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Hungary’s Economy Continues To Post Trade Surplus

By Tamás Székely // 2014.12.28.

Hungary had a 351.0 million euro trade surplus in October, the Central Statistical Office (KSH) said in a second reading of data. The surplus was lowered from 373.8 million forints in the first reading released on December 9. Exports fell 2.2% to 7.506 billion forints. Imports were up 2.6% at 7.155 billion euros. In January October, the trade surplus came to 5.334 billion euros.

Exports rose 3.5% to 70.417 billion euros. Imports increased 4.2% to 65.083 billion euros from the same period a year earlier. Hungary’s terms of trade improved 0.9% in January-October. Hungary’s national currency, the forint weakened 4.1% to the euro and 2.2% against the dollar. Trade with other European Union member states accounted for 79% of Hungary’s exports and 75% of imports during the period.

ERSTE chief analyst Gergely Ürmössy said imports of goods consumed by households, such as manufactured goods and food, were on the rise. Exports could pick up, too, if Hungary’s biggest trade partners in the euro zone can recover from near-recession conditions, he added. He said October data released earlier showed a slowdown in output, mainly in the automotive and food sectors linked to seasonal effects and the Russian farm products embargo, respectively.

via photo: public domain