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Hungary export sales up 2.8% m/m in October, output figures confirmed

Hungary's industrial exports were up 2.8% in October from September, rising m/m for the sixth month in a row. Export sales were down an unadjusted 11.3% yr/yr. The calendar-adjusted drop was 8.9% yr/yr, slowing from 13.8% in September, the Central Statistical Office (KSH) said on Tuesday.

The adjusted monthly rise in exports was the biggest since the m/m rise started with a 3% increase in May, reflecting a pickup on Hungary's export markets. Also, the twelve-month calendar-adjusted decline was the slowest since October 2008. Hungary's calendar-adjusted exports have been down yr/yr each month since July 2008.

The office confirmed preliminary October output released on December 8, meaning output declined 12.9% in October yr/yr according to unadjusted figures and fell 12.9% according to calendar-adjusted figures.

Industrial output grew 1.8% from September, according to workday- and seasonally-adjusted figures, rising for the second month in a row.

Output was boosted not only by exports but also domestic sales which rose a seasonally and working-day adjusted 2.4% in October after a m/m decline of 1.3% in September. Domestic sales fell 11.7% according to unadjusted figures and dropped a calendar-adjusted 10.1% in the twelve months to October. The adjusted yr/yr decline slowed from 16.4% in September, and was the smallest drop measured since March. In a calendar-adjusted twelve-month comparison, the domestic sales of Hungary's industry were falling since August 2008.

January-October industrial output fell 20.2% compared to the same period of 2008. Ten-month export sales fell 22% and domestic sales fell 13% in the period.

Total order stock of the manufacturing industry was down 16% yr/yr in October as the volume of export orders fell 16.4% and that of domestic orders fell 13% in the period.

New manufacturing orders arriving in October were down 9.3% from the levels recorded one year earlier. New export orders fell 7.1%, as they were the closest to their year-earlier volume since last September, and domestic orders fell 22.8% in one year.

Per capita industrial output, calculated for businesses employing at least five people, was down 9.7% in the first ten months of 2009 from a year earlier as the number of employees fell 11.8% during the period, less than output did. (MTI-Econews)