THE EVOLUTION OF INTERNATIONAL TRADE UNDER THE IMPACT OF THE HEALTH AND ECONOMIC AND FINANCIAL CRISIS

Abstract

This study aimed to analyse how the pandemic and economic and financial crisis influenced the concrete results, an aspect materialized by the level of Gross Domestic Product, given that it depends on net exports. Databases of the National Institute of Statistics and a series of statistical-econometric methods and models were used that highlight the correlated evolution of the Gross Domestic Product and international trade. The methods used and the results obtained are presented in the specific points of the article. In this sense, we make only a few clarifications to reveal the importance of the study. International trade represents for each state, an opportunity to capitalize on the surplus results obtained domestically in terms of production of goods and services to export, but also to supplement the resources and conditions to carry out the activity harmoniously domestic production of goods and services, this being done through imports. Obviously, international trade (import-export) activity has an effect on the final results that each country achieves. Thus, the indicator called net exports results from the difference between exports and imports, which may have a negative or positive value, i.e. be deficient or in surplus. In the case of Romania, this value is negative from one period of time to another, due primarily to the fact that it imports more than it exports. As a consequence, the contribution of international trade to the realization of the Gross Domestic Product is negative, i.e. it leads to a reduction of the concrete results obtained in a period of time, usually one year. Of course imports that are much higher, for example in September there was a deficit of 1,541,000,000 euros requires a reduction in the concrete results obtained by Romania. Under the impact of the pandemic crisis, exports fell more sharply than imports and therefore led to an increase in the deficit, and therefore the macroeconomic results. This is because a series of productive activities have diminished, others have been closed and as such domestic production, in excess of Romania's domestic needs, has diminished from one period of time to another

Keywords

• international trade
• production of goods and services
• gross domestic product
• pandemic and economic and financial crisis
• european union