October imports skyrocket

Romanian imports posted a 28% increase in October as compared to the previous month, while exports took the opposite way, decreasing by almost five percent.

The ascending trend posted by imports can be mainly grounded on mineral products, which generally hold a larger weight in the general scheme before the cold season.

October’s increase points out that preparations for the winter period (namely the acquisition of fuel, oil products and natural gas from the foreign markets) took longer than expected.

The Industry and Resources Ministry had planned to finalise all energy imports by the end of summer in order to take advantage of the period when market prices are lower and the offer is more varied.

Imports of ores, crude, oil products and natural gas posted a 20% increase over the first ten months of the year, amounting to 1.81 billion dollars.

Energy imports account for 14.2% of the total goods purchased by Romania on the foreign markets.

Imports stood at 12.7 billion dollars for the first ten months of the year, up 22.4% as compared to the year-ago period.

The top of imported goods is dominated by electrical machines, devices and equipment, which amount to 2.89 billion dollars, and fabrics, with 2.06 billion dollars.

On the other hand, FOB exports posted the sharpest decrease in October, dropping 4.9% to 925.7 million dollars, although their level was 2.3% higher as compared to the year-ago period.

The FOB (Free on Board) price accounts for the price level charged at the border of the respective exporting country and includes the merchandise value, all transportation expenses to the shipment point and boarding taxes.

Between January – October 2001, exports totaled 9.59 billion dollars, 12.6% more as compared to last year.

The main categories of merchandise delivered on the foreign markets are wear and fabrics (holding a weight of 26% and amounting to 2.49 billion dollars), followed by mechanical machines and devices, electrical machines and equipment (totaling 1.4 billion dollars and accounting for 14.6% of total exports).

The FOB/CIF trade deficit stood at 508.5 million dollars in October, amounting to 3.17 billion dollars for the first ten months of the year, as compared to 1.91 billion dollars during the year-ago period.

The trade deficit is the main factor behind Romania’s current account deficit. The current account is kept under control, with capital inflows compensating the increase posted by the trade deficit. Mediafax