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Hungary Sep trade surplus little changed

Hungary had a €740.6m trade surplus in September, little changed from the preliminary, and up from €501.2m in August and from €506.6m in the same month a year earlier, the Central Statistics Office (KSH) said in a second reading on Friday.

Trade growth slowed both in euro- and in volume terms from the double-digit rates in August but was still well over the low-pace increases in June and July. Export growth well exceeded import growth, but Hungary’s terms of trade deteriorated further as euro-term exports rose little faster in euros than in volume terms while import increased far more in euro terms than in volume.

The September surplus was the second-biggest - after a surplus in November 2010 - since Hungary started running trade surpluses in February 2009.

Both exports and imports were revised slightly up, and, accordingly, their euro-term increases also rose from the preliminary figures.

Exports rose 8.5% year-on-year to €7.174bn in September, the revised figures show, and export volume rose 8.6% in twelve months.

Imports increased 5.4% yr/yr to €6.433bn in September. In volume terms September imports rose just 2.2% yr/yr.

The September surplus widened Hungary’s trade surplus to 5.451bn for the first nine months, up €1.517bn from €3,935bn in the same period a year earlier.

January-September exports were up 15.0% at €59.621bn and rose 11.7% in volume terms. Imports climbed 13.0% to €54.170bn in the period and rose 8.5% in volume terms from a year earlier.

Hungary’s terms of trade worsened 1.2% in the first nine months from a year earlier as import prices rose 2.7% and export prices increased 1.5% in the period.