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Trade surplus narrows slightly in November

In euro terms, exports were up by 6.1% and imports by 7.8% in November 2017 compared to the same month of the previous year, shows a first estimate of figures for the external trade in goods in November, released today by the Central Statistical Office (KSH).

In November 2017, the value of exports amounted to EUR 9.066 billion (HUF 2.821 trillion) and that of imports to EUR 8.348 bln (HUF 2.597 tln).

The trade surplus was thus EUR 718 million (HUF 224 bln), down by EUR 79 mln (HUF 22 bln) compared to November 2016.

The share of European Union Member States was 80% in exports and 78% in imports.

In January-November 2017, Hungaryʼs trade surplus reached EUR 7.741 bln, narrowing by EUR 1.493 bln from the equivalent eleven-month period of the previous year.

Exports rose 8.8% to EUR 93.291 bln in euro terms in January-November, while imports increased by 11.9% to EUR 85.550 bln, year-on-year.

Cited by state news agency MTI, TakarékBank analyst Gergely Suppan said the full-year trade surplus is likely to have narrowed to EUR 8.19 bln in 2017. This year, he added, domestic demand is expected to continue to pick up, but the impact on the trade balance could be mitigated by new automotive industry capacity. He forecast the 2018 trade surplus at EUR 7.9 bln.

Erste Bank chief analyst Gergely Ürmössy estimated that last yearʼs trade surplus will exceed EUR 8 bln, and projected that this yearʼs will fall in the EUR 7-8 bln range.

A second estimate of figures for the external trade in goods for November 2017 will be published on February 2.