July external trade surplus adjusted to EUR 362 mln

MNB

In July 2018, export volume rose by 11% and import volume by 9.4% compared to July 2017, latest monthly data from the Central Statistical Office (KSH) show. The July surplus was EUR 362 million, EUR 80 mln more than in July 2017. In January–July 2018, the external trade surplus totaled EUR 4.582 billion.

The July surplus figure was revised downward from EUR 373 mln in the first reading released on September 7.

According to calendar-adjusted data, export and import volumes in July increased by 8.3% and 6.6%, respectively.

In July 2018, the value of exports amounted to EUR 8.438 bln, up 11.4%, and that of imports to EUR 8.076 bln, up 10.8%.

The value of imports of machinery and vehicles reached EUR 3.741 bln, up 7.1%, while that of manufactured goods came to EUR 3.047 bln, up 14%. Energy imports totaled EUR 682 mln, up 3.1%, and imports of food, drink and tobacco added up to EUR 420 mln, up 7%.

Exports of machinery and vehicles came to EUR 4.529 bln, up 12%, and exports of manufactured goods to EUR 2.761 bln, up 11%. Energy exports reached EUR 335 mln, up 44%, and exports of food, drink and tobacco added up to EUR 592 mln, down 4.2%.

The volume of exports to other EU member states increased by 13%, and that of imports from these countries was 5.8% higher, with the surplus up by EUR 414 mln year-on-year to EUR 708 mln. Trade with other EU member states accounted for about 80% of exports and 75% of imports.

In extra-EU trade, the volume of exports was up by 5.6%, and that of imports by 22%. The trade balance with this group of countries deteriorated by EUR 334 mln, showing a deficit of EUR 346 mln.

The terms of trade deteriorated by 1.2% in July as the forint weakened 5.9% to the euro and 4.3% against the dollar.

Trade surplus narrows in January-July

Hungaryʼs trade surplus for the period January-July reached EUR 4.582 bln, narrowing by EUR 318 mln from the corresponding seven-month period a year earlier.

Imports rose 6.8% year-on-year to EUR 57.235 bln in January-July, while exports climbed 5.7% to EUR 61.817 bln.

The terms of trade worsened by 0.3% in the first seven months, as the forint depreciated by 2.1% against the euro, but appreciated by 7.5% against the dollar.

A first estimate of figures for the external trade in goods in August 2018 will be published on October 9, with a second, more detailed estimate to follow on November 5.

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