Hungary's foreign trade surplus narrows 18% in Q1 2012.

By bne IntelliNews June 4, 2012
Hungary's foreign trade surplus narrowed by 18% y/y to EUR 1.75bn in Q1 2012, as imports grew and exports dropped, final data published by the statistics office showed. Imports increased by 1.2% y/y to EUR 18.2bn, while exports edged down by 0.8% y/y to EUR 19.96bn. In terms of specific commodity groups, imports of machinery and transport equipment, which was the most traded category in the period with a 44.9% share of the total, declined by 4.6% y/y to EUR 8.2bn. Imports in all other groups increased with fuel and electric energy rising the most by 19.4% y/y. Imports of manufactured goods, the second largest category (33.7% share) advanced by 1.9% y/y. On the exports side, machinery and transport equipment was again the single declining item, decreasing by 8.9% y/y to EUR 10.8bn. However, it still accounted for more than half of the total. On the contrary, exports in all other groups saw a double-digit growth, which offset the drop in the former. Exports of manufactured goods, which have a 30.8% share in total, grew by 8.6% y/y to EUR 6.1bn. Exports in all other groups also saw a double-digit growth but they had lower contribution to the nominal increase since they account for a small share in the total. In March alone, Hungarys foreign trade surplus narrowed by 24% y/y, as exports declined by 3.1% y/y to EUR 7.1bn and imports edged down by 0.4% y/y to EUR 6.5bn.
Foreign trade in Q1, EUR mn
Import % y/y Export % y/y
Total 18,229 1.2 19,975 -0.8
Food, beverages, tobacco 957 7.2 1,520 6.2
Crude materials 461 5.6 655 23.0
Fuels, electric energy 2,476 19.4 822 32.3
Manufactured goods 6,150 1.9 6,144 8.6
Machinery and transport equipment 8,185 -4.6 10,834 -8.9
Source: KSH
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