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Automotive industry output falls almost 10% in September

Automotive

Production volume of Hungaryʼs automotive industry declined 9.5% year-on-year in September, a detailed second reading of monthly data released by the Central Statistical Office (KSH) on Tuesday shows. Overall, industrial output was down 0.6% year-on-year in September, the KSH confirmed.

The automotive industry accounts for more than one-quarter of the output of Hungaryʼs manufacturing sector.

Output of the computer, electronics and optical equipment segment, which makes up 12% of total manufacturing sector output, edged down 2.1% during the period.

The manufacture of food products, beverages and tobacco products, accounting for 11% of manufacturing, rose by 3.4% compared to the same month of the previous year.

The KSH confirmed in the second reading that industrial output slipped 0.6% year-on-year in September as there was one more working day in the base period. Adjusted for the number of working days, output increased 2.2%.

In a month-on-month comparison, output declined a seasonally and working day-adjusted 2.1% compared to August.

Export sales drop, domestic sales climb

Industrial sales dropped 3.6% year-on-year in September, the KSH data show. Export sales fell 7.2%, while domestic sales rose 6.9%.

Automotive industry sales were down 15.0%, although state news wire MTI noted that some analysts have suggested the drop could be attributed to the application of the Worldwide Harmonized Light Vehicles Test Procedure (WLTP) emissions test for all new car registrations from September.

Meanwhile, order stocks in the main segments of the manufacturing sector were up 6.4% in September from the same month in 2017. At the same time, the new order volume was down 6.3%. New orders for export declined 6.7%, while new domestic orders dropped 4.1%. The new order volume in the automotive industry was down 10.4%.

For the period January-September, output rose 3.1% year-on-year compared to the first three quarters of 2017. Export sales edged up 0.5%, while domestic sales climbed 6.0% during the period. Export sales account for nearly two-thirds of total industrial sector sales in Hungary, MTI noted.

A first estimate of industrial output data for October 2018 will be published on December 6, with a second, more detailed estimate following on December 12.

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