KSH: External trade surplus €448 million in July

Food

According to a new slate of figures released by the Central Statistics Office (KSH), exports amounted to €6.7 billion (HUF 1.988 trillion), while imports were €6.3 billion (HUF 1,856 trillion) in July 2013, for an overall trade surplus of €448 million for the month.

In the first seven months of 2013, export and import volumes exceeded last year’s marks of 2.6% and 3.7%, respectively, for the period. The value of exports amounted to €47.1 billion (HUF 13.936 trillion), while that of imports was €43.2 billion (HUF 12.757 trillion). The surplus on the balance of trade amounted to €4.0 billion (HUF 1.179 trillion), just about identical to the 2012 level.

In January to July 2013, the forint price level of external trade in goods decreased by 1.6% in imports and by 0.7% in exports y.o.y. The terms of trade improved by 0.9%. The forint exchange rate was down by 0.6% against the euro, and it was up by 1.3% against the US dollar.
The export and import volumes of machinery and transport equipment, which provided about 50% of the entire trade, increased almost to the same extent y.o.y., i.e. 2.8%.

In this main commodity group, the trade of road vehicles increased dynamically in both directions, which KSH attributed to recently implemented investments in the automotive industry.
The import volume of office machines and automatic data processing machines, and that of power generating machinery and equipment – within this, imports of petrol and diesel engines grew particularly significantly.

The trade volume of telecommunications and sound recording and reproducing apparatus and equipment was around the base level.

The export and import volumes of heterogeneous manufactured goods increased by 6.8% and 6.4%, respectively. In the dynamic growth of the latest months, exports of medical and pharmaceutical products as well as organic chemicals played an important role.

Due to certain new petrochemical projects, the trade of plastics in primary forms, essential oils, perfume materials and cleaning preparations enlivened as well. The import volume of iron and steel and, due to orders from the automotive industry, rubber manufacturers increased.

The import volume of fuels and electric energy was up by 3.3% y.o.y. The import volume of petroleum, petroleum products and related materials grew by almost 10%. On the other hand, the import volume of natural and manufactured gas remained below the base level.

The export and import volumes of food, beverages and tobacco were down y.o.y. by 6.8% and 2.5%, respectively, although the decrease stopped in both directions in July.

The volume of cereals and cereal preparations, which comprises the highest proportion of exports, fell by more than one-third, which could not be compensated by the significant increase in the exports of animal feed, dairy products, eggs and produce.

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