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February trade surplus revised up to €831 mln

Hungary had a trade surplus of €831 million in February, up from €400.8 million in January, and also up from €394.2 million a year ago, the Central Statistical Office (KSH) said on Wednesday, revising the surplus up from €816.4 million in the first reading released on April 8.

The trade surplus was a balance of €6.076 billion of exports and €5.836 billion of imports, up 27.2% and 20.4%, respectively from a year ago. Exports and export growth were raised more than imports from the first reading.

Euro-term export growth picked up from 16.1% in January and import growth slowed from January's sharp 30.2%, boosted by a low base.

In volume terms, February exports rose 21.1% yr/yr, a touch slower than in January, and imports rose 14.6%, significantly lower than the 22.9% twelve-month increase registered in January.

January-February exports reached €12.743 billion, rising 26.6% in euro terms and 21.1% in volume terms. Imports in the first two months, at €11.512 billion, were 25% higher in euro terms and rose 18.6% in volume terms from a year earlier.

The January-February trade surplus widened €376m from a year earlier, to €1.232 billion.

The trade surplus for 2010 was €5.525 billion, up from €3.74 billion in 2009.

Hungary's terms of trade deteriorated 0.8% in the first two months as forint-term export prices rose 5.8% and import prices rose 6.7%. The forint weakened 1.7% against the main currencies of trade in the period.