Implications of the Change in the Balance of Payments and the Situation of Its Components on the Romanian Exchange Rate

AbstractRomania's current account balance includes the balance of goods and services (or commercial) income from employment, recording significant imbalances since the fall of socialism until present day, and the deteriorating balance of trade (a significant volume of imports as compared to the lower volume of exports). During the global financial crisis, there was a decrease in both imports and exports. In January 2009, for the first time, the balance of trade recorded a positive equilibrium amid higher exports as compared to the imports’ declining volume. The situation was repeated in 2013, amid increasing volumes in exports, mainly supported by the auto industry