Deficit of External Trade in Goods at EUR 745 mln in Sep

Trade

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Hungary's deficit of the external trade in goods was EUR 745 million in September, according to data published by the Central Statistical Office (KSH).

In September 2022, the value of exports amounted to EUR 13.4 billion, and that of imports to EUR 14.1 bln.

The value of exports increased by 29% and that of imports grew by 35% in EUR terms compared to September 2021. According to calendar-adjusted data, the volume of export grew by 15% and that of import by 10%.

The balance of external trade in goods deteriorated by EUR 663 million (EUR 93 million less favorable than the value published in the first estimate by KSH).

The HUF price level of the external trade in goods rose by 30% in export and by 42% in import compared to the same month of the previous year. The terms of trade deteriorated by 8.3%. The HUF exchange rate weakened by 15% against the EUR and by 36% against the U.S. dollar.

Calculated at the September 2021 prices, the export of machinery and transport equipment grew by 32% and their import by 22%. Both the export and import volume of road vehicles increased by nearly one-third.

The export volume of electrical machinery, apparatus and appliances went up by more than a half and their import volume grew by nearly one-third compared to the corresponding period of the previous year.

The export volume of power-generating machinery and equipment rose by more than 40% and their import volume increased by more than one-third.

The export volume of general industrial machinery and equipment went up by nearly one-fifth and their import volume increased by one-third compared to the same period of the previous year.

The export volume of office machines and automatic data processing machines grew by more than one-third and that of import by more than one-tenth.

The aggregate commodity group of machinery and transport equipment contributed to the turnover increase in both directions by 17 percentage points in exports and by 9.5 percentage points in imports.

The export volume of manufactured goods increased by 4.8% and their import volume grew by 6.6%. The growth in the volume of both sides of the trade was mainly influenced by the trade in professional, scientific and controlling instruments, medicinal and pharmaceutical products as well as chemical materials and products.

The aggregate commodity group of manufactured goods contributed to the volume growth of total exports by 1.5 percentage points and to the volume growth in total imports by 2.5 percentage points.

The export volume of fuels and electric energy decreased by 52%, their import volume lessened by 17% compared to the same period of the previous year. The main contributor to the decrease on the import side was natural and artificial gas and on the export side was electricity. Fuels and electric energy decreased the growth in total exports by 2.4 percentage points and in total imports by 1.8 percentage points.

The volume of export of food, beverages, and tobacco lessened by 6.1% while the volume of their imports was 15% higher. The volume changes on both sides were mainly driven by the commodity group of cereals and cereal preparations. In addition, the decrease in turnover on the export side was influenced by vegetables and fruits, while the increase on the import side was due, among others, to the trade of feeding stuff for animals. The volume change realized by the aggregate commodity group contributed to the decrease in total exports by 0.5 percentage points, while it increased total imports by 0.8 percentage points.

The volume of exports to the EU-27 Member States became 17% higher and that of imports from there increased by 12%. The balance of external trade in goods improved by EUR 117 million, a surplus of EUR 642 million was generated. This group of countries accounted for 76% of exports and 67% of imports.

In the extra-EU-27 trade, the volume of exports increased by 6.7% and that of imports by 6.4%. The balance of external trade in goods with these countries deteriorated by EUR 780 million and showed a deficit of EUR 1.4 billion.

Growth of Import Value Outpaces That of Exports

The value of exports amounted to EUR 105.3 billion and that of imports to EUR 111.1 billion in January-September 2022.

The volume of exports rose by 4.9% and that of imports grew by 5.8% compared to the same period in 2021.

The balance of the external trade in goods deteriorated by EUR 8.2 bln, and the deficit amounted to EUR 5.8 bln.

The HUF price level of the external trade in goods was up by 23% in exports and by 33% in imports compared to the corresponding period of the previous year. The terms of trade deteriorated by 7.2%. The HUF weakened by 7.8% against the EUR and by 22% against the U.S. dollar.

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