Hungary foreign trade surplus €89.7 mln in June
Hungary had a €89.7 million trade surplus in June, down from a €137.2 million surplus in the same month a year earlier, and up from a €27.5 million surplus in May 2008, according to a second reading of the figures published by the Central Statistical Office (KSH).
The June surplus is €10.3 million down from a preliminary €100 million surplus reported on August 8.
Hungary's trade surplus was €466 million in the first half of the year, compared to a €165.3 million deficit in H1 2007.
Twelve-month exports rose 7.8% in June, picking up from a 6.4% increase in May. Imports rose 8.8% in June after a 5.1% rise in May. In volume terms, twelve-month export growth accelerated to 2.4% in June from 2.0% in May. Volume-term import growth rose to 5.2% in June from 4.0% in May.
In January-June, exports increased 13.2% in euro terms and 10.6% in volume terms from the same period a year earlier. Import growth was 11.3% in euro terms and 10.9% in volume terms.
The forint weakened 1% versus the euro and firmed 12 to the dollar in January-June from the same period a year earlier, resulting in an overall slight strengthening as the Hungarian currency lost 2% in Q1 and gained 2.2% in Q2, KSH said. Import prices in forint terms rose 1.7% in January-June, while export prices increased just 1.2%, resulting in a 0.7% worsening of terms of trade. Import prices rose on a 30.0% increase in energy prices, as energy imports increased 15.4% in volume terms, jumping 47.6% in euro terms (to €4.625 billion ) and 50.0% in forint terms.
Food import prices rose 11.7% year-on-year (yr/yr) in January-June. Hungary's food export prices climbed a steeper 21.1%, but export volume declined 7.8%, resulting in a 10.6% increase in euro terms, while imports were up 18.8% in euro terms.
Import prices for machinery products fell 3.8% yr/yr in January-June and prices for other manufactured goods rose just 1.3%. Machinery export prices fell 3.0% and prices for other manufactured goods grew 2.1%.
Machinery exports rose 11.9% yr/yr in volume terms and 11.8% yr/yr in euro terms in January-June, driven by a 30.6% rise in six-month exports of telecommunication and audio equipment and a 22.3% increase in specialized machinery deliveries. Machinery imports were up 13.3% in volume terms and rose 7.3% in euro terms, also boosted by 34.6% rise in telecommunications equipment to a value €3.1 billion (45.3%) under exports. (MTI – Econews)
ADVERTISEMENT
Gránit Bank Earnings Nearly Triple in 2022
Parl't Approves Amendments to Legislation on Judiciary
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
