World Grain - November 2022 - 16

COUNTRY FOCUS
KEY FACTS
FOCUS ON
ROMANIA
Country aiding Ukraine in exporting
grain during war with Russia
by Chris Lyddon
Romania is on the Black Sea and a member of the European Union,
a geopolitical situation that has put it at the center of events
in recent months as Ukraine, fighting off Russia's invasion, has
sought new ways to bring its grain to market.
In its Oct. 20 Grain Market Report, the International Grains
Council (IGC) put Romania's total production of grains at 20.2
million tonnes in 2022-23, revised down from an earlier forecast
of 21.1 million, compared with 27.2 million in 2021-22
The country's wheat production is forecast at 9 million tonnes,
down from 11.3 million the year before. The maize crop is forecast
at 8.8 million, revised down by a million from the previous
month, against 12.9 million for 2021-22. Romania's 2022-23 barley
production is 2 million tonnes, revised up from 1.8 million
and compared with 3 million the year before.
The IGC also forecasts a 2022-23 rapeseed crop of 1.1 million
tonnes, previously forecast at 1.2 million, compared with 1.4 million
the year before. Its crop of sunflower seed is put at 2.6 million
tonnes, a figure the Council revised up in its October report
from an earlier forecast of 2.4 million and which compared with
2.8 million tonnes the year before.
No separate figure is given for Romania's
soybean production in the IGC report,
but according to EU grain and oilseeds
trade organization COCERAL,
the country's output in 2022
is 420,000 tonnes, up from
410,000 in 2021, the increase
being entirely the result of
an increase in yield, with
area unchanged. The figure
makes Romania the European
Union's second largest
producer, behind Italy.
Romania was not exempt
from Europe's hot summer.
In an update by USDA attaches
EU-wide, dated July 29, they
wrote that " Winter grain production
16
in
Romania has been revised
Capital: Bucharest
Population: 18,519,899 (2022 est.)
Religions: Eastern Orthodox (including all subdenominations)
81.9%, Protestant (various denominations
including Reformed and Pentecostal)
6.4%, Roman Catholic 4.3%, other (includes
Muslim) 0.9%, none or atheist 0.2%, unspecified
6.3% (2011 est.).
Location: Southeastern Europe, bordering the
Black Sea, between Bulgaria and Ukraine.
Government: Semi-presidential republic. Chief
of state: President Klaus Werner Johannis (since
Dec. 21, 2014); head of government: Prime Minister
Nicolae Ciuca (since Nov. 25, 2021).
Economy: Romania, which joined the EU on Jan.
1, 2007, began the transition from communism
in 1989 with a largely obsolete industrial base
and a pattern of output unsuited to the country's
needs. Romania's macroeconomic gains only recently
have started to spur creation of a middle
class. In the aftermath of the global financial
crisis, Romania signed a $26 billion emergency
assistance package from the IMF, the EU, and
other international lenders, but GDP contracted
until 2011. In March 2011, Romania and the IMF/
EU/World Bank signed a 24-month precautionary
standby agreement, worth $6.6 billion, to
promote fiscal discipline, encourage progress
on structural reforms, and strengthen financial
sector stability; no funds were drawn. In September
2013, Romanian authorities and the IMF/
EU agreed to a follow-on standby agreement,
worth $5.4 billion, to continue with reforms. This
agreement expired in September 2015, and no
funds were drawn. Economic growth rebounded
in the 2013-17 period, driven by strong industrial
exports, excellent agricultural harvests, and expansionary
fiscal policies in 2016-17 that nearly
quadrupled Bucharest's annual fiscal deficit. Exports
remained an engine of economic growth,
led by trade with the EU. Domestic demand was
the major driver, due to tax cuts and large wage
increases that began last year and are set to continue
in 2018. An aging population, emigration
of skilled labor, significant tax evasion, insufficient
health care, and an aggressive loosening of
the fiscal package compromise Romania's longterm
growth and economic stability.
GDP per capita: $28,800 note: data are in 2017
dollars (2020 est.); inflation: 3.8% (2019 est.); unemployment:
3.06% (2019 est.).
Currency: lei (RON): 4.97 lei equals 1 US dollar
(Oct 24, 2022).
Exports: $93.01 billion (2020 est.): cars and vehicle
parts, insulated wiring, refined petroleum,
electrical control boards, seats (2019).
Imports: $104.16 billion (2020 est.): cars and vehicle
parts, crude petroleum, packaged medicines,
insulated wiring, broadcasting equipment
(2019).
Agriculture: 4.2% (2017 est.) of GDP and 28.3%
of the labor force.
Internet: Code: .ro; 15,020,866 (2020 est.) users.
Source : CIA World Factbook
November 2022 / World Grain / World-Grain.com
http://www.World-Grain.com
World Grain - November 2022

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