At PENNY we feel the need to have local products on the shelf due to several factors: The last 10 years Consumers are looking for local products (for example, the origin is the third factor in consumer purchasing preferences after price and quality) to avoid distorting the results as a result of the conjunctural state in recent years that led to the increase in grain exports. Both the value of exports and imports of agri-food products have had a constant increase over the last 10 years, with the value of imports of agri-food products permanently higher than exports (Figure 1). Romania's trade balance reached 4.6 billion euros in 2022. The value of exports of agri-food products (except cereals) represented 8.3% of the total exports in Romania, that of imports 9.75% of the total, while the trade deficit of agri-food products (except cereals) represented 13.5% of Romania's total trade deficit in 2022. In the analysis conducted by the Academy of Economic Studies for PENNY, the international grain trade was not included for two reasons: Figure 1. Evolution of exports, imports and the trade balance for agri-food products (except for grains) in 2013-2022 Data source: INS A shorter supply chain means fresher products because their added value in the economy is low, lacking the capacity to turn cereals into goods with a higher added value. The local purchase of 3RO products helps local communities (for example, creating jobs, developing businesses to provide new products and services, contributing to local and national budgets, etc.) #1 1 2 #2 #3
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