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Oct 15, 2007 11:37 EEST
October 15 (SeeNews) - Romania's current account deficit for the first eight months of 2007 nearly doubled on the year to 10.228 billion euro ($14.5 billion) due to a widening trade gap, the central bank said on Monday.
Romania's trade deficit through August rose by 73% year-on-year reaching 10.714 billion euro on a FOB/FOB (free-on-board) basis, the central bank said in a statement. The current account deficit was 40% covered by foreign direct investments, which reached 4.059 billion euro in the first eight months of the year.
Rising imports from the European Union were the main reasons for the country's gaping trade deficit.
Due to the removal of customs duties cheaper imports from the EU increased sharply after Romania joined the bloc on January 1. The European Union was the country's main trade partner in the eight months to August, accounting for 71.2% of total imports and 71.8% of exports.
Details on Romania's current account balance follow (in millions of euro):
($ = 0.7038 euro)
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