November trade surplus revised down to EUR 713 mln
In November 2017, Hungaryʼs export volume increased by 5.0%, and its import volume by 6.8%, generating a surplus in external trade in goods of EUR 713 million, some EUR 84 mln less than November 2016, according to a second, revised estimate by the Central Statistical Office (KSH). In the first eleven months, the trade surplus was EUR 7.7 billion.
The revised balance is EUR 5 mln less than the value published in the first estimate in January.
In November 2017, the value of exports amounted to EUR 9.088 bln and that of imports to EUR 8.376 bln. Compared to the same month of the previous year, the value of exports increased by 6.4%, and that of imports by 8.1% in euro terms.
Calendar-adjusted volume indices were essentially the same as unadjusted ones, with export and import volumes increasing by 5.0% and 6.9%, respectively.
Except for May 2017, imports have been rising faster than exports since December 2016, noted state news wire MTI.
The forint price level of external trade in goods increased by 2.3% in exports and 2.2% in imports. The terms of trade thus improved by 0.1 of a percentage point. The forint exchange rate weakened by 1.0% against the euro and appreciated by 7.2% against the dollar.
Vehicle, gas imports increasing
Calculated at prices in November of the previous year, the trade of machinery and transport equipment decreased by 1.4% in exports, and increased by 4.9% in imports. Exports of road vehicles - a main export item - grew only slightly, while imports increased by more than one tenth. Imports showed an increase in passenger vehicles and their components.
Both exports and imports of power-generating machinery and equipment decreased by more than one-tenth.
Export and import volumes of manufactured goods increased by 16% and 11%, respectively.
The import volume of fuels and electricity decreased by 2.5%. Imports of petroleum, petroleum products and related materials decreased by nearly one fifth compared to the same month of 2016.
Imports of natural and manufactured gas increased by more than one quarter, while imports of electricity slightly decreased.
Export volumes of food, beverages and tobacco were down by 1.5%, while import volumes grew by 6.7%.
The volume of exports to EU member states increased by 5.0%, while the volume of imports from these countries rose by 7.5%. The surplus in trade with the EU fell by EUR 86 mln to EUR 766 mln. The share of trade with EU countries was 80% in exports and 78% in imports.
In extra-EU trade, the volume of exports increased by 4.5% and that of imports by 4.4%. The trade balance with this group of countries improved by EUR 2.2 mln, but still showed a deficit of EUR 53 mln.
In January–November 2017
The value of exports amounted to EUR 93.313 bln, and that of imports to EUR 85.577 bln in the first eleven months of 2017, increases of 8.9% and 11.9%, respectively.
In terms of volume, exports were up by 6.3% and imports by 8.7% compared to January-November 2016.
The surplus on the trade balance decreased by EUR 1.5 bln in January-November 2017, amounting to EUR 7.736 bln.
The forint price level of external trade in goods increased by 1.6% in exports and by 2.1% in imports. The terms of trade thus worsened by 0.5 of a percentage point over the first eleven months. The forint exchange rate appreciated by 0.8% against the euro and by 1.7% against the dollar.
A first estimate of data for the external trade in goods in December 2017 will be published by the KSH on February 9.
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