Trade surplus up in January as exports outstrip imports
In euro terms, exports increased by 10% and imports by 9.3% in January 2018 compared to the same month of the previous year. The trade surplus was up by EUR 113 million compared to January 2017, according to a first estimate of data on the external trade in goods, published Friday by the Central Statistical Office (KSH).
In value terms, exports rose to EUR 8.461 billion in January 2018, while imports totaled EUR 7.785 bln.
About 80% of exports and 74% of imports were traded with other European Union member states.
Analyst Gergely Suppan of TakarékBank told state news wire MTI that the import-boosting effects of robust domestic demand, growing consumption and dynamically growing investments were probably offset in January by positive European business trends and the installation of new export capacities.
This year, Suppan added, the trade surplus could fall by around EUR 200 mln to EUR 7.88 bln, down from last yearʼs EUR 8.082 bln.
Orsolya Nyeste of Erste Bank said a positive outlook on the countryʼs main export markets supports export growth and at the same time consumption and investments are also expected to continue recovering. Therefore, Erste Bankʼs analysts expect import growth to exceed export growth again in the coming months and believe that the phenomenon in January, whereby exports grew faster than imports, was a temporary situation.
The KSH will publish a second estimate of January data on the external trade in goods on March 29.
ADVERTISEMENT
Volume Increase Lifts Farm Sector Output in 2023
Gov't to Launch HUF 20 bln Workers Hostel Program
Retail Sales Fall 6.5% y.o.y. in October
Heineken Balaton Sound Announces 1st Phase Lineup
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.
