November trade surplus revised down to EUR 484 mln

Figures

Image by Pixabay

In November 2019, the volume of exports was up by 1.1% and that of imports by 2.4% compared to the same period of the previous year, with the trade surplus amounting to EUR 484 million, according to a second reading of data by the Central Statistical Office.

Image: Pixabay

KSH put the November 2019 trade surplus at EUR 500 mln earlier.

According to calendar-adjusted data, the export volume increased by 2.9% and the import volume by 4.9%. In January–November 2019, the surplus on the balance of external trade in goods amounted to EUR 4.9 billion, EUR 288 mln less than a year earlier.

The value of exports amounted to EUR 9.5 bln and that of imports to EUR 9 billion, meaning that export value was up 0.2% year-on-year while import value was up 0.3%

The balance of external trade in goods improved by EUR 44 million. 

The forint (HUF) price level of goods imports increased by 0.5% and that of goods exports by 2.4% compared to the same month of the previous year. The terms of trade improved by 1.9%. The forint exchange rate weakened by 3.6% against the euro and by 6.5% against the dollar.

Calculated at prices in November 2018, the exports of machinery and transport equipment rose by 4.1% and their imports by 1.6%. The exports and imports of road vehicles both slightly increased compared to the corresponding period of the previous year.

The growth on the import and export sides was consistent with changes in trade in passenger cars, and in imports in addition to changes in trade in parts of motor vehicles and in exports with changes in trade in buses. The exports of telecommunications and sound recording and reproducing apparatus and equipment were up by more than one-seventh and their imports by nearly one-eighth.

The increase in imports and exports resulted from changes in trade in TV sets and radio wave equipment, and in imports in addition to changes in trade in parts of radio wave equipment and in exports from changes in trade in line telephone sets and their parts. The exports of electrical machinery, apparatus and appliances, n.e.s., rose by nearly one-tenth and their imports went up slightly.

The growth in exports was connected to trade in electric accumulators and their parts and in imports to trade in electronic integrated circuits. Both the exports and imports of power generating machinery and equipment were a few percent lower compared to the same period last year, which was due to changes in trade in diesel engines in exports and to changes in trade in parts of internal combustion engines in imports.

The export volume of manufactured goods was reduced by 2.5%, their imports were up by 0.3%.

The export volume of fuels and electric energy fell by 19%, while their import volume increased by 20%. Both the decrease in the export side and the growth on the import side can be explained by changes in trade in petroleum, petroleum products, and related materials.

The volume of exports of food, beverages, and tobacco grew by 1.5% and the volume of their imports by 2.6%. One of the main factors of these increases was changes in trade in meat and meat preparations.

The volume of exports to EU member states lessened by 0.4%, that of imports from there increased by 1.3%. The surplus on external trade in goods went down by EUR 92 mln and amounted to EUR 864 mln. These countries accounted for 80% of exports and 75% of imports.

In extra-EU trade, the volume of exports was up by 7.4% and that of imports by 6.2%. The balance of external trade in goods with this group of countries improved by EUR 136 mln and showed a deficit of EUR 380 mln.

In the first 11 months of the year, the value of exports amounted to EUR 101.5 bln and that of imports to EUR 96.6 bln, meaning that the volume of exports rose by 4.7% and that of imports by 5.7% compared to the same period of 2018. The surplus on the balance of external trade in goods was down by EUR 288 mln and amounted to EUR 4.9 bln.

During these months, the forint price level of external trade in goods increased by 1.2% in imports and by 1.7% in exports compared to the corresponding period of the previous year. The terms of trade improved by 0.5%. The forint depreciated by 2% against the euro and by 7.8% against the dollar.

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