Hungary trade surplus at EUR 522 mln in October

MNB

Hungary had a EUR 522 million trade surplus in October, the Central Statistical Office (KSH) said in a first reading of data on Friday. The surplus was down EUR 275 mln from the same month a year earlier.

Exports rose 11.8% year-on-year to EUR 8.887 billion. Imports were up 17% at EUR 8.365 bln. About 81% of exports and 75% of imports were traded with other European Union member states, national news agency MTI reports.

The trade surplus reached EUR 7.051 bln for January-October, down EUR 1.387 bln from the same period a year earlier. Exports were up 9.2% at EUR 84.246 bln and imports rose 12.3% to EUR 77.195 bln.

The KSH will publish a second reading of September data on December 22.

Analyst Gergely Suppán of Takarekbank said the import-boosting effect of rising domestic demand, growing consumption and robust investment growth is partly offset by excellent external demand and growing export capacities. He said the trade surplus could fall to EUR 8.2 bln this year from EUR 9.72 bln last year.

Orsolya Nyeste of Erste Bank noted that while the trade surplus had narrowed from a year earlier in October, turnover had increased considerably as both euro-term export and import growth exceeded expectations.

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