This unexpected shift was partly due to a decline in prices for several products.Continue reading
In May, Hungary’s trade surplus in goods was EUR 1.0 billion, down EUR 218M from last year, according to the Hungarian Central Statistical Office (KSH).
Compared to April, exports fell by 3.1% and imports rose by 1.6%, the surplus was EUR 145M less than the first estimate. Both exports and imports declined by 5.8% and 5.0%, respectively, from the previous year. Exports were valued at EUR 11.9B and imports at EUR 10.9B. In Euro terms, May exports dropped by 8.6% and imports by 7.7%.
Adjusted data showed exports down by 6.0% and imports by 5.3%.
The price level of external trade in goods, measured in forints, rose by 0.9% for exports and 1.1% for imports. The forint weakened by 4.0% against the Euro and by 4.6% against the US Dollar.
Monthly change in the volume of external trade of goods. Picture: ksh.hu
Machinery and transport equipment exports fell by 14%, and imports by 7.7%. Electrical machinery and equipment saw significant declines in both export and import volumes. Road transport equipment exports were nearly 20% lower, while imports were slightly reduced. Telecommunications equipment exports fell by over 10%, while imports saw a slight increase. Power generation machinery exports fell by about 10%, and imports decreased by almost 25%.
Manufactured exports increased by 1.9%, while imports decreased by 6.8%, driven by pharmaceuticals.
Energy product exports rose by 8.7%, and imports by 5.4%, primarily due to increased electricity volumes. Food, beverages, and tobacco exports surged by 20%, while imports grew by 6.6%, driven by cereals, sugar, and honey.
Trade in goods broken down by product category compared with the same month of the previous year. Picture: ksh.hu
Exports to EU27 Member States fell by 7.2% and imports by 0.8%, worsening the trade balance by EUR 775M to a EUR 1.1B surplus. Trade with non-EU countries saw exports drop by 1.1% and imports decrease by 15%, improving the trade balance by EUR 557M to a EUR 96M deficit.
From January to May, exports totaled EUR 61.0B and imports EUR 54.4B, with exports down 1.0% and imports down 6.5% from the previous year.
The trade balance improved by EUR 3.9B to a EUR 6.6B surplus. The HUF price level for exports fell by 2.2% and for imports by 3.7%. The forint weakened by 1.6% against the Euro and by 1.5% against the US Dollar.
Via MTI; Featured Image: Pixabay