Executive Report on Strategies in Romania
ICON Group International, June 2007, Pages: 392
How to Strategically Evaluate Romania
Perhaps the most efficient way of evaluating Romania is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Romania
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Romania. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Romania:
Openness to Trade in Romania
Openness to Direct Investment in Romania
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Romania. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Romania over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Romania when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Romania as an area of dominant influence in Europe and, potentially, the world.
The report concludes with trade indicators for Romania. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Romania.
As a whole, this report presents a strategic assessment of Romania by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN ROMANIA
Economic Fundamentals and Dynamics
Romania has made a slow and painful transition towards a market economy since its revolution in 1989. This transition was made more difficult by the legacy of the communist regime: centralization, a high degree of bureaucracy, and lack of experience in partial reform measures undertaken in other Central European economies during the 1980s.
Lenient government attitudes toward the accumulation of arrears by state-owned enterprises, coupled with inefficient bankruptcy procedures, indirectly subsidized unprofitable behavior, while good corporate governance was undermined by vested interests. An unpredictable investment climate, together with lack of labor mobility, a weak tax base, and high inflation, inhibited private sector growth.
Government Intervention Risks
While nearly 70% of GDP is generated by the private sector, the government, through the Ministry of Privatization, Ministry of Industry, and others, still owns 65% of Romania’s industrial assets. These assets are primarily in the utilities and energy sectors but extend to areas such as movie theaters, chemical plants, transportation, and the metals industry.
Completing the transfer of ownership of assets from the GOR to private hands remains the GOR’s biggest and most pressing challenge. There has been little change in the pattern of state-owned enterprises accumulating excessive inter-company and budgetary arrears. Social considerations have often prevailed over economic reasoning, resulting in government granting debt rescheduling or forgiveness to highly indebted state companies. Large loss-makers have also enjoyed sovereign guarantees and piecemeal deals including custom duty and VAT exemptions for imported equipment.
A new EU-inspired law on state aid came into effect in January 2000, designed to regulate and control state aid in any form (as either direct state subsidies, debt rescheduling schemes, or discount prices). However, implementation has been slow and preferential debt rescheduling by the Ministry of Finance and the Ministry of Labor has resulted in major distortions in the market. Furthermore, state aid schemes continue to be non-transparent.
Political Risks
Economic Relationship with the United States
The United States and Romania have very close relations. Both the government and opposition advocate integration into Euro-Atlantic structures. At considerable economic and political cost, the government resolutely supported NATO actions in Kosovo.
Politics and the Business Environment
Romania has consolidated its democratic political system and has made steady if insufficient progress toward the establishment of a free market economy. There are no major political issues that affect the business climate.
The Political System
Romania is a constitutional republic with a multiparty parliamentary system. Parliament includes a 345-member Chamber of Deputies and a 140-member Senate, representing 41 counties plus Bucharest municipality. The president is elected by universal suffrage. The position is non-partisan under the terms of the constitution. The president has responsibility for foreign and security affairs.
The president designates a candidate for prime minister following consultations with the political parties represented in parliament. The designated prime minister, his cabinet, and their governing program must be approved by parliament before the new government takes office.
The president, deputies, and senators are elected to four-year terms, but early elections may be held under certain circumstances.
Marketing Strategies
Distribution Channel Options
An encouraging sign of transition in Romania has been the steady growth of the private sector. Although generally small and medium-sized, private companies represent a good nucleus for U.S. firms seeking distribution channels.
Private firms are typically limited liability companies with few partners and low capitalization. Shortage of capital and limited collateral channel entrepreneurs towards activities where initial investment is low, and returns can be made rapidly, like services and trade. Companies engaged in foreign trade tend to focus on consumer goods. Import has been in many cases the first and only activity of new private businesses. State-owned companies, too, are now free to make their own business decisions and engage in foreign trade directly, with no need for intermediaries.
Factors that have a restrictive influence on the functioning of distribution channels include:
Obtaining information on the market is difficult due to the lack of published information;
The wholesaling and retailing systems are still not completely structured;
The general policy for the leasing of state-owned assets (shops, hotels, and other facilities) is not well defined;
Little improvement in the availability of local credit is seen in the short term.
Agents and Distributors
Agents and distributors can contribute to a U.S. company’s success on the Romanian market. Well-qualified candidates for employment exist in Romania. Romanian specialists are educated, have a good understanding of technical matters, and, with minimal training, can rapidly master new marketing techniques.
Investigating a company’s bona fides is not always easy in Romania. There are no specialized institutions providing survey services on a regular basis. Currently, the only source of information about a company is the Trade Registry, which, for a moderate fee, can release data from its database. The Chamber of Commerce and Industry (CCIR) is the authorized distributor for Dun & Bradstreet in Romania. CCIR provides information on the reputation, reliability, and financial status of a company using the Dun & Bradstreet format and rating. Banks can benefit from the services provided by the National Bank of Romania regarding the indebtedness ratio and payment history of their potential clients.
Franchising Activities
Franchising developed slowly in Romania, mainly because it calls for large initial capital investment. In spite of this, McDonald’s, Pizza Hut, KFC, Shell, AGIP, Candy Bouquet, and the Romanian-American oil company Rompetrol have Romanian franchisees.
Direct Marketing Options
Under the current business environment in Romania, it is recommended that direct marketing be done only after a thorough study of local conditions. Potential problems that should be considered are:
Legislation changes frequently. Commercial and fiscal legislation is sometimes unclear, reflecting a certain legal confusion existing in Romania;
Relationships with local municipal administration and other authorities are not always easy. Much still depends on the personality of public officials;
International accounting standards and procedures are in an early stage of implementation;
The level of exposure to western business practices is generally low. For this reason, providing solid training for employees is important.
Joint Ventures and Licensing Options
Most foreign companies involved in local manufacturing are organized under joint-venture agreements, but greenfield investments are becoming increasingly popular. The main advantages offered by joint ventures include quick market access using existing facilities and knowledge of the local business environment. Disadvantages of joint-venturing include the acquisition of excess personnel and the potential for incomplete control of the business.
Creating a Sales Office
Foreign companies have numerous options available for organizing business operations in Romania:
Representative Offices
Foreign corporations are entitled to set up representative offices in Romania. Representative offices are not entitled to carry on economic activities on their own behalf or on behalf of the parent. Therefore, a representative office can carry on activities of advertising, provision of information, marketing research or similar operations of a ‘‘preparatory or auxiliary’’ character.
Branches and Subsidiaries of Foreign Companies
A foreign corporation can carry out business in Romania through a branch or a subsidiary (Romanian legal person). Branches may only operate in the same field of activity as their parent company. Branches are not specifically defined in the Romanian legislation and therefore Romanian authorities are not very familiar with branch operations.
