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In August 2024, the country experienced a decline in external trade, with exports falling by 4.1% and imports down by 4.2% compared to the same period last year, according to the Hungarian Central Statistical Office (KSH).
The value of exports reached EUR 10.9B (HUF 4,305B), while imports amounted to EUR 10.2B (HUF 4,040B), leading to a trade balance of EUR 671M (HUF 265B). This represents a deterioration of the trade balance by EUR 10M compared to previous figures.
The balance of trade in external goods. Picture: ksh.hu
The level of foreign trade in goods was significantly lower than the previous month, with exports down by 7.8% and imports decreasing by 12%.
Notably, Hungary’s trade continues to be heavily reliant on EU Member States, with 75% of exports and 70% of imports taking place within the EU27 framework.
As Hungary Today earlier reported, the trade surplus had previously increased by EUR 167M in July, indicating a generally positive trend earlier in the year despite the current slowdown. Additionally, while Hungary has faced challenges in its trade dynamics, there was a reported EUR 1B export surplus despite the overall trade slowdown in recent months.
Via MTI; Featured Image: Pixabay