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October trade surplus revised up to EUR 304 mln

In October 2018, export volume was up 6.4% and imports 7.4% higher compared to the same month of 2017, according to a second estimate of data for the external trade in goods from the Central Statistical Office (KSH). In January–October 2018, the external goods trade surplus totaled nearly EUR 5.2 billion.

Hungaryʼs October trade surplus was revised up to EUR 304 mln in a second reading of data released by the KSH on Friday. In the first reading, published on December 7, KSH had put the October surplus at EUR 293 mln.

October imports rose 7.4% year-on-year in volume terms and were up 9.8% in value terms at EUR 9.170 bln. Export volume rose 6.4%, while the value of exports increased 6.7% to EUR 9.474 bln.  

The trade surplus was down EUR 221 mln from the same month a year earlier.

Hungaryʼs terms of trade worsened by 2.0% in October as forint-term import prices rose 7.0%, while export prices rose only 4.9% in forint terms. The forint weakened by 4.5% against the euro, and by 7.0% to the dollar in the period. 

Imports of machinery and transport equipment rose 10.1% in volume terms, including a slight rise in road vehicle imports. Food, drink and tobacco imports were up 7.9%, while energy imports dropped 14.1% from a year earlier. Imports of manufactured goods were up 8.9%, while raw material imports rose 5.2%.

The export volume of machinery and transport equipment rose 7.9%, as exports of cars hardly changed, but exports of telecom equipment rose rapidly. Exports of manufactured goods rose 6.6% in volume, with a double-digit rise in exports of pharmaceuticals. The volume of food, drink and tobacco exports increased 3.6%.

Energy exports dropped by 7.1%, while exports of raw materials dropped 3.5% in volume terms.

Exports to other European Union member states rose 8.0%, while imports from these countries rose 5.6% in volume terms in October. Trade with other EU members accounted for 82% of Hungaryʼs exports, and 73% of the countryʼs imports. 

Hungaryʼs trade surplus with EU countries rose EUR 167 mln in a year to EUR 1.063 bln, while its trade deficit with the rest of the world worsened by EUR 388 mln to EUR 759 mln.

In January-October

In January-October 2018, Hungaryʼs trade surplus reached EUR 5.164 bln, down by EUR 1.66 bln from the same period a year earlier. Ten-month imports were up 6.3% in volume terms, rising 7% in value to EUR 82.752 bln, while exports rose 4.7% in volume and 4.5% in value terms to EUR 87.916 bln.

Hungaryʼs terms of trade worsened by 0.9% in the first ten months from a year earlier as import prices rose 3.7% and export prices were up 2.8% in forint terms. The forint weakened by 3.1% against the euro, but strengthened by 3.2% to the dollar in the period.

A first estimate of data for the external trade in goods in November 2018 will be published on January 9, 2019, with a second, more detailed estimate to follow on February 1.