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Hungary revises November trade gap lower to €115.6 mln

Hungary's November trade deficit narrowed from the previous month as exports rose faster than imports, the statistics office said today in a revision of a January 9 report

The deficit was €115.6 million ($150.6 million), compared with €189.6 million in October and €246.3 million in November 2005, the office said in an e-mailed statement. The shortfall was revised from a reported deficit of €144.7 million. Hungary's trade deficit is shrinking as government measures to cut the European Union's widest budget shortfall curb consumer demand for imported products. Exports are driven by accelerating economic growth in Germany, the country's biggest trading partner. Exports totaled €5.8 billion, up from €5.4 billion in October and €4.9 billion in the year-earlier period. Imports rose to €5.9 billion from €5.6 billion a month ago and €5.2 billion a year earlier. The 11-month shortfall was €2.05 billion, compared with €2.77 billion in the same period last year. (Bloomberg)