Currency in international trade

THE MACRO ZONE

20 May 2026

READING TIME: 11 MINUTE

When a factory from Romania exports auto parts to Morocco, in which currency does it issue the invoice? When a refinery from Poland buys oil from Saudi Arabia, who decides whether the payment is made in euros or dollars? And why does it matter to you, as a citizen or entrepreneur, that the price of oil is quoted in dollars, not in euros?

The currency in which international trade is invoiced crosses the boundary of accounting and quickly transforms into an indicator of economic power, vulnerability to currency fluctuations, and geopolitical influence. Today, at The MacRO Zone, we take a look at the currencies in which the EU's commercial exchanges are conducted.

EXTRA-EU TRADE

That is, the exchanges of goods of the European Union with countries outside the Union show us a division of monetary roles. In 2025, euro was the main invoicing currency for EU exports, with a share of 51%, ahead of the US dollar, with 33%. In contrast, for EU imports, the hierarchy is reversed: the US dollar was the primary invoicing currency, with 51%, and the euro had 40%. The rest is divided among the currencies of EU member states that do not use the euro and other currencies from outside the EU.

ASYMMETRY MONETARY

In exports, the EU projects its own commercial and institutional power: European companies can invoice in euros, especially when they have a competitive position, European value chains, or stable contractual relationships.

At import, however, the EU faces the power of global markets, where the US dollar remains the dominant currency for energy, raw materials, oil, petrochemical products and many international industrial transactions. Therefore, the euro is the reference currency for the European supply to the world, while the dollar is still the dominant currency for European purchases from the world.

USE OF THE EURO IN THE EURO AREA TERRITORY

Not even within the euro area can there be talk of a perfectly equal distribution. In 2025, Slovenia stands out as the country with the highest use of the euro both in imports and extra-EU exports. Its economy is closely anchored in European value chains, with trading partners who accept the euro as the reference currency.

Extra-EU imports in euro: 84%
Extra-EU exports in euros: 91%

In imports, the following positions among countries with high euro usage are held by Austria and Croatia (63%), and in imports by Croatia (84%) and Malta (76%).

At the opposite pole we find Ireland, which, although it is a member of the eurozone, exports massively in dollars due to the structure of its exports: pharmaceuticals, technology, American multinationals with their European headquarters in Dublin. When Apple or Pfizer export from Ireland to the USA, they invoice in dollars, regardless of paying VAT in euros in Dublin.

Extra-EU exports in euros: only 13%
Extra-EU exports in dollars: 75%

Cyprus has the largest share of the dollar in EU exports (76%) due to maritime trade and international re-exports, sectors where the dollar is the standard global currency.

In imports, Denmark has the smallest share of the euro (23%), heavily using its own national currency (the Danish krone). Thus, the reduced use of the euro does not always mean the dominance of the dollar; in some countries, the national currency still plays an important commercial role.

ROMANIA: BETWEEN EUROPEAN INTEGRATION AND EXPOSURE TO THE DOLLAR

Romania is an interesting case because it does not use the euro as its national currency, but its economy is strongly integrated with the EU market.

ROMANIA, ACCORDING TO CURRENCIES
2025 | %

Romania has a major commercial exposure to the EU. The share of Romania's exports to the EU was 71.4% in 2025. This integration makes the euro a contractual, accounting, and financial benchmark for many Romanian companies.
For Romania, the structure of extra-EU trade by invoicing currency places us between: European integration, reflected by the high use of the euro, and dependence on global markets, reflected by the important role of the US dollar.
At extra-EU imports, Romania invoices approximately 42% in euros, 46% in US dollars, and 7% in other currencies. The fact that the dollar exceeds the euro in imports shows that Romania buys goods from outside the EU that are frequently traded on global markets denominated in dollars. This situation is typical for imports of energy, oil, petroleum products, raw materials, industrial components and goods from international supply chains. The dollar here plays the role of a global reference currency, and Romania, even though it is strongly connected to the European economy, cannot avoid this dependency.

