Imports double trade deficit

After having kept a low profile for eight months, imports burst out in September, exceeding $1.5bn. This was enough for the trade deficit to double compared with the August level, reaching $348 million.
The increase in imports in September was over 40% higher compared with the same time in 2001, and 15.2% compared with August 2002.
Under the circumstances, the imports exceeded $12.6bn in the first nine months of the year, 12% more than in the same time last year.
If calculated in FOB prices, imports amounted to $11.7bn, while the official full-year forecast is $15.1bn. Exports in September kept about the same 2.5% growth pace compared with August and amounted to $1.2bn. Romania exported $9.9bn’s worth in nine months, while the official full-year projection is $12.4bn. Following the surge of imports, the trade deficit calculated in FOB/CIF prices went up to $2.7bn, which will show in a visible current account deficit increase in September.
One of the factors to have boosted the powerful import growth in September is the stability of the ROL/USD exchange rate, given that the central bank at that moment was not yet sending out signals of an increase in the exchange rate until the end of the year. Another cause would be the payments made by many companies for various contracts in advance. At any rate, such a surge was considered likely to occur in November or December, but not at the beginning of fall.
The highest increases throughout January-September were registered by the imports of chemical products (20.2%), followed by clothing (15%), and electrical machinery and equipment (15.6%). On the other hand, imports of petroleum products, cement and salt went down (4.6%).
Top export performers are machinery, plant and equipment, 21.3% higher than last year, accounting for 15.3% of the total. Clothing accounted for more than $2.5bn in revenues, as exports of such items went up 15% compared with September 2001.