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February trade surplus €373 million

Hungary had a €373 million trade surplus in February 2010, up from a January surplus of €290 million and a €296 million surplus a year earlier, and down a slight €1 million from the first reading, the Central Statistics Office said on Tuesday. Export volume growth slowed slightly and the pace of import volume growth almost doubled from January, but export volume still rose faster than imports. Terms of trade improved in the first two months.

Export volume in February rose 16.9% yr/yr and import volume rose 16.4% from a year earlier, both from a low base. In January, export volume rose 17.3% and import volume rose 8.5% yr/yr.

In euro terms, exports rose 18.0% in twelve months to €5.252 billion in February 2010 and imports rose 17.4% to €4.879 billion in the period, both from a low base, and practically unchanged from the first reading published on April 8.

Hungary posted a €664 million trade surplus in the first two months of 2010, up from a €96 million surplus a year earlier, and unchanged from the preliminary figure.

Export volume in the first two months of 2010 were up 16.9% from a year earlier and import volume rose 12.5% yr/yr in the period.

January-February exports rose 16.9%, slightly more than in the first reading, to €10.035 billion and two-month imports rose 9.9% to 9.371 billion, KSH said.

Hungary's terms of trade improved by 1.3% in January-February from a year earlier as export prices fell 6.7% in forint terms and import prices fell 7.9% in forint terms. The forint strengthened 7% against the main currencies of trade in the first two months compared to a year earlier, including a 6.5% strengthening against the euro and a 13% strengthening against the US dollar.

Euro-term imports rose for the second month in February after steady twelve-month declines between November 2008 and December 2009. Exports rose in euro terms from a year earlier for the third month in a row after uninterrupted declines between October 2008 and November 2009.

2009 exports fell 18.9% in euro terms and imports were down 24.7% from 2008. (MTI-ECONEWS)