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UPDATE - Hungary terms of trade worsen, Oct surplus little changed in 2nd reading

Hungary had a €490.3m trade surplus in October, slightly down from a preliminary €497.4m, and down from €740.6m in September, but up from an €398m surplus a year earlier, the Central Statistics Office (KSH) said in a second reading on Friday.

October imports were slightly down in volume terms while exports rose faster in volume than in euros, and terms of trade worsened, the detailed figures show. The pace of euro-term export and import growth slowed, and export growth outpaced imports now for the second month.

October exports rose 5.2% in euro terms and rose 6.6% in volume terms in twelve months. Both paces were down from the previous two months. October exports reached €6.887bn.

Imports increased 4.0% in euro terms yr/yr to €6.397bn in October, but were 0.4% under their twelve-month earlier level in volume terms. Import grew 5.4% in euro terms and grew 2.2% in volume terms in September.

Hungary registered a €5.941.1bn surplus in January-October, up €1.609bn from the same period a year earlier. Ten-month exports rose 13.9% to €66.508bn. Imports in the period were up 12.0% at €60.397bn.

In volume terms, ten-month exports rose 11.2% and ten-month imports rose 7.6% from a year earlier.

January-October import prices rose 3.5% in forint terms and export prices rose 1.9%, resulting in a 1.5% deterioration in terms of trade.

In January-October the forint firmed 0.5% against the euro and strengthened 6.3% to the US dollar from a year earlier. In October alone, the forint was 8.0% weaker against the euro and 9.6% weaker against the dollar than in October 2010.