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April goods trade surplus revised up to EUR 245 mln

Hungaryʼs April external goods trade surplus was revised up to EUR 245 million in a second reading of data from the Central Statistical Office (KSH). Revised imports rose 7.0% year-on-year in value terms to EUR 8.635 bln, while export value was up 3.8% at EUR 8.880 bln.

In the first reading, published on June 7, the KSH had put the April surplus at EUR 228 mln. The revised trade surplus is down EUR 238 mln from the same month a year earlier.

In volume terms, exports were 3.2% higher than in April 2018, while import volume rose 5.7% year-on-year.

Exports of machinery and transport equipment rose 3.2% in volume terms, while food, drink and tobacco exports were up 10.0%. Energy exports rose 1.9%, and exports of manufactured goods were up 1.0%.

Imports of machinery and transport equipment rose 2.0%, while food, drink and tobacco imports were up 11.0%. Energy imports rose 20.0%, while imports of manufactured goods were up 6.7%.

Trade with other European Union member states accounted for 82% of Hungaryʼs exports and 72% of the countryʼs imports in April.

Hungary enjoyed a trade surplus of EUR 1.1 bln with EU countries, and a trade deficit of EUR 816 mln with the rest of the world. The surplus with the EU rose by EUR 330 mln, while the deficit with countries outside the EU rose by EUR 568 mln from a year earlier.

Hungaryʼs terms of trade worsened by 0.4 of a percentage point in April as import prices rose 3.6% and export prices by only 3.2% in forint terms. The forint weakened by 3.1% against the euro, and by 13% against the U.S. dollar in the period.

Surplus down in January-April

In January-April 2019, Hungaryʼs trade surplus totaled EUR 2.098 bln, down from EUR 2.630 bln in the first four months of 2018.

January-April exports rose 5.3% to EUR 36.616 bln, while imports were up 7.4% at EUR 34.519 bln. Export volume was up 5.0% in the period, while import volume rose 6.4%.

The terms of trade worsened by 0.6 of a percentage point in the first four months as import prices rose 3.3% and export prices by 2.7% in forint terms. The forint weakened by 2.4% against the euro in January-April, and by 11% against the U.S. dollar in the period.

A first estimate of data for the external trade in goods in May will be published on July 9, with a second estimate to follow on August 1.