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Hungary trade growth picks up, surplus widens in August

Hungary had a €492.4m trade surplus in August, up from €354.8m in July and also up from an €445m surplus a year earlier, the Central Statistics Office (KSH) said in a first reading on Monday.

Both import growth picked up and returned to the double-digit figures experienced up to May after slowing considerably in the previous two months. The pace of export growth was again slightly below that of imports as was in June. Export growth was more than double of import growth in July. The rises were from a high base.

Exports rose 13.0% in the twelve months to August, more than double the 5.8% yr/yr growth in July, and reached €6,429bn in August. Imports increased 13.3% to €5.936bn in August. The pace of import growth was even more sharply up after slowing to 2.5% in July.

Hungary registered a €4.701bn surplus in January-August, up €1.373bn from €3.428bn in the same period a year earlier. Eight-month exports rose 16.0% to €52.448bn. Imports were up 14.2% at €47.747bn.

KSH will publish a second reading of the data on November 3.