In Romania, the branch of a foreign company is subject to the national law of the parent company and Romanian public order rules (i.e. tax law, currency regulations etc.). Legally, the branch has no separate status from the foreign company itself; it is merely carrying on business in Romania. The foreign company will be liable to the employees and creditors of the branch for the actions of, and debts contracted by, its managers and agents on behalf of the branch.
Branches must be registered with the Commercial Register of the Romanian Chamber of Commerce and with the local tax authorities.
The subsidiary of a foreign company in Romania is a Romanian legal entity and, consequently, it is subject to Romanian law. It is liable on its own behalf for the actions taken by its management.
Company Law No. 31/90 (subsequently revised in 1997, 1999) provides for the following main forms of business organization in Romania:
General partnership, which must have paid-in capital, and in which the partners have unlimited and joint liability;
Limited partnership, which must have paid capital, and in which the general partners have unlimited and joint liability. The limited partners are liable only up to the value of their equity;
Limited partnership by shares, whose capital is divided into shares and whose obligations are guaranteed by the capital and by the unlimited and joint liability of the general partners. The limited partners are liable only for the payment of their shares;
Limited liability company (“SRL”), whose obligations are guaranteed by its net assets (‘‘patrimoniu”). The shareholders are liable only for the payment of their contribution to the registered capital;
Joint stock company (“SA”), whose obligations are guaranteed by the capital. The responsibility of the shareholders is limited to their individual contributions to the capital.
All commercial enterprises must be registered with the Commercial Register of the Romanian Chamber of Commerce; they take on separate legal status beginning with the date of this registration. The Commercial Register is an organization mandated to maintain statistical information on business activity in Romania. It also ensures that trade names, for example, are not duplicated.
The forms of subsidiary most commonly used by foreign investors are the limited liability company (SRL) and the joint stock company (SA).
A limited liability company (SRL) can be set up by one or more shareholders (but not more than 50) and must have a minimum capital of ROL 2 million (about $60.00). At present, capital contributed by a foreign investor is converted to lei at the prevailing market exchange rate in effect at the time the capital is contributed for accounting purposes only. Companies may maintain bank accounts in foreign currency. The registered capital is divided into equal shares whose value cannot be less than ROL 100,000 (about $3.00) each.
A joint stock company (SA) requires a minimum of five shareholders (no maximum) and a minimum prescribed capital of ROL 25 million (about $750). A joint stock company may be set up privately or by public subscription. The registered capital is divided into equal shares whose value cannot be less than ROL 1,000 (about $0.03) each.
There is no limit on foreign ownership and participation in the share capital of a Romanian company. A foreign investor is allowed 100% ownership in a Romanian company.
Setting up a legal entity in Romania generally takes 3 to 6 weeks to complete. The registration procedure for a limited liability company or a joint stock company includes the following main steps:
The constitutive documents (company memorandum and/or articles of association) must be prepared, approved by the shareholders and notarized;
The subscribed capital must be paid upon registration of the company. In case of a joint stock company (SA) each shareholder must pay at least 30% of the subscribed capital. For an SRL-type company there is no term by which capital contributions (referred to as social capital) should be paid up;
The company must be registered with the Trade Register, which issues a Certificate of Registration. The company legally exists from the date of its registration with the Trade Register.
Once it is registered as a business entity, the company must register with the local tax authorities and be issued a fiscal code.
Since July 1, 2001, the procedure of setting up a legal entity in Romania has been simplified. There is a one-stop office operational within each territorial Chamber of Commerce, handling all permits and authorizations previously obtained from various administrative authorities. Within 20 days, a Certificate of Registration, including a single registration code, is issued. In practice, this may take longer. The appendix of the registration certificate contains the sanitation-veterinary and environmental permits as well as the approvals from the Labor Protection and Fire Fighting Divisions.
The branch registration procedure is technically quite similar to the above, but in practice it is often more cumbersome.
Selling Strategies
Quality, price and payment conditions are the most important factors in determining who will succeed in concluding business in Romania. The Romanian market, like all former East-European markets, is still cash poor. A company’s willingness to entertain long-term credit arrangements, possibly barter transactions, and concepts like processing contracts will put it in a better competitive situation vis-a-vis others interested in doing business in Romania.
Product distribution is another important factor. Local partners can help maximize market coverage. Understanding the type of distribution required by a product and adapting it to the Romanian market’s specifics is mandatory for any company. While distribution of industrial goods in Romania is quite similar to the one existing in most European countries, in the case of Fast Moving Consumer Goods (FMCG), the situation looks completely different. Retail trade is very fragmented, with many small independent outlets and few emerging retail chains. There are very few professional distributors and in most cases they lack the financial sources, the logistics and the know-how required by a profitable distribution activity. Moreover, Romanian distributors’ business ethic is substantially different as compared to their Western peers.
Special note should be made of the fact that U.S. companies face strong competition from EU countries on the Romanian market. Goods from the European Union enjoy generally lower duty rates compared to similar goods from the United States.
Advertising and Trade Promotion
Accompanying Romania’s change to a market economy has been a notable growth in the variety and quality of advertising.
Television, which attracts over 70 percent of total ad spending, is the predominant media, followed by press, outdoor, radio, and movie advertising. Television includes four state-owned national networks, a large number of state-owned local networks, and several privately-owned networks which tend to cover the whole country (Pro TV, Prima TV, Acasa, Antena 1, Tele 7 ABC, Atomic TV, HBO). About 60% of the population watches television daily.
Romanian press offers a wide variety of national and local daily and weekly newspapers, as well as a large number of magazines and specialty publications (i.e. sports, business, entertainment and family). Only 20 percent of the population is reported to read one or more newspapers a day.
Outdoor billboard advertising has grown rapidly and is becoming more sophisticated. Billboard locations are multiplying and simple painted billboards are being replaced by back-lit models. Advertising on public transportation vehicles is also common.
The radio accounts for about 5 percent of ad spending. There are four national state-owned AM radio networks which target audiences interested in, respectively, news, culture, music, and programs for young listeners. In addition, there is a national FM network (Europe FM) and a large number of FM stations in Bucharest and other major cities, which have a broad audience appeal. The most popular are: Contact, Pro FM, Radio 21, RadioTotal. About 50% of the population listens to the radio daily.
Movie advertising allows a high quality message to be delivered. However, its share in the general market for advertising is modest.
All major western advertising companies are represented in Romania. Major agencies with international affiliation include: Ogilvy & Mather, McCann-Erickson, Lowe Lintas GGK, Tempo Advertising, Graffiti/BBDO, Saatchi and Saatchi, and Young and Rubicam.
