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Trade deficit down Ft 92 billion

Hungary's revised Q1 trade deficit came in at €287 million, €371 million ($385.7 million) less than a year earlier, the Central Statistics Office (KSH) said on Friday.

The preliminary figure, released on May 10, was €7 million ($9.4 million) lower. In forint terms, the deficit was Ft 73 billion, down Ft 92 billion ($494.7 million) from the year-ago period. Exports in Jan-March rose 18% to €16 billion and imports rose 15% at €16.3 billion. Exports in euro terms rose 12.4% in March year-on-year, the lowest rate since July 2006 and markedly down compared to 20.4% in January and 23% in February. Hungary’s trade gap is narrowing for the second year as government austerity measures are dampening demand for imported consumer products. (Gazdasági Rádió)