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Hungary export growth slows, import picks up in November

Import growth picked up to exceed slowing export growth in November 2011, with Hungary registering a €666m trade surplus in the month, the Central Statistics Office (KSH) said on Monday.

The November surplus widened from €490.3m in October but fell from an €769m surplus a year earlier.

Exports rose 3.9% yr/yr in euro terms to €7.384bn and imports rose 6.0% to €6.718bn in November.

Twelve-month euro-term export growth slowed from 5.2% in October while the pace of twelve-month import growth accelerated from 4.0% in the previous month. Import growth outpaced exports any significantly for the first time since June.

Trade expanded at double-digit paces in euro terms up to May 2011, the increase slowed considerably in June and July, picked up in August before slowing again in September-October.

Hungary registered a €6.607bn surplus in January-November 2011, €1.506bn more than in the same period a year earlier. Eleven-month exports rose 12.8% to €73.892bn. Imports in the period were up 11.4% at €67.285bn.

Other European Union member states had a 76% share in Hungary’s exports and a 69% share in its imports in November.

KSH will publish a second reading of the data on February 1.