Specialized market testing and market research are available from independent suppliers (IRSOP - Romanian Institute for Public Opinion and IMAS - Institute for Marketing and Market Research) as well as established institutes (Institute of World Economy and Romanian Chamber of Commerce and Industry). However, companies with extensive experience in market studies are rare. The best-known English-language publications providing market insights are the following:
Quarterly Bulletin (economic, financing, monetary and credit trend information and statistics of the National Bank); Publisher: National Bank
Romanian Insights; Publisher: Romanian Chamber of Commerce and Industry
Bucharest Business Week; Publisher: Americelt Publishing SRL, Bucharest
In Review, Romania’s Magazine for Business (monthly), and The Business Review (weekly); Publisher: Business Media Group SRL, Bucharest
Romanian Economic Daily; Publisher: Nine O’clock Publications.
Other publications in English are:
Romanian Economic Newsletter (published quarterly in the USA to report on and analyze Romanian economic developments)
Business Central Europe (published monthly by the Economist Newspaper Group, London)
Balkan News (a weekly newspaper published by Balkan News in Athens)
Pricing Issues
All prices have been liberalized, with the exception of prices of electricity and gas supplied for domestic consumption, which continue to be controlled by the government. With the restructuring and privatization of the electricity and gas authorities in the near future, price liberalization will become complete.
The product pricing structure is similar to that used in developed countries: prices are increased by wholesale and retail markups as well as with government and, sometimes, local taxes.
Supplying Customer Service
The lack of good local service companies is a problem. However, with suitable training this problem can be satisfactorily solved. The past lack of exposure to Western practices has left a legacy of indifference to after-sales service. U.S. companies are advised to pay attention to ameliorating these attitudes in their operations.
Public Sector Marketing
In some segments of the Romanian market, state-owned firms continue to be the only possible business partner for foreign companies. Although bureaucracy and corruption can be quite a challenge for Western business executives, it is apparent that local authorities are, as a whole, anxious to work with foreign companies and that changes in the legal framework generally are headed in the right direction. In industries considered “strategic” by the Romanian government, such as natural resource exploitation and essential basic industries and infrastructure, major purchases are made by international tender, sole sources being generally avoided. Bidders find the public procurement process non-transparent, frustratingly slow and fraught with difficulty, with tenders frequently postponed or cancelled, seemingly to cater to outside interests.
An innovative response by the government to the problems with tenders is its “e-licitatie” or e-procurement program. E-licitatie, which was launched as a pilot program in March 2002, can be accessed at www.e-licitatie.ro. It conducts government procurement for certain items by electronic auction. E-licitatie is transparent, with both ongoing and closed auctions listed, including the names of the decision-makers and closing prices. The increasing number of companies registered (up six times in the first month) shows the increased confidence in the new system.
Government Decision no. 244/2001 provides private SMEs with preferential access to public procurement tenders below a certain threshold. SMEs may benefit from 50% reductions in the criteria regarding turnover and bid bonds required in public auctions organized for the acquisition of materials, works and services. The first round of any tender is open only for SMEs if public institutions, business corporations, or national and public services corporations in which the state holds a majority interest are organizing such an auction.
Hiring Local Counsel
Company incorporation, daily activity and payment of fiscal liabilities, as well as conflicts resulting from possible late payments, debt recovery and disputes with local partners may generate the need for local legal and business assistance.
Romania’s civil law for contracts is set out in the Civil Code, which follows closely the French civil code, and the Commercial Code, which is modeled on the Italian commercial code. Generally, the specialized body of law, the Commercial Code, has precedence over the general body of law, the Civil Code. The existing body of law covers the areas of title and pledging title, protective creditor remedies, and debt recovery.
Romanian law recognizes the existence of mortgages for immovable property and pledges for movable property. Thus, assets can be pledged as collateral for loans and as guarantees. Also, the law provides that the guarantee agreement has the value of a writ of execution.
To protect the interests of creditors, Romanian law provides for:
The right to request forced execution against debtors’ s assets
The right to request the cancellation of legal acts that breach the creditors’ rights (“action paulienne”)
The right to request the taking of various measures for the purpose of preserving the debtor’s patrimony (e.g. seizure by court order of assets to satisfy a due amount, the right to intervene in trials related to the debtor’s assets, etc.)
The right to start court actions in relation to certain rights of an inactive or negligent debtor (“action oblique”).
Romanian bankruptcy legislation provides creditors the possibility to force insolvent companies to go either into reorganization or liquidation. Therefore, if a company is able to overcome the incapability to pay its debts, by way of reorganization, it may not go into liquidation. Nevertheless, if the reorganization is not successful, the judge will order the start of the liquidation procedure. Unfortunately, the lack of specialization of judges and lawyers in the bankruptcy field makes it difficult to bring these kind of cases to court and to obtain consistent outcomes.
Romanian justice continues to be slow and bureaucratic. Therefore, avoiding conflicts of any type is the best policy. It is strongly recommended that sales be based on confirmed irrevocable letters of credit opened with banks that are correspondents of American banks or are confirmed by such banks. In the case of investors, extensive due diligence is advised. In case of conflicts, competent legal assistance is available.
Import and Export Regulation Risks
Trade Barrier Risks
The Romanian market is open, requiring no special conditions for access or operation. Romania is a signatory to the conventions on Preferential Trade among Developing Countries (“The 16”) and Generalized System of Trade Preferences among Developing Countries. It adopted an 8-digit customs tariff code in March 1993. This code is similar to the International Harmonised System of Combined Nomenclature.
A potential obstacle for U.S. exporters is the preferential tariff treatment for European competitors. The free trade arrangements with the EU, EFTA, and CEFTA result in customs duty discrimination against many U.S. products, sometimes by as much as 30%.
Tariffs are particularly high for such items as cigarettes, furs, carpets, vehicles, photographic equipment and supplies, bicycles, TV sets and sound and video registration equipment. Duties applied to industrial equipment are generally about 15 percent ad valorem.
Exemptions from customs duties apply to exported goods, transiting goods, merchandise in customs warehouses (during the storage period), and goods imported and exported in the draw-back system.
Imported goods can be replaced/repaired during the warranty period. Damaged goods can be exported and re-imported under import duty exemptions. To benefit from the exemption upon the re-import of the goods, the replacement/repairs should be performed within the warranty period and the re-imported goods should have the same tariff classification and same technical characteristics as the exported ones.
In case the intention is to replace/repair the goods and the warranty clause has expired, then the re-importation is only partially exempted (i.e. the customs value is represented by the value of repairs).
