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July trade surplus reduced in second reading

Hungaryʼs July trade surplus was revised downwards to EUR 204 million in a second, more detailed reading of data released by the Central Statistical Office (KSH) on Wednesday. In July, the volume of exports was up 8.1%, while that of imports rose by 9.6% compared to the same month of 2018.

In the first reading, published on September 6, the KSH had put the July surplus at EUR 276 mln.

Revised figures show imports rose 9.2% year-on-year in value terms to EUR 8.862 bln, while exports were up 8.3% at EUR 9.066 bln. The trade surplus narrowed by EUR 53 mln from July 2018.

Exports of machinery and transport equipment rose 13% in volume terms in July, while exports of food, drinks and tobacco rose 5.5%, and exports of manufactured goods were up by 4.8%. Energy exports fell by 16%, due to changes in trade in petroleum, petroleum products and related materials.

Imports of machinery and transport equipment increased 12%, while food, drink and tobacco imports were up 6.6%. Energy imports climbed 9.6%, and imports of manufactured goods were up 7.9%.

Trade with other EU Member States accounted for 79% of Hungaryʼs exports and 74% of the countryʼs imports in July. Export volume to EU Member States grew 6.9%, while imports were up 8.1%.

Hungary enjoyed a monthly trade surplus of EUR 576 mln with other EU countries, and a trade deficit of EUR 372 mln with the rest of the world.

Hungaryʼs terms of trade improved by 0.6% in July as import prices fell 0.2% and export prices rose 0.4% in forint terms. The forint weakened by 0.2% against the euro, and by 4.3% to the U.S. dollar in the period.

In January-July 2019

Hungaryʼs trade surplus reached EUR 3.289 bln over the first seven months of 2019, down from EUR 4.365 bln in the base period.

January-July imports were up 6.0% at EUR 60.795 bln, while exports rose 3.9% to EUR 64.083 bln.

In volume terms, imports rose by 5.7%, while export volume was up 3.7% in the seven-month period, compared to January-July 2018.

The forint price level of the external trade in goods increased by 1.9% in exports and by 2.1% in imports in January-July, compared to the corresponding period of 2018. The terms of trade thus worsened by 0.2%. The forint depreciated by 1.8% against the euro, and by 8.6% against the U.S. dollar in the first seven months.

A first estimate for the external trade in goods in August 2019 will be published on October 9, with a second, more detailed estimate to follow on October 31.