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Trade surplus adjusted upwards in second reading

In January 2019, the volume of Hungarian exports was up 6.6% year-on-year, while imports were 8.7% higher than in January 2018, shows a second estimate of monthly data from the Central Statistical Office (KSH). The surplus in value terms was EUR 392 million, some EUR 10 mln higher than the first reading published on March 11.   

According to calendar-adjusted data, export and import volumes rose by 7.8% and 9.0% in January 2019, respectively.

The value of exports rose by 6.5% and that of imports by 9.7% in euro terms in January. The value of exports amounted to EUR 9.004 billion, while the value of imports was EUR 8.612 bln. The surplus was some EUR 215 million less than in January 2018.

Hungaryʼs terms of trade worsened by 1.0% in January as forint import prices rose 4.3%, but export prices by only 3.3%. The forint weakened by 3.5% against the euro, and by 10.0% against the U.S. dollar during the period.

Imports of machinery and transport equipment rose 8.0%, while exports of these items rose by 7.3% in volume terms.

Food, drink and tobacco imports were up 5.2%, while exports increased by a similar 5.2%.

Energy imports rose 34.0%, while energy exports leapt by 44%.

Imports of manufactured goods were up 6.4%, while exports increased by 2.5%.

Trade with other European Union member states accounted for 82% of Hungaryʼs exports, and 71% of the countryʼs imports. Hungary had a trade surplus of EUR 1.2 bln with EU countries, but a trade deficit of EUR 817 mln with the rest of the world.

The volume of exports to EU member states was up by 8.7%, and that of imports from these countries by 3.8% in January. In extra-EU trade, the volume of exports decreased by 2.2%, while that of imports rose by 23%.

A first estimate of data for the external trade in goods for February 2019 will be published on April 8, with a second, more detailed reading to follow on May 2.