EUR 1.4 bln Trade Deficit in November

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Hungary had a EUR 1.415 billion trade deficit in November, according to a second reading of data released yesterday by the Central Statistical Office (KSH). The gap widened from EUR 923 million in October and EUR 745 mln in September.

Hungary, an export-driven economy where trade surpluses are usually the norm, has had trade deficits every month for nearly a year and a half.

Exports rose 19.1% year-on-year to EUR 13.272 bln, while imports increased 31.2% to EUR 14.687 bln.

Trade with other European Union member states accounted for 78% of Hungary's exports and 64% of its imports during the month. Hungary's terms of trade deteriorated by 5.3% during the period as the forint weakened 12% to the euro and slipped 25% against the dollar.

For January-November, Hungary's exports increased 20% year-on-year to EUR 131.065 bln, while imports rose 29.8% to EUR 139.203 bln. The trade deficit reached EUR 8.138 bln.

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