September trade surplus revised slightly upwards

Figures

In September 2017, Hungaryʼs export volume increased by 3.3%, and its import volume by 4.6%, with the trade surplus dropping by EUR 28 million compared to September 2016.  Based on calendar-adjusted data, export and import volumes rose by 5.6% and 7.1%, respectively. In the first nine months of 2017, the external trade surplus was EUR 6.5 billion.

Hungaryʼs September trade surplus was revised slightly upwards to EUR 937 mln in a second reading of data released by the Central Statistical Office (KSH) on Friday. In the first reading, published on November 8, the KSH had put the September surplus at EUR 928 mln.

In September 2017, the value of exports amounted to EUR 8.847 bln, and that of imports to EUR 7.911 bln. In euro terms, the value of exports increased by 5.6% and that of imports by 6.7% compared to September 2016.

The forint price level of external trade in goods increased by 1.7% in exports and 1.5% in imports. The terms of trade thus improved by 0.2%. The forint exchange rate appreciated by 0.1% against the euro and by 6.0% against the dollar.

Calculated at prices of September of the previous year, trade of machinery and transport equipment increased by 0.9% in exports, and by 2.0% in imports. Exports of road vehicles decreased slightly, while their imports increased by nearly one-tenth. In imports, the trade of passenger and freight vehicles increased.

Both exports and imports of power-generating machinery and equipment declined by one-tenth. Imports of electrical machinery, apparatus and appliances slightly increased.

The export and import volumes of manufactured goods increased by 4.7% and 5.8%, respectively.

The import volume of fuels and electricity increased by 20%. Imports of petroleum, petroleum products and related materials slightly increased compared to a year earlier,while imports of natural and manufactured gas increased by one half and imports of electricity rose by more than one-quarter.

Export and import volumes of food, beverages and tobacco grew by 3.6% and 2.0%, respectively.

The volume of exports to EU member states increased by 5.0%, and that of imports from these countries by 2.5%. The surplus in trade with EU countries thus increased by EUR 222 mln and amounted to EUR 993 mln. The share of trade with these countries was 80% in exports and 77% in imports.

In extra-EU trade, the volume of exports decreased by 2.9% and the volume of imports increased by 13%. The trade balance with this group of countries worsened by EUR 250 mln and showed a deficit of EUR 56 mln.

In January–September 2017

In the first three quarters of the year, the value of exports amounted to EUR 75.4 bln, and that of imports to EUR 68.8 bln.

The volume of exports was up by 6.1%, and that of imports by 8.1%. The surplus on the trade balance fell by EUR 1.1 bln to EUR 6.5 bln over the nine-month period.

The forint price level of external trade in goods increased by 1.4% in exports and by 2.1% in imports in January-September. The terms of trade thus worsened by 0.7%.

The rise in energy prices (25–26%) contributed considerably to this, mainly due to the fact that energy trade accounts for a significantly higher share of imports than of exports (7.7% and 2.5%, respectively), so that the change in price level influences more the price change of total imports than that of exports.

The forint exchange rate appreciated by 1.2% against the euro, and by 0.8% against the dollar.

A first estimate of figures for external trade in goods for October 2017 will be published by the KSH on December 8.

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