Trade Deficit Continues for 11th Consecutive Month in May

Trade

Hungary had a trade deficit for the eleventh month in a row in May, according to a second reading of data released by the Central Statistical Office (KSH) this week.

Hungary, an export-driven economy where trade surpluses are the norm, had a EUR 95 million trade deficit for the month, according to the revised data. A first reading of the data, released on July 7, had shown a EUR 135 mln trade surplus.

The revised data show exports rose 29.5% year-on-year to EUR 12.289 billion, while imports climbed 31.4% to EUR 12.384 bln.

Trade with other European Union member states accounted for 76% of Hungary's exports and 69% of its imports. It had a EUR 728 mln trade surplus with other EU members.

Hungary's terms of trade deteriorated 5.7% in May from the same month a year earlier as the forint weakened close to 9% to the euro and 25% against the dollar.

For the period January-May, Hungary's trade deficit reached EUR 1.687 bln. Exports rose 16.9% to EUR 57,413 bln and imports climbed 28.2% to EUR 59.118 bln.

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