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Hungary August trade surplus confirmed at €392m

Hungary had a €392 million trade surplus in August, up from a €240.7 million surplus in July and a €160.8 million surplus a year earlier, the Central Statistical Office (KSH) said on Tuesday, confirming preliminary figures published on October 7.

Both in euro terms and in volume, exports as well as imports rose at the highest rate since their yr/yr increase started around the end of last year. In euro terms, exports volume rose faster than imports as opposed to July, but similar to June. In volume terms, export growth exceeded import growth for the first time since February. Exports growth was boosted by a base effect.

Hungary posted a €3.493 billion trade surplus in the first seven months of 2010, well up from a €2.079 billion surplus recorded a year earlier, preliminary figures show.

August exports were up 35.1% in euro terms in twelve months at €5.705 billion and imports rose 30.8% yr/yr to €5.313 billion in the period. both exports and imports growth was revised slightly up from the first reading. Export volume rose 31.2% yr/yr in August and import volume rose 25.4%.

January-August exports rose 22.1% to €45.536 billion and eight-month imports rose 19.4% to 42.043 billion. Eight-month export volume was up 18.9% and eight-month import volume rose 16.1% from a year earlier.

In 2009, Hungary's exports dropped 19.4% and its imports dropped 24.8% from 2008.

Terms of trade worsened slightly in January-August as forint-term export prices fell 1.4% and import prices fell 1.2% from a year earlier. The forint firmed 3.5% against the main currencies of trade in the period, including a 1.3% strengthening against the US dollar and a 3.9% strengthening against the euro. (MTI-Econews)