Valuations on Imports
An important objective during the transition to a market economy was the protection of Romanian companies from goods being dumped or subsidized. Accordingly, in 1992 Romania introduced anti-dumping duties for goods imported at very low or dumping prices and countervailing duties for goods which have received subsidies. Safeguard measures can also be implemented to assist domestic producers adversely affected by imports. Safeguard measures may consist of additional customs duties or quantitative restrictions (quotas).
In Romania, customs duties are ad valorem duties. The customs value of imported goods is based on: a) the external price of the transaction, converted into lei at the market exchange rate; and b) charges not included in the price of goods, such as freight, handling and insurance on external routes.
If documentation concerning the value of imported goods is not available, the specific World Trade Organization (WTO) provisions will apply; import prices usually charged for such goods or similar items could be then used as the basis for valuation. Romania values goods on the basis of the WTO Valuation Code (i.e. Article VII of GATT). As stated above, for most items customs valuation is based on the contract value (i.e. transaction value). Customs duties must be paid at the time the goods are imported into Romania.
Exporters complain that customs valuation tends to be inconsistent and arbitrary.
Licenses Required for Imports
Import licenses are required for such products as pharmaceuticals, chemicals, and toiletries. Also, sanitary and safety standards as well as special approvals for wastes and residues, toxic substances, explosives and firearms are in force.
Controls on Exports
Exports of goods and services are not subject to customs duties or VAT. For the majority of goods, no export license is required. Authorizations are, however, required for exports of fuels, unfinished wood products, metallurgical products, ferrous and non-ferrous waste. The Department of Foreign Trade issues non-automatic export licenses on a case-by-case basis.
The National Agency for the Control of Strategic Exports and Prohibition of Chemical Weapons (ANCESIAC) is the authority responsible for the implementation of the procedures for exports of conventional arms and related technology. Exports of strategic goods can only be authorized by ANCESIAC. The license may be individual or general. A general license may be issued based on the goods’ level of sensitivity and the ultimate consignee of the goo
1 INTRODUCTION & METHODOLOGY 13
1.1 What Does This Report Cover? 13
1.2 How to Strategically Evaluate Romania 13
1.3 Latent Demand and Accessibility in Romania 15
2 MACRO-ACCESSIBILITY IN ROMANIA 16
2.1 Economic Fundamentals and Dynamics 16
2.1.1 Government Intervention Risks 16
2.2 Political Risks 16
2.2.1 Economic Relationship with the United States 16
2.2.2 Politics and the Business Environment 16
2.2.3 The Political System 17
2.3 Marketing Strategies 17
2.3.1 Distribution Channel Options 17
2.3.2 Agents and Distributors 17
2.3.3 Franchising Activities 18
2.3.4 Direct Marketing Options 18
2.3.5 Joint Ventures and Licensing Options 18
2.3.6 Creating a Sales Office 18
2.3.7 Selling Strategies 20
2.3.8 Advertising and Trade Promotion 21
2.3.9 Pricing Issues 22
2.3.10 Supplying Customer Service 22
2.3.11 Public Sector Marketing 22
2.3.12 Hiring Local Counsel 22
2.4 Import and Export Regulation Risks 23
2.4.1 Trade Barrier Risks 23
2.4.2 Valuations on Imports 24
2.4.3 Licenses Required for Imports 24
2.4.4 Controls on Exports 24
2.4.5 Documentation Required for Trade 25
2.4.6 Entering Temporary Imports 25
2.4.7 Labeling Issues 25
2.4.8 Restrictions on Imports 26
2.4.9 Local Standards 26
2.4.10 Free Trade Zone Options 26
2.4.11 Adherence to Free Trade Agreements 26
2.5 Investment Climate 27
2.5.1 Openness to Foreign Investment 27
2.5.2 Legal Framework 27
2.5.3 Privatization 28
2.5.4 Property and Contractual Rights 28
2.5.5 Conversion and Transfer Policies 28
2.5.6 Expropriation and Compensation 28
2.5.7 Dispute Settlement 29
2.5.8 Bankruptcy Laws 29
2.5.9 Performance Requirements and Incentives 29
2.5.10 Right to Private Ownership and Establishment 30
2.5.11 Protection of Property Rights 30
2.5.12 Intellectual Property Risks 31
2.5.13 Transparency of the Regulatory System 31
2.5.14 Capital Market Risks 32
2.5.15 Capital Market Risks 32
2.5.16 Political Violence 33
2.5.17 Corruption 33
2.5.18 The Judicial System 33
2.5.19 Cyber Crime 34
2.5.20 Bilateral Investment Agreements 34
2.5.21 OPIC and Other Investment Insurance 34
2.5.22 Labor 34
2.5.23 Free Trade Zone Options 35
2.6 Trade and Project Financing 35
2.6.1 The Banking System 35
2.6.2 Foreign Exchange Control Risks 36
2.6.3 General Financing Availability 36
2.6.4 Methods of Payment for Exports 36
2.6.5 Availability of Project Financing 36
2.6.6 Banks with Correspondent Banking Arrangements 37
2.7 Travel Risks 37
2.7.1 Local Business Practices 37
2.7.2 Visa Requirements 37
2.7.3 Travel Issues 38
2.7.4 Infrastructure for Conducting Business 38
2.7.5 Entering Temporary Imports 39
2.7.6 Country Data 40
2.8 Key Contacts 40
2.8.1 U.S. Government Contacts 40
2.8.2 Romanian Government Contacts 43
2.8.3 Romanian Trade-Related Contacts 45
2.8.4 Banks in Romania 45
