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January trade surplus revised slightly upwards

Figures

Hungaryʼs January 2018 trade surplus was revised upwards to EUR 698 million in a second reading of data for the external trade in goods released by the Central Statistical Office (KSH) on Thursday. The value of imports rose 9.1% year-on-year, while exports were up 10.2%.

The value of imports amounted to EUR 7.769 bln in January 2018, while exports totaled EUR 8.467 bln. The trade surplus was up EUR 135 mln compared to January 2017. (In the first reading, published on March 9, the KSH had put the January surplus at EUR 676 mln.)

In January 2018 compared to the same month of the previous year, calendar-adjusted figures show export and import volumes increased by 9.1% and 9.9%, respectively.

The forint price level of the external trade in goods decreased by 0.5% in exports and 0.8% in imports. The terms of trade thus improved by 0.3%. The forint exchange rate weakened by 0.1% against the euro and appreciated by 13% against the U.S. dollar.

Calculated at prices in January of the previous year, the trade of machinery and transport equipment increased by 12% in exports, and by 9.2% in imports. Exports and imports of road vehicles grew by more than one-tenth compared to the same month of 2017.

The export volume of manufactured goods increased by 9.1%, while import volume was up by 16%.

The import volume of fuels and electricity decreased by 15% compared to January 2017. Imports of petroleum, petroleum products and related materials were down by about one-fifth, while imports of natural and manufactured gas slightly decreased. Imports of electricity fell by nearly 20%.

The export volume of food, beverages and tobacco was up by 11%, while the import volume grew by 15%. Exports of meat and meat products increased more than imports because of rising exports of poultry for human consumption.

The volume of exports to EU member states increased by 10.1%, while imports from these countries were 9.9% higher than in January 2017. The surplus in trade with the EU grew by EUR 82 mln, amounting to EUR 977 mln. The share of the trade with these countries was 80% in exports and 75% in imports.

In extra-EU trade, the volume of exports grew by 15% and that of imports by 11.9%. The trade balance with this group of countries improved by EUR 53 mln, showing a deficit of EUR 279 mln.

A first estimate of data for the external trade in goods in February 2018 will be published on April 9.

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