External trade surplus slips further in July

Figures

In July 2017, the export volume rose by 2.2% while the import volume was up 8.4%, with the external trade surplus thus falling by EUR 379 million compared to July 2016. Based on calendar-adjusted data, the export and import volumes rose by 2.2% and 8.1%, respectively, the Central Statistical Office (KSH) said in a second estimate of data released Monday.

The external trade surplus amounted to EUR 303 million in July. The second reading is even lower than the first estimate on September 8, which showed a EUR 322 mln trade surplus in July.

In July 2017, the adjusted value of exports amounted to EUR 7.585 bln, and that of imports to EUR 7.282 bln.

In July 2017 compared to the same month of the previous year, the value of exports increased by 5.0%, and that of imports by 11.3% in EUR terms.

The forint price level of external trade in goods increased by 0.4% both in exports and imports. The terms of trade did not change. The forint exchange rate appreciated by nearly 2.5% against the euro and by 6.2% against the dollar.

Calculated at prices in July of the previous year, trade of machinery and transport equipment fell by 1.4% in exports and increased by 9.5% in imports.

Energy imports were down 6.4%, while exports were up 9.0%.

Export and import volumes of manufactured goods increased by 6.3% and 9.2%, respectively.

Export and import volumes of food, beverages and tobacco grew by 8.7% and 16%, respectively.

The volume of exports to EU member states increased by 2.0% and that of imports from these countries by 6.9%. The share of trade with these countries was 79% in exports and 78% in imports.

In extra-EU trade, the volume of exports increased by 2.8% and that of imports by 14%.

Surplus down in January-July

In January–July 2017, compared to the first seven months of the previous year, the value of exports amounted to EUR 58.6 bln, and that of imports to EUR 53.4 bln.

The volume of exports was up by 6.3% and that of imports by 8.5%.

The surplus on the trade balance thus decreased by EUR 983 mln and amounted to EUR 5.1 bln in January-July.

The forint price level of external trade in goods increased by 1.5% in exports and by 2.4% in imports. The terms of trade worsened by 0.9%. The forint exchange rate appreciated by 1.2% against the euro but depreciated by 0.9% against the dollar.

A first estimate of figures on the external trade in goods for August 2017 will be published by the KSH on October 9.

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