When a factory in Romania exports auto parts to Morocco, in which currency does it issue the invoice? When a refinery in Poland buys oil from Saudi Arabia, who decides whether the payment is made in euros or in dollars? And why does it matter to you, as a citizen or entrepreneur, that the oil price is quoted in dollars, not in euros?
The currency in which international trade is invoiced crosses the boundary of accounting and quickly becomes 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 trade exchanges are conducted.
EXTRA-EU TRADE
That is, the European Union's trade of goods with countries outside the Union shows us a division of monetary roles. In 2025, euro was the main invoicing currency for EU exports, with a weight of 51%, ahead of the US dollar, with 33%. In contrast, for EU imports, the hierarchy is reversed: the US dollar was the first billing currency, with 51%, and the euro had 40%. The rest is divided between the currencies of EU member states that do not use the euro and other currencies from outside the EU.
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USE OF THE EURO ON THE TERRITORY OF THE EUROZONE
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 in 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 euros: 84%
- Extra-EU exports in euros: 91%
At imports, the following positions among countries with high euro use are occupied by Austria and Croatia (63%), and at 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). Therefore, 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.
- In extra-EU imports, Romania invoices approximately 42% in euros, 46% in US dollars, and 7% in other currencies. The fact that the dollar surpasses 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 energy imports, oil, petroleum products, raw materials, industrial components, and goods originating from international supply chains. The dollar has here a role as a global reference currency, and Romania, even if it is strongly connected to the European economy, cannot avoid this dependence.
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 receives 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 they sell outside the Union. Euro functions as a currency of contractual stability, of 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 propose to take a look together at the billing of petroleum products.
In extra-EU imports of petroleum products, the US dollar has a weight 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 euros or lei, the price chain often starts from a global quotation in dollars.
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At extra-EU exportsof petroleum products, the dollar remains dominant, but less so than in imports: 70,1% from petroleum product exports 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 dominance of the dollar in this market. We thus observe that Europe's monetary power increases when it sells processed products, but decreases when it buys raw materials.
EQUILIBRIUM IN ADDED VALUE
Beyond oil, the picture becomes more balanced, and the euro can compete with the dollar even in the trade of raw materials and primary goods.
Raw materials (excluding oil):
- For imports: euro 47.4% vs. dollar 45.0% - almost equality
- Exports: euro 62.2% vs. dollar 22.9% - euro clearly dominates
Manufactured products:
- At imports: dollar 46.2% vs. euro 43.3% - close competition
- In exports: euro 50.4% vs. dollar 32.4% - euro ahead
For European companies, this means that the invoicing currency reflects the supplier structure, the position in value chains, and the 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.
Instead, I have seen that energy and raw material importers remain exposed to the dollar, because these markets operate under global rules.
In economic practice, the balance becomes clear: the more processed and more "European" in origin a product is, the stronger the euro is. The closer we get to raw resources, traded globally, the dollar is the currency that dictates the rules of the game.
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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 may represent a structural vulnerability that each currency depreciation can generate. We see it in invoices, prices, and 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 towards the eurozone, the more we reduce this exposure, which, over time, translates into economic resilience.
