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Trade volume improves in May after lockdown plunge

Declines in Hungaryʼs exports and imports slowed in May after plunging during a lockdown to contain the spread of the coronavirus in April, and the trade balance returned to a surplus, Hungarian news agency MTI reports, citing data released by the Central Statistical Office (KSH).

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Declines in trade volume remained in the double digits in May but still showed improvement from April.

Exports fell 28.6% to EUR 6.789 billion and imports dropped 25.5% to EUR 6.687 bln.

In April, exports fell more than 37% and imports dropped by more than 29%.

Hungary had a EUR 102 million trade surplus in May - revised downward from EUR 155 mln in a first reading released on July 9 - after a sizable EUR 561 mln deficit in April.

The data show exports of machinery and transport equipment declined by 34.9% and exports of manufactured goods dropped 21%. Exports of food, drinks and tobacco slipped 3%.

Imports of manufactured goods fell 8%, while food imports declined 11.1% and energy imports plummeted 48.4%.

In January-May, exports declined 13.2% to EUR 40.128 bln, and imports were down 11% at EUR 38.732 bln from the same period a year earlier. Hungaryʼs trade surplus stood at EUR 1.396 bln, narrowing from EUR 2.679 bln a year earlier.