In July the volume of export decreased by 5.6% and that of import by 4.5% compared to the same period of the previous year. The surplus was EUR 443 million, the balance deteriorated by EUR 238 million year-on-year. Compared to July, the adjusted volume of export increased by 1.5% and that of import lessened by 0.1%.
In August 2024 the value of export amounted to EUR 10.7 billion (HUF 4,242 billion), that of import was EUR 10.3 billion (HUF 4,067 billion).
In August 2024 compared to a year earlier:
The value of export decreased by 5.5% and that of import by 3.6% in EUR terms.
According to calendar-adjusted data, the volume of export lessened by 0.1%, that of import increased by 1.3%.
The balance of the external trade in goods deteriorated by EUR 238 million. (The balance showed a EUR 228 million lower surplus than the one published in the first estimate.)
The HUF price level of the external trade in goods increased by 2.7% in exports and by 3.5% in imports, compared to the same month of the previous year. The terms of trade worsened by 0.8%. The HUF exchange rate depreciated by 2.5% against the EUR and by 1.6% against the US dollar.
The export volume of machinery and transport equipment decreased by 11%, and its import volume by 7.4%. The volume of the commodity group of electrical machinery, apparatus and appliances, n.e.s. decreased by more than one-fifth in exports and by more than one-tenth in imports. The export volume of the commodity group of road vehicles declined nearly one-sixth and its import volume by nearly one-tenth compared to the base period. The export and import volume of the commodity group telecommunication and sound recording and reproducing apparatus decreased by almost the same amount, but not significantly, compared to a year earlier. The volume of the power generating machinery and equipment commodity group was slightly down on the same period of the previous year in exports, but around a tenth lower in imports. The aggregate commodity group of machinery and transport equipment increased the volume decline in total turnover by 6.5 percentage points on the export side and by 3.3 percentage points on the import one.
The export volume of manufactured goods increased by 2.5% and their import volume by 0.8%. The volume growth was mainly driven by medicinal and pharmaceutical products in both directions. The aggregate commodity group of manufactured goods counterbalanced the overall volume increase in export by 0.7 percentage points, and in import by 0.3 percentage points.
The export volume of fuels and electric energy increased by 15%, their import volume was 7.7% lower than one year earlier. The growth on the export side is explained by a significant increase in the volume of electrical energy, while the negative trend on the import side by a significant decrease recorded for the commodity group of petroleum, petroleum products and related materials. The change in the turnover of fuels and electric energy curbed the volume decline in total turnover by 0.4 percentage point in exports and increased it by 0.7 percentage point in imports.
The export volume of food, beverages and tobacco became 0.9% lower, their import volume increased by 1.7%. The decrease in export volumes was influenced by the change in the turnover of cereals and cereal preparations, while the increase in import volumes was influenced by that of miscellaneous edible products and preparations. The volume change realised by the aggregate commodity group contributed to the total export decrease by 0.1 percentage points, and moderated the import reduction by 0.1 percentage points.
The volume of export to the EU-27 Member States became 9.4% lower and that of import from there decreased by 4.3%. The balance of the external trade in goods declined by EUR 520 million, generating a surplus of EUR 766 million. This group of countries accounted for 74% of exports and 70% of imports.
In the extra-EU-27 trade, the volume of export increased by 6.8%, that of import lessened by 4.8%. The balance of the external trade in goods with these countries improved by EUR 282 million, showing a deficit of EUR 323 million.
In January–August 2024 the value of exports amounted to EUR 95.9 billion (HUF 37.5 thousand billion), that of imports to EUR 87.5 billion (HUF 34.2 thousand billion).
In January–August 2024 compared to one year earlier the volume of export decreased by 1.8%, that of import by 4.6%.
The balance of the external trade in goods improved by EUR 3.0 billion, the surplus was EUR 8.4 billion.
The HUF price level of the external trade in goods lessened by 0.1% on the export side, and by 1.1% on the import one, compared to the same period of the previous year. The terms of trade improved by 1.0%. The HUF depreciated against the EUR by 2.6% and by 2.7% against the US dollar.
