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Hungary trade surplus €423.5 mln in January

Hungary had a €423.5 million trade surplus in January, up from €325 million in December and slightly down from €432.1 million in January 2011, the Central Statistics Office (KSH) said in a first reading on Friday.

January exports grew 2.0% yr/yr to €6.253 billion after declining 1.1% yr/yr in December. 

Imports rose 2.3% to €5.830 billion following a twelve-month import growth of 0.4% in the previous month.

Import growth has exceeded export growth for the third month in a row.

The twelve-month increases came from a high base as export grew 27.9% yr/yr and imports rose 30.7% in January 2011, both up from the growth rates in December 2010.

The January figures suggest that the near stagnation of imports and the drop of exports in December -- the first exports decline in two years -- was probably temporary.

Other European Union member states had a 76.7% share in Hungary's exports and a 66.8% share in its imports in January.

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