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Balance of Payments and External Debt - January 2010

12.03.2010

In January 2010, the balance-of-payments current account posted a deficit of EUR 123 million, 73.2 percent lower than in January 2009, due largely to the narrower trade deficit (EUR 217 million, down 55.8 percent year on year).

- EUR million -
  January 2009r January 2010p
CREDIT DEBIT NET CREDIT DEBIT NET
CURRENT ACCOUNT (A+B+C) 2,959 3,418 -459 3,327 3,450 -123
A. Goods and services 2,454 2,935 -481 2,705 2,987 -282
a. Goods (exports fob - imports fob)s 1,924 2,415 -491 2,305 2,522 -217
b. Services 530 520 10 400 465 -65
- transport 149 129 20 133 128 5
- tourism - travel 59 72 -13 34 79 -45
- other 322 319 3 233 258 -25
B. Incomes 105 301 -196 79 252 -173
C. Current transfers 400 182 218 543 211 332

r  - revised data
p - provisional data
s  - Source: National Institute of Statistics (NIS); imports FOB are calculated based on CIF/FOB conversion coefficient of 1.0834 set by the NIS.

Non-residents’ direct investment in Romania worth EUR 302 million (as compared with EUR 1,123 million in January 2009) entirely covered the current account deficit in January 2010. The whole amount consisted in equity stakes.

Medium- and long-term external debt at end-January 2010 stood at EUR 64,211 million (82.5 percent of total external debt), comparable with the level recorded at end-2009.

Short-term external debt at end-January 2010 totalled EUR 13,657 million (17.5 percent of total external debt), down 5.5 percent from year-end 2009.

Romania's external debt at end-January 2010*
and external debt service in January 2010
- EUR million -
  External debt balance External debt service
January 2010p
End-2009p End-January 2010p
I. Medium- and long-term external debt 64,208 64,211 720 
I.1. Direct public debta) 11,975 12,062 76 
I.2. Publicly guaranteed debtb) 1,520 1,520 17 
I.3. Non-publicly guaranteed debt 37,785 37,473 609 
I.4. Medium- and long-term deposits of non-residents 7,242 7,342 18 
I.5. IMF borrowingsc) 5,686 5,814 - 
II. Short-term external debt 14,448 13,657 2,428e
Total external debt (I+II) 78,656 77,868 3,148 

*) The balance of external debt is cash-based (excluding unmatured accrued interest); the IMF’s SDR allocations are not included.
a) external loans taken directly by the Ministry of Public Finance and local general government in compliance with the legislation on public debt, including Government Emergency Ordinance 99/2009 ratifying the Stand-by Arrangement between Romania and the IMF;
b) external loans guaranteed by the Ministry of Public Finance and local general government in compliance with the legislation on public debt;
c) under the Stand-by Arrangement concluded with the IMF, excluding the amount received by the Ministry of Public Finance from the IMF according to Government Emergency Ordinance 99/2009.
e- estimates     p - provisional data

Medium- and long-term external debt service ratio1 ran at 26.6 percent in January 2010, compared with 31.6 percent in 2009. At end-January 2010, goods and services import cover2 stood at 10.3 months versus 8.6 months at year-end 2009.

Notes:

  1. External debt service ratio is computed as a ratio of medium- and long-term external debt service to exports of goods and services.
  2. Import cover is computed as a ratio of the NBR's official reserves (foreign exchange + gold) at end of period to average monthly imports of goods and services for the period under review.
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