Trade volume improves in May after lockdown plunge

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Declines in Hungaryʼs exports and imports slowed in May after plunging during a lockdown to contain the spread of the coronavirus in April, and the trade balance returned to a surplus, Hungarian news agency MTI reports, citing data released by the Central Statistical Office (KSH).

Image by Pixabay

Declines in trade volume remained in the double digits in May but still showed improvement from April.

Exports fell 28.6% to EUR 6.789 billion and imports dropped 25.5% to EUR 6.687 bln.

In April, exports fell more than 37% and imports dropped by more than 29%.

Hungary had a EUR 102 million trade surplus in May – revised downward from EUR 155 mln in a first reading released on July 9 – after a sizable EUR 561 mln deficit in April.

The data show exports of machinery and transport equipment declined by 34.9% and exports of manufactured goods dropped 21%. Exports of food, drinks and tobacco slipped 3%.

Imports of manufactured goods fell 8%, while food imports declined 11.1% and energy imports plummeted 48.4%.

In January-May, exports declined 13.2% to EUR 40.128 bln, and imports were down 11% at EUR 38.732 bln from the same period a year earlier. Hungaryʼs trade surplus stood at EUR 1.396 bln, narrowing from EUR 2.679 bln a year earlier.

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