Hungary Trade Surplus Increases By Euro 23 Million In December

Hungary Trade Surplus

Hungary trade surplus grew by Euro 23 million to Euro 513 million in December from the previous year month, according to second estimate of its statistics department. The latest figure was also higher by Euro 11 million than the first estimate.

For the full year, the external trade surplus was Euro 8.1 billion.

Hungary trade surplus advanced despite import volume growing by 2.7 percent than export volume growth of 2.5 percent in December. While the exports value was Euro 7.5 billion, imports value accounted for Euro 6.9 billion in the month. In Euro terms, exports grew 2.5 percent whereas imports advanced 2.3 percent only.

Based on calendar adjusted figures, Hungary’s export volume expanded 7.7 percent whereas import volumes increased 8.2 percent. The forint price level of external trade advanced 0.6 percent in exports while it was 0.2 percent in respect of imports. The trade terms improved 0.4 percent and the forint exchange rate weakened 0.3 percent against the euro while it appreciated by 11 percent against the greenback.

The release added, “The export and import volumes of manufactured goods increased by 5.0% and 6.8%, respectively. The exports of medical and pharmaceutical products increased by more than a one-tenth, and their imports grew by nearly one-fifth. The exports of plastics in primary forms were slightly lower than in December 2016. Owing to the trade of regulating and controlling instruments and apparatus, both the exports and imports of professional, scientific and controlling instruments and apparatus, n.e.s. increased slightly. The imports of iron and steel were up by nearly 2%, and their exports increased by more than one-fifth as a result of the change in the trade of flat-rolled products of iron in both directions.”

For the year 2017, Hungary exports and imports volume grew 5.8 percent and 8.2 percent respectively. As a result, trade surplus fell by Euro 1.6 billion to Euro 8.1 billion.

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