FOREIGN TRADE AT REGIONAL LEVEL IN ROMANIA AS A TOOL IN BUILDING SMART SPECIALISATION STRATEGIES

Abstract

In the context of the new EU Cohesion Policy and Europe 2020 strategy, regions are encouraged to build their own development strategies based on specialisation and innovation. Smart specialisation strategies aim to identify and focus on those activities in which the region has comparative advantages and at the same time, are characterized by a high added value. These activities have the power to bring the greatest benefits to the local and regional economy and, thus, reduce disparities between regions and enhance overall competitiveness of European regions. This paper analyzes data on exports and imports at the county level, on sections and chapters of the Combined Nomenclature in order to identify trends of specialisation of economic activity. Moreover, this approach provides information on the competitiveness of these counties, high export rates indicating a better adaptation to international markets. Results show that the majority of counties import and, at the same time, export machinery and electrical equipment, and textiles and textile articles.