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Hungary 2011 surplus revised slightly down

Analysis

Hungary had a trade surplus of €325 million in December, and had a full-year surplus of €6.886 billion, up €1.442 billion from 2010, the Central Statistics Office (KSH) said on Friday, revising a first reading down by €27 million and €71 million, respectively.

The December surplus was little less than half of the surplus in November and was down €89 million yr/yr.

The full-year surplus widened €1.371 billion from €5.515 billion recorded in 2010.

December exports dropped 1.1% yr/yr in euro terms, slightly more than in the first reading, and December twelve-month import growth slowed to 0.4%, less than in the preliminary report.

Exports declined in euro terms yr/yr in December for the first time in two years.

In volume terms December exports were up 2.4% yr/yr against a drop in euro terms, and December import volume fell 1.2% yr/yr in contrast with their rise in euros, reflecting deteriorating terms of trade.

KSH revised the 2011 euro-term trade growth slightly up from the first reading, with export rising 11.8% and imports rising 10.8% from 2010.

Export volumes rose 10.2% in 2011, and import volumes rose 6.9%, both below the respective euro-term increase.

Hungary's terms of trade deteriorated 2.0% in 2011 as export prices rose 2.9% in forint terms while forint-term import prices rose 5%, KSH said.

The forint weakened 1.4% to the euro and strengthened 3.5% to the US dollar in 2011 compared to 2010. In December alone, the forint weakened 9.7% to the euro and slipped 10.1% to the dollar compared to one year earlier.

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