External trade surplus EUR 458 mln in August

Figures

A second estimate of data for the external trade in goods released by the Central Statistical Office (KSH) on Thursday revised Hungaryʼs August trade surplus slightly upwards, to EUR 458 million. In the first eight months of 2017, the external trade surplus was EUR 5.6 billion.

In the first reading, published on October 9, the KSH put the August surplus at EUR 440 million. Based on the revised estimate, the trade surplus was down EUR 101 mln from the same month a year earlier.

In August 2017, the export volume increased by 7.3%, and the import volume by 9.5%. On the basis of calendar-adjusted data, the export and import volumes increased by 7.7% and 10%, respectively.

The value of exports in August amounted to EUR 7.94 bln, up 10.2% year-on-year, and the value of imports to EUR 7.48 bln, up 12.6%.

The forint price level of external trade in goods increased by 0.6% both in exports and imports. The terms of trade thus did not change. The forint exchange rate appreciated by 2.0% against the euro, and by 7.0% against the dollar.

Calculated at prices in August of the previous year, trade in machinery and transport equipment increased by 6.7% in exports and by 12% in imports. Exports of road vehicles increased by nearly one-tenth, and imports by more than one-tenth.

The export volume of power-generating machinery and equipment declined somewhat, while the import volume was up by nearly one-tenth due to imports of electric motors and gas turbines.

The import volume of telecommunications and sound recording and reproducing equipment grew by more than one-tenth, and exports were up by nearly one-fifth, mainly due to the trade of televisions, mobile phones and parts.

The export and import volumes of manufactured goods increased by 5.3% and 7.0%, respectively.

The import volume of fuels and electricity increased by 12%. Imports of petroleum, petroleum products and related materials were one-fifth higher than a year earlier. Imports of natural and manufactured gas increased by more than one-tenth, while imports of electricity stagnated.

The export and import volumes of food, beverages and tobacco grew by 10% and 8.2%, respectively. Exports of cereals went up by more than one-fourth, mainly due to growth in exports of corn and barley. Imports of vegetables and fruit increased by more than one-tenth due to growth in imports of bananas and seasonal fruits.

The volume of exports to EU member states increased by 7.7%, while the volume of imports from these countries rose by 7.1%. The surplus in trade with the EU thus increased by EUR 85 mln to EUR 605 mln. The share of trade with these countries was 79% in exports and 76% in imports.

In extra-EU trade, the volume of exports increased by 5.4% and that of imports by 18%. The trade balance with this group of countries thus worsened by EUR 186 mln, showing a deficit of EUR 147 mln.

In January–August 2017, the value of exports amounted to EUR 66.5 bln, and that of imports to EUR 60.9 bln. In the first eight months compared to the corresponding period of the previous year, the volume of exports was up by 6.4% and that of imports by 8.7%.

The surplus in the trade balance thus decreased by EUR 1.1 bln to EUR 5.6 bln.

The forint price level of external trade in goods increased by 1.4% in exports and by 2.1% in imports. The terms of trade worsened by 0.7%. The forint exchange rate appreciated by 1.3% against the euro and by 0.1% against the dollar.

A first estimate of data for the external trade in goods in September 2017 will be published on November 8.

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