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November trade surplus revised down to EUR 478 mln

The November trade surplus was revised downwards to EUR 478 million in a second reading of data released by the Central Statistical Office (KSH) on Friday. In January-November, the surplus reached EUR 5.643 billion, down from EUR 7.507 bln in the first eleven months of 2017.

In a first reading published January 9, the KSH had put the November surplus at EUR 496 mln.   

Imports rose 7.3% year-on-year in value terms to EUR 8.996 bln in November, while exports were up 4.5% at EUR 9.474 bln. The trade surplus was down EUR 204 mln from the same month a year earlier.   

The import volume of machinery and transport equipment rose 7.1%, while exports rose 5%. Imports of food, drink and tobacco rose 2.6%, and exports by 1.7%.

Energy imports climbed 3.4%, while exports fell 0.8%. Imports of manufactured goods were up 5.8%, while exports rose 3.9%.

The volume of exports to other European Union member states was up by 5.8%, and that of imports from these countries by 2.5% in November. Trade with EU member states accounted for 82% of Hungaryʼs exports, and 75% of the countryʼs imports in November.

Hungary had a trade surplus of EUR 993 mln with other EU countries in the month, and a trade deficit of EUR 514 mln with the rest of the world.

The terms of trade worsened by 1.3% in November, as the forint price level of external trade in goods increased by 5.6% for imports and by 4.2% for exports, compared to the same month of the previous year. The forint exchange rate depreciated by 3.3% against the euro and by 6.8% against the dollar during the month.

In January-November

In January-November, Hungaryʼs trade surplus reached EUR 5.643 bln, down from EUR 7.507 bln in the corresponding period a year earlier. Imports were up 7.1% at EUR 91.748 bln, while exports rose 4.5% to EUR 97.390 bln.

The terms of trade worsened by 0.9% year-on-year in January-November as import prices rose 3.9% and export prices by 3.0% in forint terms. The forint weakened by 3.1% against the euro, but firmed by 2.3% against the dollar in the period. 

A first estimate of data for the external trade in goods in December - and for the entire year of 2018 - will be published this Friday, February 8, with a second estimate to follow on March 4.