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Hungary August trade surplus revised slightly up

Hungary had a €501.2m trade surplus in August, up slightly from a preliminary HUF 492.4m, and also up from €354.8m in July and from an €445m surplus a year earlier, the Central Statistics Office (KSH) said in a second reading on Thursday.

August exports were revised slightly up and imports down from preliminary figures published on October 10.

Both in euro and in volume terms export and imports growth picked up and returned to the double-digit figures experienced up to May after a sharp slowdown in June and July. In euro terms, the pace of export growth was again slightly below that of imports as was in June, and export growth was more than double of import growth in July. Volume-term export growth well surpassed that of imports. The rises were from a high base.

Euro-term exports rose 13.0% in the twelve months to August, more than double the 5.8% yr/yr growth in July, and reached €6,428bn in August. Imports increased 13.1% to €5.927bn in August. The pace of export growth picked up from 5.8% and that of imports rose even more sharply after slowing to 2.5% in July.

In volume terms, August exports grew 10.9% yr/yr, more than double the July rise of 4.2%, and import volumes rose 8.4% in twelve months after a 0.5% yr/yr decline in July.

Hungary registered a €4.701bn surplus in January-August, up €1.373bn from €3.428bn in the same period a year earlier. Eight-month exports rose 16.0% to €52.447bn. Imports were up 14.2% at €47.737bn.

January-August export volumes rose 12.2% and import volume rose 9.5%.

Hungary's terms of trade worsened 1% in the first eight months compared to one year earlier as import prices rose 2.6% in forint terms while export prices rose 1.6%.