RISKS

At the moment when the dollar strengthens against the euro and against the leu, Romania's imports automatically become more expensive. Energy costs more. Raw materials cost more. Production costs increase. Inflation gets a boost. Everything starts from an exchange rate that Romania does not control.

For extra-EU exports, the situation is more comfortable: 60% are invoiced in euros, 28% in US dollars, and 5% in other currencies. This structure is more favorable to Romania from the perspective of European monetary integration. The fact that the euro is used in 60% of exports to countries outside the EU shows that Romanian exporters prefer and manage to invoice in the European currency, even when selling outside the Union. Euro functions as a currency of contractual stability, reducing currency risk, and aligning with Romania's main reference market.

OIL AND THE DOMINANCE OF THE AMERICAN DOLLAR

And to better understand why the dollar matters so much for the cost of living in Europe, we suggest taking a look together at petroleum product billing.

In extra-EU imports of petroleum products, the American dollar has a share of 86,7%, while the euro has only 12.9%. This structure matters enormously for the EU and for Romania. Even if refineries, distribution companies, or final consumers operate in euro or lei, the price chain often starts from a global quotation in dollars.

IMPACT

Almost all the oil that Europe buys from outside its borders is invoiced in dollars. This means that when the dollar appreciates against the euro, Europe automatically pays more for energy, even if the price per barrel has not changed. The EUR/USD exchange rate thus becomes a direct transmission channel to gas and gasoline bills, to companies' production costs, and, ultimately, to inflation.

La extra-EU exports of petroleum products, the dollar remains dominant, but less than in imports: 70,1% from the exports of petroleum products are invoiced in dollars, while the euro has 27.5%. So, when the EU exports petroleum products, it can introduce more euros than when it imports oil or petroleum products, but it cannot break the dollar's dominance in this market. We thus observe that Europe's monetary power increases when it sells processed products, but decreases when it buys raw resources.

EQUILIBRIUM IN ADDED VALUE

Beyond oil, the picture becomes more balanced, and the euro can compete with the dollar even in trade with raw materials and primary goods.

Raw materials (excluding oil):

At imports: euro 47.4% vs. dollar 45.0% - almost equality
In exports: euro 62.2% vs. dollar 22.9% - euro clearly dominates

Manufactured products:

For imports: dollar 46.2% vs. euro 43.3% - tight competition
In exports: euro 50.4% vs. dollar 32.4% - euro ahead

For European companies, this means that the billing currency reflects the structure of suppliers, the position in value chains, and bargaining power. Exporters to countries outside the EU naturally have an interest in invoicing in euros, especially when their costs, financing, and ecosystem are anchored in the euro area.

On the other hand, I saw that energy and raw material importers remain exposed to the dollar, because these markets operate according to global rules.

In economic practice, the balance becomes clear: the more processed a product is and the more "European" it is by origin, the stronger the euro is. The closer we get to raw resources, traded globally, the more the dollar is the currency that dictates the rules of the game.

THE EFFECTS OF MONETARY IMPACT
More expensive gasoline - the price of oil is in dollars. When the dollar rises against the leu, it is felt directly at the pump. Imported inflation - raw materials and industrial components invoiced in dollars become more expensive in lei when the exchange rate moves, and companies pass the costs on to final prices.		Exporters' competitiveness - companies that export in euros have a lower currency risk and more stable financial planning than those exposed to the dollar. Adoption of the Euro - the more Romania will use the euro as the national currency, the more it will eliminate part of the vulnerability to EUR/RON fluctuations.

THE ROAD TO RESILIENCE

Euro is a strong currency in international trade, but only when Europe sells. When it buys strategic resources, the dollar remains dominant.

This asymmetry can represent a structural vulnerability that every depreciation of the currency can generate. We see it in invoices, in prices, and in inflation. Regarding Romania, we have seen that we are well integrated into Europe and export in euros, but when it comes to energy and raw materials, the currency switches to dollars. This makes us sensitive to currency movements that we do not control. The further we advance on our path toward the eurozone, the more we reduce this exposure, which, over time, translates into economic resilience.