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Hungary’s trade surplus up EUR 100 mln in November

Hungaryʼs external trade surplus was up by EUR 100 million to EUR 878 mln in November, compared to the same month of 2015, with exports increasing by 6.1% and imports by 5.1%, the Central Statistical Office (KSH) said today in a second estimate of data. The surplus was EUR 30 mln less than the value published in the first estimate.

The value of exports amounted to EUR 8.6 billion and that of imports to EUR 7.7 bln in November, as the value of exports increased by 5.8% and that of imports by 5.1% in euro terms, KSH data show.

The forint price level of external trade in goods decreased by 1.4% in exports and by 1.2% in imports, the KSH said, adding that the terms of trade worsened by 0.2%. The forint exchange rate appreciated by 1.1% against the euro and by 1.6% against the U.S. dollar, it noted.

The trade of machinery and transport equipment increased by 6.4% in exports and by 6.9% in imports. 

In November, compared to the same month a year earlier, the export and import volumes of manufactured goods were up by 5.7% and 11%, respectively. The import volume of fuels and electricity decreased by 30%. The export and import volumes of food, beverages and tobacco increased by 7.1% and 9.5%, respectively. 

The volume of exports to EU member states increased by 5.6% and that of imports from these countries by 6.6%. The surplus in Hungaryʼs trade with EU member states decreased by EUR 16 million and amounted to EUR 921 million, the KSH said. In extra-EU trade, the volume of exports increased by 7.9% and that of imports by 0.5%. The trade balance with this group of countries improved by EUR 116 million, showing a deficit of EUR 43 million, the KSH added.

In the January-November period, the value of exports amounted to EUR 86.0 bln and that of imports to EUR 76.6 bln, with the volume of exports growing by 4.4% and that of imports by 4.7%, compared to the corresponding period of 2015, according to the KSH.

In the first eleven months of the year, the surplus on the trade balance increased by EUR 1.5 bln to EUR 9.4 bln, the KSH added. The forint price level of external trade in goods decreased by 1.0% in exports and by 2.8% in imports. The terms of trade improved by 1.9%. The forint exchange rate depreciated by 0.6% against both the euro and the U.S. dollar over the 11-month period.