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In June 2024, Hungary’s exports fell by 8.1% and imports by 5.2% compared to the same period last year, resulting in a balance of EUR 1.1B. The current trade surplus improved by EUR 28M from the initial estimate, with exports valued at EUR 12.3B and imports at EUR 11.1B.
Compared to May, exports increased by 2.4% and imports by 4.7%. In euro terms, exports dropped by 9.9% and imports by 7.8% year-over-year. The price level of foreign trade, measured in forints, rose by 4.3% for exports and 3.5% for imports, while the forint weakened by 6.4% against the euro and 7.2% against the dollar.
Import (orange) and export (blue) data between january and june 2024. Picture: ksh.hu
The volume of machinery and transport equipment exports decreased by 15%, and imports by 8.4%. Notably, the export volume of energy products rose by 44%, and imports by 5.3%, driven by increased electricity volumes. Exports of food, beverages, and tobacco increased by 8.2%, while imports decreased by 4.0%.
Exports to the EU27 fell by 10%, and imports by 4.0%.
In contrast, trade with non-EU27 countries saw a slight drop in exports (0.2%) but a more significant decline in imports (8.3%), improving the external trade balance in goods.
For January-June, total exports were EUR 73.3B and imports EUR 65.6B, with a 2.2% drop in exports and a 6.4% decline in imports compared to the previous year. The external trade balance improved by EUR 3.7B, achieving a surplus of EUR 7.8B. The forint price level of external trade fell by 1.1% for exports and 2.6% for imports, with the forint weakening by 2.3% against both the euro and the US dollar.
Via MTI; Featured Image: Pixabay