2.8.5 International Financial Institutions 47
2.8.6 Romanian Market Research Firms 47
2.8.7 Trade Associations 48
3 ECONOMIC AND PRODUCT MARKETS IN ROMANIA 50
3.1 Introduction & Methodology 50
3.1.1 Overview & Methodology 50
3.1.2 Market Potential Estimation Methodology 50
3.2 Summary Rankings 56
3.3 Latent Demand Forecasts 62
3.3.1 Advertising Services 62
3.3.2 Aerospace and Defense Equipment 62
3.3.3 Air Freight Services 63
3.3.4 Alcoholic Beverages 63
3.3.5 Ales and Stouts 64
3.3.6 Alimentary and Metabolism Pharmaceuticals 64
3.3.7 Amusement and Recreation Services 65
3.3.8 Antidepressant Pharmaceuticals 65
3.3.9 Apparel and Accessories 66
3.3.10 Appetizers and Dips 66
3.3.11 Applications Software 67
3.3.12 Architectural Services 67
3.3.13 Auto and Home Supply Stores 68
3.3.14 Baked Goods 68
3.3.15 Bakery Products 69
3.3.16 Base Chemicals 69
3.3.17 Beauty and Barber Shops 70
3.3.18 Beer 70
3.3.19 Biotechnology 71
3.3.20 Bituminous Coal 71
3.3.21 Blended Whiskey 72
3.3.22 Book Publishing 72
3.3.23 Bottled Water 73
3.3.24 Bottles of Lager Beer 73
3.3.25 Bread 74
3.3.26 Breweries 74
3.3.27 Building Materials and Garden Supplies 75
3.3.28 Cable TV 75
3.3.29 Cafes and Restaurants 76
3.3.30 Candy 76
3.3.31 Cans of Lager Beer 77
3.3.32 Car Aftermarket Products 77
3.3.33 Casinos and Gambling 78
3.3.34 Chemicals 78
3.3.35 Chilled and Deli Food 79
3.3.36 Chocolate Candy 79
3.3.37 Cigarette Manufacturing 80
3.3.38 Civil Aerospace Equipment 80
3.3.39 Colas 81
3.3.40 Color Televisions 81
3.3.41 Commercial Banking 82
3.3.42 Communications Services 82
3.3.43 Compact Discs (CDs) 83
3.3.44 Computer Hardware 83
3.3.45 Concrete Building Products 84
3.3.46 Construction and Engineering Services 84
3.3.47 Consumer Chemicals 85
3.3.48 Convenience Stores 85
3.3.49 Cosmetics and Toiletries 86
3.3.50 Cotton Yarn 86
3.3.51 Cross/utility Vehicles (CUVs) 87
3.3.52 Crude Petroleum and Natural Gas Extraction 87
3.3.53 Data Processing and Network Services 88
3.3.54 Defense Industry Equipment 88
3.3.55 Deli Food 89
3.3.56 Department Stores 89
3.3.57 Depository Credit Intermediation 90
3.3.58 Desktop Personal Computers 90
3.3.59 Dial-Up Internet Access 91
3.3.60 Diesel Trucks 91
3.3.61 Dining Out 92
3.3.62 Direct Selling Establishments 92
3.3.63 Discount Superstores 93
3.3.64 Disposable Health Care Equipment and Supplies 93
3.3.65 Distillate Fuel Oil 94
3.3.66 Domestic Water Utilities 94
3.3.67 Draught Lager Beer 95
3.3.68 Drug Delivery Systems 95
3.3.69 Durable Goods 96
3.3.70 Eating and Drinking Places 96
3.3.71 Education and Training Services 97
3.3.72 Elementary and Secondary Schools 97
3.3.73 Engineering Services 98
3.3.74 Extended Stay and Business Suite Motels 98
3.3.75 Family Clothing Stores 99
3.3.76 Fast Food 99
3.3.77 Financial Services 100
3.3.78 Fixed-Line Telecommunications Services 100
3.3.79 Floor Coverings 101
3.3.80 Forestry and Fishing 101
3.3.81 Fossil Fuel-Powered Electric Power Generation 102
3.3.82 Franchising 102
3.3.83 Fresh Beef and Veal 103
3.3.84 Gambling 103
3.3.85 Gardening Supplies, Outdoor Furniture, and Plants 104
3.3.86 General Merchandise stores 104
3.3.87 Generic Prescription Drugs 105
3.3.88 Gift, Novelty, and Souvenir Stores 105
3.3.89 Gifts 106
3.3.90 Government Public Health Activities 106
3.3.91 Grocery Discounters 107
3.3.92 Guided Missiles and Space Vehicles 107
3.3.93 HDTV 108
3.3.94 Health Care Equipment and Supplies 108
3.3.95 Highway and Street Construction 109
3.3.96 Hi-Tech Logistics 109
3.3.97 Hobby, Toy, and Game Stores 110
3.3.98 Home Improvement Retailers 110
3.3.99 Hospital Food Service 111
3.3.100 Household Textiles and Soft Furnishings 111
3.3.101 Hunting, Trapping, and Game Propagation 112
3.3.102 Ice Cream 112
3.3.103 Janitorial Services 113
3.3.104 Jewelry Stores 113
3.3.105 Kitchen Appliances 114
3.3.106 Knitwear 114
3.3.107 Lager Beer 115
3.3.108 Laptop Computers 115
3.3.109 Large Household Appliances 116
3.3.110 Lawn and Garden Equipment and Supplies Stores 116
3.3.111 Legal Services 117
3.3.112 Leisure Education 117
3.3.113 Life Insurance Sold by Life Insurance Companies 118
3.3.114 Liquefied Petroleum Gas 118
3.3.115 Local and Interurban Passenger Transit 119
3.3.116 Logging 119
3.3.117 Lumber and Wood Products 120
3.3.118 Malt Beverages 120
3.3.119 Management Consulting Services 121
3.3.120 Manufactured Mobile Home Dealers 121
3.3.121 Marine Freight Services 122
3.3.122 Materials Handling Machinery 122
3.3.123 Measuring and Controlling Instruments 123
3.3.124 Meat and Poultry 123
3.3.125 Media Advertising 124
3.3.126 Medical Biotechnology 124
3.3.127 Medium and Heavy Trucks 125
3.3.128 Menswear 125
3.3.129 Menthol Cigarettes 126
3.3.130 Millwork 126
3.3.131 Mineral Water 127
3.3.132 Motor Vehicles and Motor Vehicle Equipment 127
3.3.133 Music and Video Game Stores 128
3.3.134 National Newspapers 128
3.3.135 New Car Dealers 129
3.3.136 Non-Citrus Fruit 129
3.3.137 Non-Depository Credit Intermediation 130
3.3.138 Non-Durable Goods 130
3.3.139 Non-Farm Housing Services 131
3.3.140 Non-Food Retail Sales 131
3.3.141 Non-Interest Commercial Banking 132
3.3.142 Non-Metallic Mineral Mining and Quarrying 132
3.3.143 Non-Residential Construction and Engineering 133
3.3.144 Non-Store Retailers and Mail Order 133
3.3.145 Nuclear Electric Power Generation 134
