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June trade surplus revised down to EUR 488 mln

Hungaryʼs June trade surplus was revised down to EUR 488 million in a second reading of data released by the Central Statistical Office (KSH) on Tuesday. In the first reading, on August 8, the KSH had put the June surplus at EUR 556 mln.   

In June 2019, revised figures show imports fell 2.3% year-on-year in value terms to EUR 8.377 billion, while exports were down 7.3% at EUR 8.866 bln.  The trade surplus narrowed by EUR 500 mln from the same month a year earlier.

In volume terms, meanwhile, exports fell 6.7% and imports were down 1.0%.

According to calendar-adjusted data, the export volume was down by 1.4%, while the import volume rose by 3.1%.

The forint price level of the external trade in goods decreased by 0.6% in imports and by 0.1% in exports in June, compared to the same month of the previous year. The terms of trade thus improved by 0.5%. The forint exchange rate was unchanged against the euro, but weakened by 3.4% against the U.S. dollar.

Trade with other European Union Member States accounted for 81% of Hungaryʼs exports and 72% of the countryʼs imports. Hungary enjoyed a trade surplus of EUR 1.1 bln with EU countries, but saw a trade deficit of EUR 628 mln with the rest of the world.

Exports of machinery and transport equipment dropped 6.5% in volume terms in June, while food, drink and tobacco exports fell 7.3%, and exports of manufactured goods were down 9.3%. At the same time, energy exports rose by 21%.

Imports of machinery and transport equipment fell 4.3%, while food, drink and tobacco imports were down 4.1%, and imports of manufactured goods dropped 2.5%. Energy imports climbed 30%.

Surplus slips a billion euros in first half

Hungaryʼs trade surplus reached EUR 3.085 bln in the first half of 2019, down from EUR 4.108 bln in H1 2018.

The value of January-June imports was up 5.5% at EUR 51.933 bln, while exports rose 3.2% to EUR 55.018 bln.

The import volume rose 5.1%, while the export volume was up 3.1% in the first half of the year, compared to H1 2018.

The forint price level of the external trade in goods increased by 2.1% in exports and by 2.5% in imports in H1 2019, compared to the first half of 2018. The terms of trade thus worsened by 0.4%. The forint depreciated by 2.1% against the euro and by 9.3% against the dollar.

Final revised 2018 figures released

Meanwhile, final data revised by the KSH for the year 2018 show the value of exports came to EUR 104.9 bln last year, while imports amounted to EUR 99.3 bln. The surplus on the balance of external trade in goods for the year thus came to EUR 5.5 bln.

Exports were revised down by EUR 30.2 mln, and imports were revised up by EUR 7.3 mln. The surplus was thus down by EUR 37.5 mln from the figures published by the KSH in a second reading on March 4.

A first estimate of data for the external trade in goods in July 2019 will be published by the KSH on September 6, with a second, more detailed estimate to be published on October 2.