Capital inflows help payment balance

The current account deficit of Romania’s balance of foreign payments totalled $1.57bn last year, about 3.5% of the estimated GDP, 29.2% less than in 2001. The National Bank of Romania (NBR) says trade deficit went down 16.8% from $3.084bn to $2.64bn. Exports (calculated in FOB prices) totalled $13.8bn, while imports reached $16.4bn. The Free on Board (FOB) means that delivery is arranged by the seller. Any further shipping, handling and unloading expenses fall upon the buyer. Therefore, the expenses for importing goods include the cost and insurance in addition to the FOB price, which makes up the CIP price. The surplus of current transfers went up 34.3% from $1.14bn to $1.536bn. Mediafax