Hungary's foreign trade surplus widens 6.7% y/y in Jan-July 2014 - revised data

By bne IntelliNews October 3, 2014

Hungary's foreign trade surplus widened by 6.7% y/y to EUR 3.77bn in the first seven months of 2014, the statistics office said on October 2 revising down the preliminary estimate of EUR 3.78bn. Exports grew by 5.1% y/y to EUR 49.13bn in the period, while imports increased at the slightly slower pace of 5% y/y to EUR 45.36bn.

In terms of specific commodity groups, exports of machinery and transport equipment, which had a 54.4% share in total, expanded by 6.9% y/y to EUR 26.7bn. Exports of manufactured goods increased by 3.9% y/y and accounted for a third of the total (32%). Exports of food, beverages, tobacco as well as fuels and electric energy advanced by 2.7% y/y and 8.7% y/y, respectively. By contrast, exports of crude material declined by 10.4% y/y.

On the import side, manufactured goods advanced by 6.7% y/y. Imports of machinery and transport equipment, which was the most traded category in the period with a 46% share of total, increased by 5.6% y/y to EUR 20.9bn. Imports of food, beverages, tobacco were up by 6.5% y/y as well, while imports of crude materials dropped by 4.7% y/y in the period. Finally, imports of fuels declined by 0.8% y/y in the first seven month of 2014.

In July alone, Hungary's foreign trade surplus increased by 11.6% y/y to EUR 482mn as exports rose by 9.2% y/y, while imports were up by 9% y/y.

Foreign trade in Jan-July 2014, EUR mn 
  Import % y/y Export % y/y
Total 45,364 5.0 49,130 5.1
Food, beverages, tobacco 2,302 6.5 3,686 2.7
Crude materials 967 -4.7 1,315 -10.4
Fuels, electric energy 5,364 -0.8 1,688 8.7
Manufactured goods 15,853 6.7 15,738 3.9
Machinery and transport equipment 20,879 5.6 26,703 6.9
Source: KSH        
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