3.3.146 Nursery, Garden Center, and Farm Supply Stores 134
3.3.147 Nursing Homes 135
3.3.148 Office Supplies and Stationery Stores 135
3.3.149 Oil, Gas, and Mining Exploration Services 136
3.3.150 Operations Management Services 136
3.3.151 Optical Goods and Eye Care Products 137
3.3.152 OTC Healthcare Products 137
3.3.153 Outerwear Clothing and Accessories 138
3.3.154 Over-The-Counter Drugs 138
3.3.155 Passenger Transportation 139
3.3.156 Passive Components 139
3.3.157 Periodicals 140
3.3.158 Pharmacies and Drug Stores 140
3.3.159 Physicians Services 141
3.3.160 Plant Bread 141
3.3.161 Plumbing Products 142
3.3.162 Poultry Products 142
3.3.163 Primary Metal Industries 143
3.3.164 Printed Circuit Boards 143
3.3.165 Private Residential Construction 144
3.3.166 Professional Computer Services 144
3.3.167 Property and Casualty Insurance 145
3.3.168 Public Residential Construction 145
3.3.169 Publishing Advertising 146
3.3.170 Radio and Television Broadcasting 146
3.3.171 Railroad Freight Services 147
3.3.172 Real Jewelry 147
3.3.173 Recorded Music 148
3.3.174 Recreational Vehicle Dealers 148
3.3.175 Red Meat 149
3.3.176 Regional Newspapers 149
3.3.177 Replacement Tires for Cars and Light Vans 150
3.3.178 Residential Construction 150
3.3.179 Residual Fuel Oil 151
3.3.180 Retail Logistics 151
3.3.181 Retirement Savings Plans 152
3.3.182 Sauces, Salad Dressings, and Condiments 152
3.3.183 Sawmills 153
3.3.184 School Food Service 153
3.3.185 Scrap Recycling 154
3.3.186 Security and Commodity Brokers and Dealers 154
3.3.187 Services 155
3.3.188 Ship Building and Repairing 155
3.3.189 Slaughtering Animals Excluding Poultry 156
3.3.190 Sporting Goods Retailers 156
3.3.191 Stationary Bicycles 157
3.3.192 Steel Mill Products 157
3.3.193 Taxicabs 158
3.3.194 Television Broadcasting 158
3.3.195 Temporary Employment Services 159
3.3.196 Textile Fabrics 159
3.3.197 Tobacco Products 160
3.3.198 Toy Stores 160
3.3.199 Traditional Toys 161
3.3.200 Transportation Equipment 161
3.3.201 Underwear, Nightwear, and Swimwear 162
3.3.202 Unleaded Gasoline 162
3.3.203 Used Car Dealers 163
3.3.204 Utilities 163
3.3.205 Venture Capital 164
3.3.206 Water Utilities 164
3.3.207 Whiskey 165
3.3.208 Wine 165
3.3.209 Wireless Communication Services 166
3.3.210 Women’s Apparel and Accessories 166
3.3.211 Womenswear and Lingerie 167
3.3.212 Workers Compensation Insurance 167
3.3.213 Definition of Terms 168
4 TRADE INDICATORS: IMPORTS INTO ROMANIA 189
4.1 Introduction & Methodology 189
4.2 Summary of Imports into Romania 190
4.3 Import Details 196
4.3.1 Albuminoidal Substances, Modified Starches, and Glues 196
4.3.2 Alumina (Aluminum Oxide) Excluding Artificial Corundum 197
4.3.3 Aluminum Ores and Concentrates 197
4.3.4 Animal and Vegetable Oils, Fats, and Waxes 198
4.3.5 Automatic Regulating or Controlling Instruments and Apparatus 199
4.3.6 Ball Bearings 200
4.3.7 Batteries, Electric Accumulators, and Their Parts 201
4.3.8 Beverages and Tobacco 202
4.3.9 Brassieres, Girdles, Corsets, Braces, Suspenders, Garters, and Similar Articles 203
4.3.10 Builders Plastic Wares 204
4.3.11 Carded or Combed Wool and Animal Hair 205
4.3.12 Cigarettes 206
4.3.13 Color Television Receivers, Video Monitors, and Projectors 207
4.3.14 Continuous-Action Elevators and Conveyors for Goods or Materials 208
4.3.15 Copper Tubes, Pipes, and Tube or Pipe Fittings 209
4.3.16 Cosmetic Preparations for the Hair Including Shampoos 210
4.3.17 Cotton Yarn 211
4.3.18 Crude Oils from Petroleum and Bituminous Minerals 212
4.3.19 Densified Wood and Reconstituted Wood 212
4.3.20 Digital Processing Units Which May Contain Storage Units, Input Units, or Output Units 213
4.3.21 Electric Current 214
4.3.22 Electrical Insulating Equipment 215
4.3.23 Electronic Integrated Circuits and Microassemblies 216
4.3.24 Fans and Cooker Hoods with Fans 217
4.3.25 Ferromanganese 218
4.3.26 Fiberboard of Wood or Other Ligneous Materials 218
4.3.27 Filtering and Purifying Machinery for Liquids or Gases 219
4.3.28 Fixed, Variable, or Adjustable Electrical Capacitors and Parts Thereof 220
4.3.29 Float Glass and Surface Ground or Polished Glass in Sheets 221
4.3.30 Food and Live Animals 222
4.3.31 Fresh or Dried Bananas and Plantains 223
4.3.32 Frozen Fish Excluding Fillets 223
4.3.33 Glycosides, Glands or Other Organs and Extracts, Antisera, Vaccines, and Similar Products 224
4.3.34 Halogenated Derivatives of Hydrocarbons 225
4.3.35 Herbicides, Weed Killers, Antisprouting Products, and Plant-Growth Regulators for Retail Sale 226
4.3.36 Hot-Rolled Stainless Steel Flat-Rolled Product 227
4.3.37 Household Refrigerators and Food Freezers 228
4.3.38 Industrial and Laboratory Furnaces and Ovens and Their Parts 229
4.3.39 Industrial Refrigerators, Freezers, and Other Refrigeration and Freezing Equipment and Parts 230
4.3.40 Inedible Crude Materials Excluding Fuels 231
4.3.41 Iron and Non-Alloy Steel Wire 232
4.3.42 Iron and Steel Seamless Tubes, Pipes, and Hollow Profiles 233
4.3.43 Iron and Steel Tube and Pipe Fittings 234
4.3.44 Iron or Non-Alloy Steel Semi-Finished Products Containing Less Than .25% Carbon by Weight 235
4.3.45 Iron or Steel Screws, Bolts, Nuts, Screw Hooks, Rivets, Washers, and Similar Articles 236
4.3.46 Iron or Steel Structures and Parts of Structures 237
4.3.47 Iron Ore Agglomerates 238
