Monday, Aug 5, 2024. 14:25

External Trade Surplus Reaches EUR 1.1 bln in June

Image by Hieronymus Ukkel / Shutterstock.com

According to the data by the Central Statistical Office (KSH), the external trade surplus amounted to EUR 1.1 billion, demonstrating a slight but noteworthy increase of 1.9% in exports and 1.3% in imports compared to the previous month.

Compared to May 2024, the trade figures for June 2024 showed positive growth. Exports rose by 1.9%, while imports increased by 1.3%.

Annual Comparison

However, a year-on-year analysis paints a more challenging picture. The value of exports in June 2024 was 10% lower than in June 2023, amounting to EUR 12.2 bln. Imports also saw a decrease, dropping by 7.8% to EUR 11.1 bln. Consequently, the trade balance deteriorated by EUR 472 mln compared to the same period last year.

Despite the annual decline, the trade balance remained positive at EUR 1.1 bln.

The report also highlights the significant role of the European Union (EU) in Hungary’s external trade. In June 2024, EU member states accounted for 76% of Hungary’s exports and 72% of its imports.

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