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The volume of exports increased by 3.9 percent while imports fell by 1.3 percent in May, improving the balance by €1.4 billion, reports Világgazdaság.
In May, the volume of exports increased by 3.9 percent, while imports decreased by 1.3 percent compared to the same period last year. The assets totaled €1.1 billion, while the balance improved by €1.4 billion compared to a year earlier, the Central Statistical Office said in its second estimate, which was also €40 million better than the first estimate. The price level of foreign trade in goods, measured in forint, increased by 0.1% for exports and decreased by 5.2% for imports compared to the same month of the previous year. The exchange rate improved by 5.6 percent. The forint strengthened by 3.1% against the euro and by 5.7% against the dollar.
In terms of details, exports of machinery and transport equipment at May 2022 prices increased by 9.1 percent, while imports remained unchanged.
The export volume of the road transport equipment group increased by nearly a quarter and the import volume grew slightly compared to the same period last year.
Photo via Facebook/Audi Hungaria Győr
The volume of exports and imports of electrical machinery and apparatus increased by a few percent. The volume of exports of machinery and equipment for power generation was little changed, while the volume of imports increased by more than a quarter.
Machinery and transport equipment contributed 4.9 percentage points to the increase in total turnover on the export side,
while it did not affect the import side.
The volume of manufactured exports fell by 2.9 percent and imports by 5.9 percent. The volume decreases on both sides were influenced by the turnover of the groups iron, steel, and other fabricated metal products, with the exception of rubber products on the export side and professional, scientific, checking instruments and appliances on the import side. Manufactured goods contributed 0.9 percentage points to the volume growth of total exports, while imports contributed 2.3 percentage points to the total volume decrease.
The volume of exports and imports of energy products was 21 and 14 percent higher, respectively, than in the same period of the previous year. The increase is explained by a significant rise in the volume of exports of crude oil and petroleum products, and imports of natural and manufactured gas.
Energy commodities increased the rate of change in total turnover by 0.9 percentage points for exports and decreased the rate of change for imports by 1.8 percentage points.
The volume of exports of food, beverages, and tobacco fell by 9.3% and imports by 2.3%. The volume decrease in both exports and imports was mainly influenced by the turnover of cereals and cereal products. The volume decline realized by the commodity group had a moderating effect of 0.7 percentage points on total exports, while the rate of decline in imports increased by 0.1 percentage points.
Exports to the EU Member States were 2.8% higher, while imports from these countries fell by 4.9%.
The external trade balance improved by 1.1 billion euro, with a surplus of 1.7 billion euro. Exports and imports accounted for 77 and 69 percent respectively.
In trade with countries outside the EU, the volume of exports increased by 7.7% and imports by 7.6%. The external trade balance in goods improved by EUR 279 million in this ratio, with a deficit of EUR 620 million.
Via Világgazdaság, Featured image via Pexels
