External trade surplus EUR 959 mln in May

MNB

Both exports and imports grew by close to 20% in euro terms in May, according to a second estimate of the external trade in goods in May from Hungaryʼs Central Statistical Office (KSH).


Hungaryʼs trade surplus reached EUR 959 million in May, the KSH said Tuesday. The surplus was revised upward from EUR 913 mln in the first reading of data, released on July 7.

Imports rose 18.7% to EUR 8.102 billion, while exports were up 19.7% at EUR 9.061 bln. Exports were fueled by machinery and transport equipment, which rose 17.1%, while food exports were up by 22.1%, and exports of manufactured goods increased by 20.4%. Energy imports were up 45% during the period.

The forint price level of external trade in goods increased by 1.6% in exports and by 2.8% in imports. The terms of trade thus worsened by 1.2%. The forint exchange rate appreciated by 1.5% against the euro and depreciated by 0.9% against the dollar.

About 79% of exports went to European Union member states, while 76% of imports in May came from EU countries.

In January-May 2017, the value of exports amounted to EUR 44.2 bln and that of imports to EUR 37.8 bln.

Compared to the first five months of the preceding year, the volume of exports was up by 8.1% and that of imports by 8.2%. The external trade surplus increased by EUR 56 million to EUR 4.3 bln.

A first estimate of the external trade in goods for June 2017 will be published by the KSH on August 8.

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