Hungary exports/imports grow, surplus up in Oct

Analysis

Hungary had a €657.6 million trade surplus in October, up from €574.4 million in the same month a year earlier, the Central Statistics Office (KSH) said in a first reading on Thursday.

Exports rose 6.5%% to €7.346 billion in October. Imports were up 5.7% at €6.688 billion. Exports and imports rose year-on-year following a drop in September, the first since April. The trade surplus for January-October came to €6.089 billion, up slightly from €6.067 billion in the same period a year earlier. Exports were up 1.1% at €67.335 billion in the period. Imports edged up 1.2% to €61.246 billion. KSH will publish a second reading of the October figures on December 21. TakarékBank chief analyst Gergely Suppan said the acceleration in exports and imports was partly due to calendar effects, as there was one less workday in the base period. He said import growth would lag behind the increase in exports because of weak domestic demand, causing the trade surplus to widen by year-end. He put the full-year surplus at €7.25 billion, compared to €7.06 billion in 2011. The surplus next year could reach €8.4 billion, he added.

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