August trade surplus €459 mln; better than last year

Figures

Hungary’s trade surplus in August came to €459 mln, up by €25 mln as compared to last year, with exports and imports both increasing by a year-on-year 6.2%, Hungary’s Central Statistical Office (KSH) said this morning. Exports amounted to €6.5 bln and imports to €6.1 bln.

KSH data suggest that the share of European Union Member States was 79% in exports and 76% in imports.

In the period of January-August, the euro value of exports and imports rose by 7.4% and 5.6% respectively. The value of exports was €59.4 bln and that of imports €54.1 bln, KSH said.

In year-on-year terms exports and imports were up by 7.4% and 5.6% in euro terms, respectively, while in the surplus on the trade balance was €1,214 mln higher.

Takarékbank analyst Gergely Suppan told Hungarian news agency MTI that the August data show not just an improvement in the terms of trade resulting from falling oil prices but an acceleration of export growth as well. Faster export growth is due partly to an upward trend in western Europe and partly to domestic capacity increases in the automotive industry and other sectors, he added.

CIB Bankʼs analysts told MTI that the August trade surplus came in lower than expected but is still substantial, adding that the monthly surplus was at a similar level in August 2014.

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