Romania's current-account deficit widened in January from the same month a year earlier as the country joined the European Union, opening its market to more imports.

The gap widened to €766 million ($1 billion) from €292 million in January last year, the central bank said in an e-mailed statement on March 16, based on preliminary data. Romania eliminated tariffs on imports from EU countries when it joined the bloc on January 1. Imports have also become cheaper as an inflow of investment from Europe strengthened the local currency.Lower taxes, higher wages and more loans also have given Romanians more cash to buy imports. Romania's trade deficit, the major component of the current account deficit, widened to €1.06 billion in January from €638 million a year earlier, the National Statistics Institute said on March 12. Imports increased 25% as exports rose 11%. Imports from EU nations jumped 34%.