Romanian Trade Data
GGD-92-114: Published: Jul 20, 1992. Publicly Released: Jul 20, 1992.
- Full Report:
Pursuant to a congressional request, GAO provided information on the impact of reinstating Romania's most-favored-nation (MFN) trade status.
GAO found that: (1) U.S. imports from Romania peaked at $881 million in fiscal year (FY) 1985, but declined in FY 1986 to $750 million and to $714 million in FY 1987; (2) after Romania lost its MFN status in FY 1988, U.S. imports from Romania dropped to $348 million in FY 1989; (3) from FY 1985 to FY 1987, refined petroleum products, aluminum, textiles, furniture and bedding, and apparel were the leading U.S. imports from Romania, although after FY 1988 imports of Romanian petroleum products accounted for more than 50 percent of the decline; (4) comparing tariff rates on leading U.S. imports from Romania in FY 1986 and FY 1987 to the rates on imports of those same items in FY 1989, granting MFN status to Romania would reduce the weighted average tariff rate on dutied products from approximately 34 percent to 8.8 percent; (5) average annual U.S. exports of goods and services to Romania between FY 1985 and FY 1988 totalled about $210 million; (6) increases and decreases in U.S. exports to Romania during FY 1989 and FY 1991 were primarily due to changes brought on by the Romanian revolution, which led to increased consumption, reduced production, and a severe currency shortage; and (7) based on economic performance data, the near-term outlook for Romania's economy is not very positive, which will probably limit Romania's trade with the United States for the foreseeable future.