Hungary's foreign trade intensifies y/y in Aug.

By bne IntelliNews October 11, 2011
Hungary's foreign trade surplus increased by 37.1% y/y to EUR 4.7bn in January-August, preliminary data from the statistics office showed. There was no change in the overall tendency, as exports increased faster than imports. They were up by 16% to EUR 52.45bn, while the imports rose by 14.2% y/y to EUR 47.74bn. The higher exports growth, however, was due to the dynamics in the beginning of the year, as in August alone, the gap between the growth rates of exports and imports shrank. At the end of the summer, following a substantial deceleration in June and a modest growth in July, Hungary's external trade intensified. The exports' y/y rise doubled compared to July. Nevertheless, the pace remained substantially lower than an average of 20% in H1. Taking into account the higher base and the projected slow-down in the economies of the main trading partners further decelerations will not be a surprise. In particular, exports surged by 13% y/y to EUR 6.4bn in July, while imports were up by 13.3% y/y to EUR 5.9bn in the month. The trade surplus stood at EUR 492.4mn, compared to EUR 445mn a year ago. The statistics office will publish the detailed foreign trade data on November 3.

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