EUR 408 mln Trade Deficit in June

Trade

Hungary had a EUR 408 million trade deficit in June, according to a second reading of data released by the Central Statistical Office (KSH) yesterday. Hungary, an export-driven economy where trade surpluses are usually the norm, had a trade deficit for the 12th month in a row.

A first reading of the data, released on August 8, had shown a EUR 471 mln trade deficit.

The data shows exports rose 14.6% year-on-year to EUR 12.039 billion, while imports increased 25% to EUR 12.447 bln.

Trade with other European Union member states accounted for 75% of Hungary's exports and 69% of its imports.

It had a EUR 464 mln trade surplus with other EU members.

Hungary's terms of trade deteriorated 5.6% in June from the same month a year earlier as the forint weakened 14% to the euro and 29% against the dollar.

For the period January-June, Hungary's trade deficit reached EUR 2.177 bln. Exports rose 16.9% to EUR 69.673 bln and imports climbed 27.9% to EUR 71.851 bln.

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