KSH: Trade surplus hits record in September

Telco

Soaring exports helped Hungary post a record-high €952.7 mln trade surplus in September, the Central Statistics Office (KSH) said in a first reading of data today. KSH said exports rose by 5.8% to €7.744 bln, while imports were up by 5.0% at €6.792 bln. The surplus grew by €99 mln as compared to September 2013.

Analyst Zoltan Török of Raiffeisen Bank was cited by Hungarian news agency MTI as saying that the previous month's data reflected a "one-off derailment", and momentum had returned to the Hungarian economy in September.

András Balatoni of ING Bank agreed that the September data came out surprisingly high, but said they should be treated with caution because industrial output had still not reached levels in June and July.

About 77% of Hungary's exports went to other European Union countries in September and the exact same percentage of the country's imports came from the EU. In the first three quaters the trade surplus came to €4.997 bln, up by €119 mln year-on-year. Exports rose by 4.2% to €62.894 bln and imports were up by 4.4% at €57.897 bln.

The second reading of data is scheduled by KSH to December 3.

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