4.3.48 Knitted or Crocheted Fabrics 239
4.3.49 Knitted or Crocheted Jerseys, Pullovers, Cardigans, Waistcoats, and Similar Articles 240
4.3.50 Knitted or Crocheted Panty Hose, Tights, Stocking, Socks, and Hosiery 241
4.3.51 Knitted or Crocheted Pile Fabrics 242
4.3.52 Labels, Badges, and Similar Articles of Textile Materials 243
4.3.53 Machinery and Transport Equipment 244
4.3.54 Manufactured Goods 245
4.3.55 Medicaments Containing Antibiotics or Their Derivatives 246
4.3.56 Mens and Boys Trousers, Bib and Brace Overalls, Breeches, and Shorts of Woven Textile Materials 247
4.3.57 Metal-Rolling Mills Including Its Rolls and Other Parts 248
4.3.58 Mineral Fuels, Lubricants, and Related Materials 249
4.3.59 Motor Vehicles for Transport of Goods and Materials 250
4.3.60 Natural Gas in the Gaseous State 251
4.3.61 New Pneumatic Rubber Tires for Buses and Trucks 251
4.3.62 Non-Refractory Ceramic Bricks, Tiles, and Pipes 252
4.3.63 Paper and Paperboard Boxes, Bags, and Cartons, Cases, and Packing Containers 253
4.3.64 Parts and Accessories for Office Machines and Automatic Data Processing Machines 254
4.3.65 Parts and Accessories for Telecommunication and Sound Recording or Reproducing Equipment 255
4.3.66 Parts or Footwear, Removable In-Soles, Heel Cushions, Gaiters, Leggings, and Similar Articles 256
4.3.67 Plastic Floor, Wall, or Ceiling Coverings and Plastic Household and Toilet Articles 257
4.3.68 Plastic Stoppers, Lids, Caps, Closures, and Articles for the Conveyance or Packing of Goods 258
4.3.69 Plated or Zinc-Coated Iron and Non-Alloy Steel Flat-Rolled Products 259
4.3.70 Polycarbonates, Alkyd Resins, and Other Polyesters in Primary Forms 260
4.3.71 Polyethylene in Primary Forms 261
4.3.72 Polymers of Propylene or Other Olefins in Primary Forms 262
4.3.73 Polystyrene in Primary Forms 263
4.3.74 Prefabricated Buildings 264
4.3.75 Printed Circuits 265
4.3.76 Public Transportation Motor Vehicles with a Capacity of At Least 10 Persons 266
4.3.77 Raw Beet and Cane Sugars 266
4.3.78 Retort Carbon and Coke or Semi-Coke of Coal, Lignite, and Peat 267
4.3.79 Road Tractors for Semi-Trailers 267
4.3.80 Rolls and Sheets of Paper and Paperboard 268
4.3.81 Self-Propelled Mechanical Shovels, Excavators, and Shovel-Loaders 269
4.3.82 Sewing Machines, Sewing Machine Needles, Sewing Machine Furniture, Bases and Covers, and Parts 270
4.3.83 Sewing Thread Made of Manmade Fibers 271
4.3.84 Sound and Video Recording or Reproducing Apparatus 272
4.3.85 Special Transactions and Commodities Not Classified by Kind 273
4.3.86 Stripped and Stemmed Tobacco 274
4.3.87 Synthetic Filament Tow 275
4.3.88 Trailers and Semi-Trailers for the Transport of Goods 275
4.3.89 Unagglomerated Coal Excluding Anthracite 276
4.3.90 Unagglomerated Iron Ore and Concentrates 276
4.3.91 Unmilled Corn Excluding Sweet Corn and Seed 277
4.3.92 Unroasted Coffee Including Decaffeinated 278
4.3.93 Unvulconized, Compounded Rubber in Primary Forms or in Plates, Sheets, or Strip 279
4.3.94 Worked Aluminum and Aluminum Alloys 280
4.3.95 Woven Cotton Gauze, Pile, and Chenille Fabrics 281
4.3.96 Woven Fabrics Containing 85% Wool and Fine Animal Hair 282
4.3.97 Woven Fabrics Made of Synthetic Filament Yarn 283
4.3.98 Woven Fabrics of At Least 85% Synthetic Staple Fibers by Weight 284
4.3.99 Woven Fabrics of Flax 285
4.3.100 Woven Fabrics of Less Than 85% Artificial Staple Fibers by Weight 286
4.3.101 Woven Fabrics of Less Than 85% Synthetic Staple Fibers by Weight, Mixed Mainly with Cotton 287
4.3.102 Yarn Made of Wool or Animal Hair 288
4.3.103 Zinc Ores and Concentrates 288
5 TRADE INDICATORS: EXPORTS FROM ROMANIA 289
5.1 Introduction & Methodology 289
5.2 Summary of Exports from Romania 290
5.3 Export Details 296
5.3.1 Acyclic Monohydric Alcohols 296
5.3.2 Alumina (Aluminum Oxide) Excluding Artificial Corundum 296
5.3.3 Animal and Vegetable Oils, Fats, and Waxes 297
5.3.4 Ball Bearings 298
5.3.5 Bed, Table, Toilet, and Kitchen Linens 299
5.3.6 Beverages and Tobacco 300
5.3.7 Brassieres, Girdles, Corsets, Braces, Suspenders, Garters, and Similar Articles 301
5.3.8 Builders Wood Carpentry and Joinery 302
5.3.9 Ceramic Tableware, Kitchenware and Other Ceramic Household or Toilet Articles 303
5.3.10 Childrens Toys and Indoor Games 304
5.3.11 Cold-Rolled Stainless Steel Flat-Rolled Products 305
5.3.12 Color Television Receivers, Video Monitors, and Projectors 306
5.3.13 Copper Ores and Concentrates 306
5.3.14 Copper Wire 307
5.3.15 Cyclic Hydrocarbons 307
5.3.16 Densified Wood and Reconstituted Wood 308
5.3.17 Diamonds Excluding Industrial Diamonds 308
5.3.18 Edible Nuts Excluding Oil Nuts 309
5.3.19 Electric Current 309
5.3.20 Electric Motors with Output Exceeding 37.5 w and AC Generators 310
5.3.21 Electric Motors with Output Exceeding 37.5 w and DC Generators 311
5.3.22 Electric Motors with Output Not Exceeding 37.5 w 312
5.3.23 Electrical Transformers 313
5.3.24 Electronic Integrated Circuits and Microassemblies 314
5.3.25 Ferrous Metal Waste and Scrap Excluding Waste and Scrap of Cast Iron and Alloy Steel 315
5.3.26 Fiberboard of Wood or Other Ligneous Materials 316
5.3.27 Fixed Line Telephone and Telegraph Equipment 317
5.3.28 Fixed, Variable, or Adjustable Electrical Capacitors and Parts Thereof 318
5.3.29 Food and Live Animals 319
