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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

銆/span>

January-April 2018*







January-April 2019*










inflow

outflow

net value

Inflow

outflow

net value

Current account錛/span>A+B+C錛/span>

38,268

40,832

-2,564

41,108

44,509

-3,401

A. Goods + services

34,367

35,982

-1,615

36,708

39,683

-2,975

a. Goods錛/span>FOB export錛/span>FOB import錛/span>**

25,686

30,562

-4,876

26,918

33,270

-6,352

b. Services

8,681

5,420

3,261

9,790

6,413

3,377

-Processing trade service

1,151

83

1,068

1,235

68

1,167

錛/span>Transportation

2,589

1,104

1,485

3,034

1,301

1,733

錛/span>Tourism

816

1,305

-489

864

1,559

-695

錛/span>Other services

4,125

2,928

1,197

4,657

3,485

1,172

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

2,191

4,028

-1,837

2,322

3,381

-1,059

C錛/span>Secondary income錛/span>including private and government appropriation錛/span>

1,710

822

888

2,078

1,445

633

*preliminary statistics

**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 debts







Foreign Debt repayment from January to May 2019**

銆/span>

Balance on December 31, 2018**

Balance from January to the end of May 2019**




1 Long-term foreign debt

67,966

69,455

7,143

1.1 Public foreign debt

34,763

36,823

2,164

1.1.1 Direct public foreign debt(a)

34,415

36,489

2,143

1.1.2 Publicly guaranteed foreign debt錛/span>b錛/span>

348

334

21

1.2 Non-publicly guaranteed foreign debt

32,007

31,414

4,958

1.2.1 Non-resident long-term deposits

2,241

710

759

1.3 Loans of monetary organizations

1,196

1,218

21

1.3.1 SDR allocations

1,196

1,218

21

2銆/span>Short-term foreign debt

31,451

34,071

21,231e

Total foreign debt錛/span>1+2錛/span>

99,417

103,526

28,374

**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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