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Hungary foreign trade surplus €89.7 mln in June

Hungary had a €89.7 million trade surplus in June, down from a €137.2 million surplus in the same month a year earlier, and up from a €27.5 million surplus in May 2008, according to a second reading of the figures published by the Central Statistical Office (KSH).

The June surplus is €10.3 million down from a preliminary €100 million surplus reported on August 8.

Hungary's trade surplus was €466 million in the first half of the year, compared to a €165.3 million deficit in H1 2007.

Twelve-month exports rose 7.8% in June, picking up from a 6.4% increase in May. Imports rose 8.8% in June after a 5.1% rise in May. In volume terms, twelve-month export growth accelerated to 2.4% in June from 2.0% in May. Volume-term import growth rose to 5.2% in June from 4.0% in May.

In January-June, exports increased 13.2% in euro terms and 10.6% in volume terms from the same period a year earlier. Import growth was 11.3% in euro terms and 10.9% in volume terms.

The forint weakened 1% versus the euro and firmed 12 to the dollar in January-June from the same period a year earlier, resulting in an overall slight strengthening as the Hungarian currency lost 2% in Q1 and gained 2.2% in Q2, KSH said. Import prices in forint terms rose 1.7% in January-June, while export prices increased just 1.2%, resulting in a 0.7% worsening of terms of trade. Import prices rose on a 30.0% increase in energy prices, as energy imports increased 15.4% in volume terms, jumping 47.6% in euro terms (to €4.625 billion ) and 50.0% in forint terms.

Food import prices rose 11.7% year-on-year (yr/yr) in January-June. Hungary's food export prices climbed a steeper 21.1%, but export volume declined 7.8%, resulting in a 10.6% increase in euro terms, while imports were up 18.8% in euro terms.

Import prices for machinery products fell 3.8% yr/yr in January-June and prices for other manufactured goods rose just 1.3%. Machinery export prices fell 3.0% and prices for other manufactured goods grew 2.1%.

Machinery exports rose 11.9% yr/yr in volume terms and 11.8% yr/yr in euro terms in January-June, driven by a 30.6% rise in six-month exports of telecommunication and audio equipment and a 22.3% increase in specialized machinery deliveries. Machinery imports were up 13.3% in volume terms and rose 7.3% in euro terms, also boosted by 34.6% rise in telecommunications equipment to a value €3.1 billion (45.3%) under exports. (MTI – Econews)