Year-on-year Increase in Trade Surplus Brought EUR 167 Million in July

In July, the volume of exports increased by 4.9% and that of imports by 7.1% compared to the same period of the previous year. The assets amounted to EUR 167 million and the balance deteriorated by EUR 398 million compared to a year earlier.

Compared to June, the adjusted volume of exports fell by 1.0% and that of imports by 0.9%, the Hungarian Central Statistical Office (KSH) reported on Tuesday, based on its second estimate.

In July, exports were worth EUR 11.8 billion and imports EUR 11.6 billion.

The value of exports increased by 4.8% and that of imports by 8.8% compared to a year earlier.

January-July change in the volume of external trade in goods. Photo: KSH

The export volume of machinery and transport equipment was 0.7% lower and imports 4.4% higher. The volume of exports of electrical machinery, appliances, and instruments fell by a tenth, while imports rose slightly. The volume of exports and imports of road transport equipment decreased at almost the same rate as in the reference period.

The turnover of the group of machinery and equipment for power generation increased marginally in exports, while imports were about a tenth lower than in the same period of the previous year. Machinery and transport equipment slowed the growth of total turnover by 0.4 percentage points on the export side and increased it by 2.0 percentage points on the import side.

Both the export and import volumes of manufactured goods increased by 11%.

Both export and import volume growth was influenced by the evolution of turnover in pharmaceuticals and medicinal products.

Manufactured goods boosted the volume growth of total turnover by 3.2 percentage points in exports and 4.0 percentage points in imports, the the Statistical Office noted.

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The volume of exports and imports of energy products was 27% and 5.3% higher, respectively, than a year earlier. The increase on the export side was due to a significant rise in the volume of natural and artificial gas, while the increase on the import side was due to a significant rise in the volume of crude oil and petroleum products. The increase in the volume of energy products contributed 0.7 percentage points to the increase in total exports and 0.5 percentage points to the increase in imports.

The volume of exports of food, beverages, and tobacco increased by 18% and imports by 9.7%. The volume increase in exports was influenced by the evolution of the volume of cereals, while imports were influenced by the evolution of the volume of animal feed (excluding cereals).

Groups of goods with the highest turnover in external trade. Photo: KSH

The KSH report shows that exports to the EU27 (members of the European Union) increased by 0.5% and imports from the EU27 by 5.2%. The external balance of trade in goods deteriorated by EUR 423 million, resulting in a surplus of EUR 527 million. Hungary accounted for 74% of exports and 70% of imports in this period.

In trade with non-EU27 countries, the volume of exports rose by 20% and imports by 11%. The external trade balance in goods improved by EUR 25 million, with a deficit of EUR 360 million.

In January-July, exports amounted to EUR 85.1 billion and imports to EUR 77.2 billion.

The volume of exports fell by 1.3% and that of imports by 4.7% compared with a year earlier. The external trade balance improved by EUR 3.3 billion, with a surplus of EUR 7.9 billion.

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