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.
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