A slower decline of exports shown in a second reading of trade balance data for March published early Thursday gives reason for hope, analysts told MTI.
March exports fell 18.1% to €5,178 billion and imports fell 23.5% to €4,675 billion from the same month a year earlier, the Central Statistics Office (KSH) said on Thursday. Both drops were less steep than in the previous month.
Mariann Trippon, the chief analyst for CIB Bank, said the March data point to stabilization on external markets and offer hope, though they do not signal the start of a pick-up on global markets. She attributed the big drop in domestic demand to falling investments, a sign of the recession.
TakarékBank's Zoltán Ádám put down Hungary's bigger Q1 trade surplus to the weaker forint and plummeting domestic demand. The surplus will cause the current-account deficit to narrow, reducing the country's external financing need, he added. (MTI-ECONEWS)