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Hungarian trade surplus revised downwards

MNB

pixabay

Hungaryʼs October trade surplus was revised downwards to EUR 495 million in a second reading of data released by the Central Statistical Office (KSH) today. In the first reading, published on December 8, KSH had put the October surplus at EUR 522 mln.

Imports rose 17.1% year-on-year in value terms to EUR 8.371 billion. Exports were up 11.5% at EUR 8.866 bln. The trade surplus was down EUR 302 mln from the same month a year earlier.

Imports of machinery and transport equipment rose 13.8% in volume terms and food, drink and tobacco imports were also up 8.6%, while energy imports climbed 27.1%. Imports of manufactured goods were up 15.7%. Exports of machinery and transport equipment rose 9.3%, food, drinks and tobacco exports increased 1.9%, energy exports expanded by 47% and exports of manufactured goods rose 10%.

Trade with other European Union member states accounted for 81% of Hungaryʼs exports and 75% of the countryʼs imports. Hungary had a trade surplus of EUR 866 mln with EU countries and a trade deficit of EUR 372 mln with the rest of the world.

Hungaryʼs terms of trade worsened by 0.6% in October as import prices rose 2.1% and export prices rose 1.5% in forint terms. The forint strengthened 1% to the euro and 1.2% to the dollar in the period.

For January-October, Hungaryʼs trade surplus reached EUR 7.023 bln, down from EUR 8.438 bln in the same period a year earlier. Imports were up 12.3% at EUR 77.202 bln and exports rose 9.1% to EUR 84.225 bln.

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