ADVERTISEMENT

Hungaryʼs trade surplus revised upwards

MNB

Hungaryʼs trade surplus came to EUR 596 million in May, according to a second reading of data by the Central Statistical Office (KSH), revised upwards from EUR 577 mln in the first reading published last month.

In May 2018, the export volume didn’t change but the import volume increased by 2.4% compared to the same month of the previous year. The surplus was EUR 596 mln, EUR 226 mln less than the figure in May 2017. According to calendar adjusted data, export and import volumes increased by 3.5% and 4.4%, respectively. In the first five months of 2018, the external trade surplus was EUR 3.2 billion.

In May 2018, the value of exports amounted to EUR 9.1 bln (HUF 2.864 trillion) and that of imports to EUR 8.5 bln (HUF 2.674 tln). Year-on-year, the value of exports increased by 0.2% and that of imports by 2.9% in EUR terms. The surplus on trade was down by EUR 226 mln. (The balance is EUR 19 mln more than the value published in the first estimate.)

Calculated at the prices of May 2017, the trade of machinery and transport equipment decreased by 1.4% in exports and increased by 3.2% in imports. The export volume of manufactured goods increased by 6% and their import volume by 5.7%.

The import volume of fuels and electricity decreased by 18% and their export volume by 12%. The imports of petroleum, petroleum products and related materials decreased by more than one-tenth, while their exports fell to a lower extent. The imports of natural and manufactured gas decreased significantly, by nearly 40%. The imports of electricity was down by more than one-tenth.

The volume of exports to EU member states increased by 2.9% and that of imports from these countries was by 2% higher. The surplus on trade was up by EUR 19 mln and amounted to EUR 852 mln. The share of the trade with these countries was 81% in exports and 77% in imports.

In extra-EU trade, the volume of exports was down by 11% while that of imports increased by 3.6%. The trade balance with this group of countries deteriorated by EUR 245 mln and showed a deficit of EUR 255 mln.

In January–May 2018 compared to the same period of the previous year, the volume of exports was up by 4.7% and that of imports by 6.3%. The surplus on the trade balance decreased by EUR 552 mln and amounted to EUR 3.2 bln.

ADVERTISEMENT

OECD projects Hungary GDP growth will slow to 5% in 2022 Analysis

OECD projects Hungary GDP growth will slow to 5% in 2022

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.