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After a drop in May, the Hungarian national monthly current account deficit increased to EUR 806 million in June, to the same level as in previous months, according to preliminary data released by the Hungarian National Bank (MNB) on Monday. The current account deficit was €370 million in May and €780 million in April and March.
Although the capital account asset increased from a modest €35 million in May to as much as €222 million, the €187 million improvement was not enough to offset a €436 million deterioration in the current account balance. The external financing needs, calculated from the combined current and capital account balances, accepted as an overall indicator of the country’s external financial position, jumped from €108 million in April and €335 million in May to €584 million in June.
The deterioration in the current account was caused by the flows of funds linked to external trade in goods. Export receipts fell by €124 million compared to May, while import outflows rose by €377 million, increasing the deficit by €501 million to €907 million. The external trade surplus in services increased by €81 million to €732 million, of which the travel services asset rose by €26 million to €357 million.
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