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Hungary posts May trade surplus of €480 mln

Hungary had a foreign trade surplus of €480 million in May and a surplus of €1.528 billion trade surplus in January-May, the Central Statistical Office (KSH) said in a second reading.

The figures are level with preliminary data published on July 9.

Both in euro and volume terms, exports and imports fell at a slower rate than they did in April.

The trade surpluses compare to a €30 million deficit in May 2008 and a surplus of €301 million in January-May 2008.

In May 2009, exports fell 24.1% in euro terms and 16.9% in volume terms, dropping less than the 29.4% and 22.9% respective declines in April. Imports slipped 32.3% in euro terms and 25.6% in volume terms in May after respective declines of 35.4% and 29.6% in April.

January-May exports fell 26.5% in euro terms and were down 21.1% in volume terms from a year earlier. Five-month imports were down 30.7% in euro terms and fell 25.9% in volume.

Terms of trade stayed practically unchanged in January-May as forint-term import prices rose 6.7% and export prices rose 6.4% in the period.

In foreign currency terms, the price level of foreign trade fell close to 9% in the first five months from a year earlier, KSH reported. The forint weakened 17% yr/yr against the main currencies of Hungary's trade in January-May, including a 14% weakening against the euro and a more than 30% drop against the US dollar. (MTI – Econews)