5.3.30 Gears and Gearing, Ball Screws, Gear Boxes, Speed Changers, and Torque Converters 320
5.3.31 Glassware for Table, Kitchen, Toilet, Office, and Indoor Decoration 321
5.3.32 Household Refrigerators and Food Freezers 322
5.3.33 Hydraulic Turbines and Water Wheels 323
5.3.34 Industrial and Laboratory Furnaces and Ovens and Their Parts 324
5.3.35 Industrial Refrigerators, Freezers, and Other Refrigeration and Freezing Equipment and Parts 325
5.3.36 Inedible Crude Materials Excluding Fuels 326
5.3.37 Iron and Non-Alloy Steel Wire 327
5.3.38 Iron and Steel Angles, Shapes, Sections (Excluding Rails), and Sheet Piling 328
5.3.39 Iron and Steel Seamless Tubes, Pipes, and Hollow Profiles 329
5.3.40 Iron and Steel Tube and Pipe Fittings 330
5.3.41 Iron Less Than 99.94% Pure or Steel Ingots and Other Primary Forms 331
5.3.42 Iron or Non-Alloy Steel Semi-Finished Products Containing Less Than .25% Carbon by Weight 331
5.3.43 Iron or Steel Screws, Bolts, Nuts, Screw Hooks, Rivets, Washers, and Similar Articles 332
5.3.44 Iron or Steel Structures and Parts of Structures 333
5.3.45 Iron, Steel, or Copper Non-Electric Domestic Cooking or Heating Equipment and Parts 334
5.3.46 Knitted or Crocheted Jerseys, Pullovers, Cardigans, Waistcoats, and Similar Articles 335
5.3.47 Knitted or Crocheted Panty Hose, Tights, Stocking, Socks, and Hosiery 336
5.3.48 Leather Apparel and Clothing Accessories 337
5.3.49 Live Bovine Animals 338
5.3.50 Live Sheep and Goats 338
5.3.51 Machinery and Transport Equipment 339
5.3.52 Manufactured Goods 340
5.3.53 Manufactures of Wood for Domestic or Decorative Use Excluding Furniture 341
5.3.54 Mens and Boys Shirts of Knitted or Crocheted Textile Fabrics 342
5.3.55 Mens and Boys Shirts of Woven Textile Materials 343
5.3.56 Mens and Boys Suit Jackets and Blazers of Woven Textile Materials 344
5.3.57 Mens and Boys Suits of Woven Textile Fabrics 345
5.3.58 Mens and Boys Trousers, Bib and Brace Overalls, Breeches, and Shorts of Woven Textile Materials 346
5.3.59 Mineral Fuels, Lubricants, and Related Materials 347
5.3.60 Natural Honey 348
5.3.61 New Pneumatic Rubber Tires for Buses and Trucks 349
5.3.62 New Pneumatic Rubber Tires for Cars, Station Wagons, and Racing Cars 350
5.3.63 Nitrogenous Minerals and Chemical Fertilizers 351
5.3.64 Paper and Paperboard Boxes, Bags, and Cartons, Cases, and Packing Containers 352
5.3.65 Parts and Accessories for Office Machines and Automatic Data Processing Machines 353
5.3.66 Parts of Ball and Roller Bearings 354
5.3.67 Parts or Footwear, Removable In-Soles, Heel Cushions, Gaiters, Leggings, and Similar Articles 355
5.3.68 Plastic Stoppers, Lids, Caps, Closures, and Articles for the Conveyance or Packing of Goods 356
5.3.69 Plated or Zinc-Coated Iron and Non-Alloy Steel Flat-Rolled Products 357
5.3.70 Plywood with Each Ply Not Over 6 mm Thick 358
5.3.71 Polyacetals and Other Polyethers in Primary Forms 359
5.3.72 Polyethylene in Primary Forms 360
5.3.73 Polymers of Propylene or Other Olefins in Primary Forms 360
5.3.74 Polyvinyl Chloride in Primary Forms 361
5.3.75 Portland Cement, Aluminous Cement, Slag Cement, Supersulfate Cement, and Similar Hydraulic Cements 362
5.3.76 Prefabricated Buildings 362
5.3.77 Printed Circuits 363
5.3.78 Railway or Tramway Freight and Maintenance Cars 363
5.3.79 Sawn, Chipped, Sliced, or Peeled Coniferous Wood over 6 Millimeters Thick 364
5.3.80 Sawn, Chipped, Sliced, or Peeled Non-Coniferous Wood over 6 Millimeters Thick 365
5.3.81 Silicon-Electrical Steel Flat-Rolled Products 366
5.3.82 Special Transactions and Commodities Not Classified by Kind 367
5.3.83 Spherical Roller Bearings 368
5.3.84 Sporting Goods 369
5.3.85 Sports Footwear 370
5.3.86 Sunflower Seed Oil or Safflower Oil and Fractions Thereof 371
5.3.87 Sunflower Seeds 372
5.3.88 Swimwear of Textile Fabrics 373
5.3.89 Tapered Roller Bearings and Cone and Tapered Roller Assemblies 374
5.3.90 Transmission and Conveyor Belting Made of Vulcanized Rubber 375
5.3.91 Trunks, Suitcases, Vanity Cases, Executive Cases, Briefcases, and School Satchels 375
5.3.92 Tubes, Pipes, and Hoses of Unhardened Vulcanized Rubber 376
5.3.93 Unmilled Corn Excluding Sweet Corn and Seed 376
5.3.94 Unmilled Durum Wheat 377
5.3.95 Untreated, Rough or Roughly Squared Non-Coniferous Wood 377
5.3.96 Unwrought Aluminum and Aluminum Alloys 378
5.3.97 Unwrought Lead and Lead Alloys 379
5.3.98 Unwrought Zinc and Zinc Alloys 379
5.3.99 Waste and Scrap of Alloy Steel 380
5.3.100 Wheelchairs and Their Parts 380
5.3.101 Wine Made from Fresh Grapes or Grape Must 381
5.3.102 Womens and Girls Jackets and Blazers 382
5.3.103 Womens and Girls Blouses, Shirts, and Shirt-Blouses of Knitted or Crocheted Textile Fabrics 383
5.3.104 Womens and Girls Dresses of Woven Textile Fabrics 384
5.3.105 Womens and Girls Skirts and Divided Skirts of Woven Textile Fabrics 385
5.3.106 Womens and Girls Trousers, Bib and Brace Overalls, Breeches, and Shorts of Woven Textile Fabrics 386
5.3.107 Worked Aluminum and Aluminum Alloys 387
5.3.108 Worked or Shaped Non-Coniferous Wood 388
5.3.109 Yarn Made of Wool or Animal Hair 389
6 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS 390
6.1 Disclaimers & Safe Harbor 390
6.2 ICON Group International, Inc. User Agreement Provisions 391
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