Export growth slows in August

Trade

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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.

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