Page 61 - SE Outlook Regions 2024

The net primary income posted a €84.9mn surplus, decreasing by 14.2% y/y. Net secondary income decreased 7.9% y/y to €314.5mn. The services account surplus increased 38.5% y/y to €1.48bn.
The financial account posted a €170.4mn surplus, versus a deficit of €5.4mn a year earlier. Net foreign direct investment was -€320.4mn versus -€606mn a year earlier.
Montenegro’s foreign trade gap was 10.7% higher y/y at €2.63bn in January-October, according to the latest available statistics office data. The export-import coverage ratio was 17%, versus 19.6% a year ago.
Montenegro’s imports increased 7.8% y/y to €3.17bn, while exports contracted 6.6% y/y to €538.45mn.
The majority of exports consisted of mineral fuels and lubricants, while machines and transport equipment comprised the top imports.
Montenegro's total external trade in goods in January-October was €3.71bn, indicating an increase of 5.4% in comparison with the previous year.
The main export destinations for Montenegrin producers were Serbia (€145mn), Bosnia & Herzegovina (€65.4mn) and Slovenia (€61.8mn). Serbia (€553.6mn) was also the main source of imports, followed by China (€352.8mn) and Germany (€297.6).
3.9 External Environment - Romania
Romania’s current account (CA) deficit fell to 6.9% of GDP in 12
months to September 2023 from 10% a year earlier.
Romania’s CA deficit contracted by 19% y/y to €20.95bn in the 12 months to September, according to data from the National Bank of Romania (BNR).
The CA gap to GDP ratio eased to 6.9%, from 10% at the end of September 2022, but at the same level as it was in September 2021.
The decrease of the CA gap over the past three quarters is due to a variety of independent drivers: weaker domestic demand for consumption, lower energy prices (Romania remains a net energy importer, although it enjoys significant self-sufficiency) and lower profits reported by the foreign direct investment (FDI) companies.
However, fiscal consolidation was certainly not among those various drivers.
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