Report on Romania鈥檚 International Balance of Payment and Foreign Debts in January-May 2019
I. International Balance of Payment
1. Current Account
The statistics released by the BNR showthat in January-May 2019, the current account deficit was 3.401 billion euros,with an increase of 32.6% year on year (see table 1)
Table 1錛 /span>Romania鈥檚 International Balance of Payment (Current Account) in January-May2019
Unit: million euros
Current account錛 /span>A+B+C錛 /span>
A. Goods + services
a. Goods錛 /span>FOB export錛 /span>FOB import錛 /span>**
-Processing trade service
錛 /span>Other services
B. Major income (including salary, investment income and other income)
C錛 /span>Secondary income錛 /span>including private and government appropriation錛 /span>
**data sources: INS---international tradein goods; the FOB import was calculated by using the CIF/FOB conversion ratio1.0430 set by the INS
The statistics in table 1 show that inJanuary-May 2019, Romania鈥檚 total deficit of trade in goods and services was 2.975billion euros, with an increase of 84.2% year on year. Among these, the deficitof trade in goods was 6.352 billion euros, with an increase of 30.2%, and thesurplus of trade in services was 3.377 billion euros, with an increase of 3.6%.
In terms of the industries of trade inservices: the surplus of processing trade service was 1.167 billion euros, withan increase of 9.3% year on year; that of transportation industry was 1.733billion euros, with an increase of 16.7% year on year; the deficit of tourismwas 695 million euros, with an increase of 42.1% year on year, and the surplusof other service industries was 1.172 billion euros, with a decrease of 2.1%year on year.
The deficit of the major income was 1.059billion euros, with a decrease of 42.4% year on year. The surplus of thesecondary income was 633 million euros, with a decrease of 28.7% year on year.
2. Capital account
In January-May 2019, the FDI in Romania was1.491 billion euros (estimated value), among which volume of the portfolioinvestment of transnational corporations was 15 million euros, and the amountof equity investment was 1.476 billion euros.
II. Foreign debts
The statistics released by the NationalBank of Romania (or BNR, banca na牛ional膬 a rom芒niei ) show that by the end ofMay 2019, Romania鈥檚 balance of short-term and long-term foreign debts hadamounted to 103.526 billion euros, increasing by 4.1% compared with that in theend of the 2018(see table 2).
Table 2: Romania鈥檚 foreign debts from Januaryto the end of May 2019 and the foreign debt repayment from January to May 2019
Unit: million euros
Romania鈥檚 foreign debts from January to the end of May 2019 and the foreign debt repayment from January to May 2019
Foreign Debt repayment from January to May 2019**
Balance on December 31, 2018**
Balance from January to the end of May 2019**
1 Long-term foreign debt
1.1 Public foreign debt
1.1.1 Direct public foreign debt(a)
1.1.2 Publicly guaranteed foreign debt錛 /span>b錛 /span>
1.2 Non-publicly guaranteed foreign debt
1.2.1 Non-resident long-term deposits
1.3 Loans of monetary organizations
1.3.1 SDR allocations
2銆 /span>Short-term foreign debt
Total foreign debt錛 /span>1+2錛 /span>
**preliminarystatistics ***estimated statistics
(a) Direct contractual loans of Romania鈥檚 Ministryof Public Finance or local governments according to Romania鈥檚 Public Foreign Debt Law
(b) Guaranteed loans of Romania鈥檚Ministry of Public Finance or local governments according to Romania鈥檚 Public Foreign Debt Law
According to the table above, the balanceof short-term foreign debt was 34.071 billion euros, with an increase of 1.8%compared with that in the end of 2018, accounting for 32.9% of the total amountof foreign debt over the same period of time, with its proportion increasing by1.3 percentage points compared with that at the end of 2018. The balance oflong-term foreign debt was 69.455 billion euros, increasing by 2.2% over thatof 2018, taking up 67.1% of the total volume of foreign debt over the same periodof time, with its proportion decreasing by 1.3 percentage points over that atthe end of 2018.
In terms of the structure of foreign debt,the balance of the direct public debt and publicly guaranteed debt was 36.823billion euros, increasing by 5.9% compared with that at the end of 2018,accounting for 53.0% and 35.6% of the long-term foreign debt and total foreigndebt of that period respectively. The balance of guaranteed non-public debt was31.414 billion euros, decreasing by 1.9% compared with that at the end of 2018,taking up 45.2% and 30.3% of the long-term foreign debt and total foreign debtover that period respectively.
In terms of the debt repayment, fromJanuary to May 2019, Romania paid off 28.374 billion euros. Among these, therepayment rate of the long-term foreign debt was 19.5%, lower than the foreigndebt repayment rate in December 2018 over the same period of time by 21.2%.
The coverage degree of goods and servicesimports was 4.6 months, lower than that in the end of 2018 ( 4.9 months ) .
III. Foreign exchange reserve
By the end of May 2019, the BNR鈥檚 foreignexchange reserve was 32.834 billion euros, decreasing by 856 million euroscompared with that at the end of last month.
The gold reserve was 103.7 tons. Due to thefluctuation of gold price, the market value was 3.881 billion euros, and theinternational reserve (foreign exchange + gold) was 36.715 billion euros,decreasing by 795 million euro compared with that at the end of last month.
In June 2019, BNR鈥檚 due foreign public debtand publicly guaranteed foreign debt amounted to 104 million euros.
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