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Export growth accelerates in November

Hungary's year-on-year export growth, in volume terms, accelerated to 14.0% in November from 11.5% in October, the Central Statistics Office (KSH) said in a second reading published on Wednesday.

Exports of the machinery and transport equipment segment climbed 13.1% during the period. Manufacturing sector exports were up 15.5% and food and tobacco exports climbed 18.5%.

Export growth in volume terms for January-November was 17.3% compared to the same period a year earlier. Machinery and transport equipment exports rose 19.6%, manufacturing exports were up 14.2% and food and tobacco exports climbed 10.6%. The machinery and transport equipment segment had a €9.184 billion surplus during the period but the manufactured goods segment had a € 1.341 billion deficit. In the energy segment, Hungary ran a €4.482 billion deficit, the result of €1.956 billion of exports and  €6.439 billion of imports. The machinery and transports segment accounted for 60.6% of Hungary's exports in January-November. The manufactured goods segment made up 27.4%.

Import growth in volume terms climbed 13.1% year-on-year in November, practically level with the rate in October. In January-November, imports increased 15.5%.

Hungary had a €652m trade surplus in November, the balance of €6.342 billion of imports and HUF 6.994 billion of exports. The surplus widened from € 408m in October and €457m in November 2009.

In January-November, the trade surplus came to €5.093 billion, the balance of €60.571 billion of imports and €65.664 billion of exports.

About 77.6% of Hungary's exports during the period went to other European Union member states and 68.0% of imports came from these same trading partners. The EU-15 were the destination for 57.5% of Hungarian exports and the source of 52.7% of Hungary's imports.

Hungary's terms of trade were practically unchanged in January-November as the forint firmed 1.5% against a basket of currencies used by its main trading partners. Within the basket, the forint firmed more than 2% to the euro but weakened 2% against the dollar. (Econews)