June trade surplus revised downward slightly

MNB

Hungary had a EUR 998 million external trade surplus in June. The surplus was revised from EUR 1.06 billion in a first reading released on August 8, the Central Statistical Office (KSH) said in a second reading of data on Friday.

In June 2017, the export volume increased by 2.5% and the import volume by 5.6% compared to the same month of the previous year. On the basis of calendar-adjusted data, the export and import volumes increased by 4.8% and 8.1%, respectively, compared to the same month of 2016.

In June alone, the value of imports rose 7.2% year-on-year to EUR 7.826 bln. The value of exports was up 4.5% at EUR 8.824 bln. Trade with European Union member states accounted for 79% of Hungaryʼs exports, and 77% of the countryʼs imports.

In January-June, Hungaryʼs trade surplus reached EUR 4.831 bln, down from EUR 5.436 bln in the equivalent period a year earlier. Imports were up 12.6% at EUR 46.159 bln, while exports rose 9.8% to EUR 50.990 bln.

Imports of machinery and transport equipment edged up 0.3%, while food, drink and tobacco imports climbed 15.5%. Energy imports jumped sharply by 38.2%. Imports of manufactured goods were up 10.0%.

Exports of machinery and transport equipment fell 0.7%, while food, drink and tobacco exports increased 10.4%. Energy exports also saw a sharp jump, up 54.3%. Exports of manufactured goods rose 9.6%.

Hungaryʼs terms of trade improved 0.3% as the forint appreciated by 1.8% against the euro and 1.7% against the dollar.

The KSH also revised the full-year trade surplus of 2016 to EUR 9.725 billion, down from EUR 9.935 bln, as released on March 3. Hungaryʼs 2016 imports were revised upward from EUR 83.111 bln to EUR 83.265 bln, while exports were revised downward from EUR 93.046 bln to EUR 92.990 bln.

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