Empirical Investigations in Romanian Foreign Trade Based on the VARMA Bayesian Model
Empirical Investigations in Romanian Foreign Trade Based on the VARMA Bayesian Model

Summary/Abstract: Agri-food product export plays a direct and incontestable role in accelerating our country’s economic development, and removal of technical obstacle in agricultural trade will provide new opportunities for considerable benefits in an increased commercial exchange with our foreign partners. Selection of the years 2002-2013 for a review of Romania’s foreign trade of agricultural and food products enables us to capture the significant mutations occurring in the first decade of the 21st century in regard to groups of products: live animals and animal products, plant products, animal and plant fats and oils, food products, beverages and tobacco The international business environment did not always favorably impact international trade in food products, especially due to natural barriers, but also to the global financial crisis, the consequences of which translated into a dwindling consumption of such commodities on the foreign markets. In order to reduce the negative effects on the national economy and targeting an increase agricultural output under market economy conditions, Romania promoted and developed a dedicated national export strategy to provide adequate strategic answers to the community of Romanian exporters so as to meet the competitiveness objectives, support and promote the exporting sectors and their external image in the agricultural sector.

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