Export growth slows in August
Hungary's export growth slowed further in August as shutdowns because of supply chain interruptions caused the output of the automotive industry to fall, according to a second reading of data released by the Central Statistical Office (KSH) this week.
Exports rose 4.2% year on year to EUR 8.322 billion; the pace of growth halved from July. Imports climbed 18.7% to EUR 9.073 bln, giving Hungary a rare trade deficit of EUR 751 million.
KSH noted that exports of the automotive industry fell close to one-third, while the sector's imports dropped one-tenth during the period. Hungary's terms of trade worsened 2.7% as the forint weakened 0.9% to the euro and 1.4% against the dollar.
Trade with other European Union member states accounted for about 76% of Hungary's exports and 70% of imports in August.
For January-August, exports increased 18.1% to EUR 77.462 bln, and imports rose 18.7% to EUR 74.752 bln. The trade surplus came to EUR 2.71 bln.
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.