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Trade balance deficit up 15pct 9 months into 2024
Romania's trade balance (FOB/CIF) deficit for the first nine months of the current year increased 15% compared to the same period in 2023, reaching 23.485 billion euro, according to data published the National Institute of Statistics (INS) on Monday.
According to the source, in September 2024, FOB exports totaled 8.148 billion euros, while CIF imports amounted to 10.719 billion euros, resulting in a deficit of 2.571 billion euros.
Compared to September 2023, exports in September 2024 increased 0.3%, while imports rose 4.2%.
From January 1 to September 30, 2024, FOB exports amounted to 69.285 billion euros, down 1.4%, while CIF imports totaled 92.770 billion euros, up 2.3%, compared to the same period last year.
According to INS, in the first nine months of this year, significant shares in the structure of exports and imports were held by the following product groups: machinery and transport equipment (46.9% for exports and 36.4% for imports) and other manufactured products (28.9% for exports and 28.7% for imports).
The value of intra-EU27 trade in goods from January 1 to September 30 was 50.057 billion euro for exports and 67.147 billion euro for imports, representing 72.2% of total exports and 72.4% of total imports.
The value of extra-EU27 trade in goods was 19.227 billion euro for exports and 25.623 billion euro for imports, representing 27.8% of total exports and 27.6% of total imports.
According to INS, the trade balance FOB/CIF is calculated based on the value of FOB exports and CIF imports, as the difference between the two. A negative balance is called a deficit, while a positive balance is called a surplus.
The FOB price (Free on Board) refers to the price at the border of the exporting country, including the value of the goods, all transport costs up to the point of shipment, and all fees that the goods must bear to be loaded onto the ship.
The CIF price (Cost, Insurance, Freight) refers to the price at the border of the importing country, which includes both the components of the FOB price as well as the cost of insurance and international transport.