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Report on Romania's International Balance of Payments and Foreign Debts in January-November 2019

I.International Balance of Payments

1.Current Account

The statistics released by the BNR show that in January-November 2019, the current account deficit was 9.924 billion euros, with an increase of 20.95% year on year (see table 1)

Table 1:Romania's International Balance of Payments (Current Account) in January-November 2019

Unit: million euros

 

January-November 2018*











January-November 2019*
















inflow

outflow

net value

Inflow

outflow

net value

Current accountA+B+C

87,879

96,084

-8,205

92,762

102,686

-9,924

A. Goods + services

79,192—

84,586

-5,394

82,664

90,396

-7,732

a. GoodsFOB exportFOB import**

57,636

70,726

-13,090

58,645

74,208

-15,563

b. Services

21,556

13,860

7,696

24,019

16,188

7,831

-Processing trade service

2,697

170

2,527

2,711

142

2,569

Transportation

6,352

2,695

3,657

7,217

3,208

4,009

Tourism

2,637

4,137

-1,500

2,821

4,855

-2,034

Other services

9,870

6,858

3,012

11,270

7,983

3,287

B. Primary income (including salary, investment income and other income)

4,901

8,625

-3,724

5,401

8,640

-3,239

CSecondary incomeincluding private and government transfers

3,786

2,873

913

4,697

3,650

1,047

*preliminary statistics

**data sources: INS--international trade in goods; the FOB import was calculated by using the CIF/FOB conversion ratio of 1.0430 set by the INS

The data in table 1 show that from January to November 2019, the deficit of Romania's trade in goods and services totaled 7.732 billion euros, with an increase of 43.34% year on year. Of the total amount, the deficit of trade in goods was 15.563 billion euros, with a year-on-year increase of 18.89%; the surplus of trade in service was 7.831 billion euros, with a year-on-year increase of 1.75%.

In terms of the industries of trade in services, the surplus of processing trade service was 2.569 billion euros, with an increase of 1.66% year on year; the surplus of transportation industry was 4.009 billion euros, with an increase of 9.63% year on year; the deficit of tourism was 2.034 billion euros, with an increase of 35.6% year on year; the surplus of other service industries was 3.287 billion euros, with a year-on-year increase of 9.13%.

The deficit of the primary income was 3.239 billion euros, down 13.02% year on year. The surplus of secondary income was 1.047 billion euros, up 14.68% year on year.

2. Capital Account

From January to November 2019, the FDI in Romania totaled 5.145 billion euros (estimated value), of which the portfolio investment of transnational corporations was 649 million euros, and equity investment was 4.496 billion euros.

II. Foreign debts

According to the data released by the National Bank of Romania (BNR), as of the end of November 2019, Romania's short-term and long-term external debt totaled 108.218 billion euros, with an increase of 8.39% from the end of 2018 (see Table 2)

Table 2: Romania's Foreign Debts from January to End-November 2019 and the Foreign Debt Repayment in January-November 2019

Unit: million euros

Romania's foreign debts from January to end- November 2019 and the foreign debt repayment in January- November 2019
















Foreign debts











Foreign debt from January to November 2019**

 

Balance on December 31, 2018**

Balance from January to the end of November 2019**






1 Long-term foreign debt

68,286

73,964*

12,727

1.1 Foreign public debt

34,850

40,478,

3,006

1.1.1 Foreign direct public debt (a)

34,499

40,174

2,951

1.1.2 Publicly guaranteed foreign debtb

351

304

55

1.2 Non-publicly guaranteed foreign debt

32,240

32,269

9,711

1.2.1 Non-resident long-term deposits

l,433

520

969

1.3 Loans from monetary organizations

l,196

l,217

10

1.3.1 SDR allocations

1,196

1,217

10

2Short-term foreign debt

31,555

34254e

40,055

Total foreign debt1+2

99,841

108,218

52,782

**preliminary statistics *** predicted statistics e estimated statistics

(a) Direct contractual loans of Romania's Ministry of Public Finance or local governments according to Romania's Public Foreign Debt Law

(b) Guaranteed loans of Romania's Ministry of Public Finance or local governments according to Romania's Public Foreign Debt Law

According to the table above, the balance of short-term foreign debt was 34.254 billion euros, with an increase of 8.55% compared with that at the end of 2018, accounting for 31.65% of the total foreign debt over the same period, increased by 0.05 percentage points compared with that at the end of 2018. The balance of long-term foreign debt was 73.964 billion euros, with an increase of 8.32% compared with that at the end of 2018, accounting for 68.35% of the total foreign debt over the same period, decreased by 0.05 percentage point compared with that at the end of 2018.

In terms of foreign debt structure, the balance of the direct public debt and publicly guaranteed debt was 40.478 billion euros, up 16.15% compared with that at the end of 2018, accounting for 54.73% and 37.4% of the long-term foreign debt and total foreign debt over that period respectively. The balance of the non-publicly guaranteed foreign debt was 32.269 billion euros, with an increase of 0.09% compared with that at the end of 2018, accounting for 43.63% and 29.82% of the long-term foreign debt and total foreign debt over that period respectively.

In terms of debt repayment, in January-November 2019, Romania paid off 52.782 billion euros, of which the repayment rate of the long-term foreign debt was 17.4%, 22.6% lower than the foreign debt repayment rate over the same period in 2018.

The import coverage of goods and services was 4.7 months, lower than that at the end of 2018 (4.9 months) .

3. Foreign exchange reserves

By the end of November 2019, the BNRs holding of foreign exchange reserves was 33.817 billion euros, down 1.091 billion euros compared with that in the previous month.

The gold reserve was 103.6 tons. Due to the fluctuation of the gold price, the market value was 4.411 billion euros. The international reserves (foreign exchange + gold) were 38.228 billion euros, decreased by 1.172 billion euros compared with that in the previous month.

BNRs foreign public debt and publicly guaranteed foreign debt that fell due in December 2019 amounted to 151 million euros.


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