Hungaryʼs full-year trade surplus above EUR 8 bln in 2017

Compared to the same month of the previous year, the value of exports increased in December 2017 by 2.5%, and that of imports by 2.3% in EUR terms.

The surplus on trade grew by EUR 23 mln to EUR 513 mln. The balance is EUR 11 mln more than the value published in the first estimate. According to calendar adjusted figures, export and import volumes increased by 7.7% and 8.2%, respectively.

The forint price level of external trade in goods increased by 0.6% in exports and 0.2% in imports. The terms of trade improved by 0.4%. The forint exchange rate weakened by 0.3% against the euro and appreciated by 11% against the dollar.

The import volume of telecommunications and sound recording and reproducing apparatus and equipment decreased by nearly one-tenth, while their exports grew to the same extent, mainly due to the trade of mobile devices and their components.

The export and import volumes of manufactured goods increased by 5.0% and 6.8%, respectively. The exports of medical and pharmaceutical products increased by more than a one-tenth, and their imports grew by nearly one-fifth.

The import volume of fuels and electricity increased by 2.9%. The imports of petroleum, petroleum products and related materials grew slightly and those of natural and manufactured gas increased by 1.5% compared to December 2016. The imports of electricity increased by nearly one-tenth.

The export volume of food, beverages and tobacco were down by 1.5% and their import volume grew by 2.1%. Both the exports and imports of cereals and cereal preparations decreased slightly. The imports of meat and meat products increased by more than one-tenth because of the change in the turnover of poultry for human consumption. The exports of drinks and tobacco increased by nearly one-fifth, while their imports slightly decreased. In both cases, mainly the change in the turnover of cigar and cigarette was dominant.

The volume of exports to EU member states increased by 4.5% and that of imports from these countries was by 1.2% higher than in December 2016. The surplus on trade grew by EUR 209 mln and amounted to EUR 465 mln. The share of the trade with these countries was 77% in exports and 76% in imports.

In extra-EU trade, the volume of exports decreased by 4.0% and that of imports increased by 8.5%. The trade balance with this group of countries deterirated by EUR 185 mln and showed a surplus of EUR 48 mln.

In full year  2017 the value of exports amounted to EUR 100.6 billion (HUF 31.103 trillion) and that of imports to EUR 92.5 bln (HUF 28.602 tln). Compared to the same period of the previous year the volume of exports was up by 5.8% and that of imports by 8.2%. The surplus on the trade balance decreased by EUR 1.6 bln and amounted to EUR 8.1 bln.

The forint price level of external trade in goods increased by 1.5% in exports and by 1.9% in imports. The terms of trade worsened by 0.4%. The forint exchange rate appreciated by 0.7% against the euro and by 2.5% against the dollar.