Hungary's foreign trade surplus widens 6% y/y in H1 2014 - revised data

By bne IntelliNews September 3, 2014

Hungary's foreign trade surplus widened by 6% y/y to EUR 3.28bn in the first half of 2014, the statistics office said on September 2 revising down the preliminary estimate of EUR 3.58bn. Exports grew by 4.4% y/y to EUR 41.82bn in the period, while imports increased at the slower pace of 4.3% y/y to EUR 38.54bn.

In terms of specific commodity groups, exports of machinery and transport equipment, which had a 54.6% share in total, expanded by 5.9% y/y to EUR 22.82bn. Exports of manufactured goods increased by 3.6% y/y and accounted for a third of the total (32.1%). Exports of food, beverages, tobacco as well as fuels and electric energy advanced by 3.3% y/y and 6% y/y, respectively. By contrast, exports of crude material declined by 11% y/y.

On the import side, manufactured goods advanced by 6.5% y/y. Imports of machinery and transport equipment, which was the most traded category in the period with a 46.3% share of total, increased by 5.2% y/y to EUR 17.83bn. Imports of food, beverages, tobacco were up by 7.3% y/y as well, while imports of crude materials dropped by 6.5% y/y in the period. Finally, imports of fuels declined by 4.2% y/y in H1.

In June alone, Hungary's foreign trade surplus increased by 32.3% y/y to EUR 584.1mn as exports rose by 5.6% y/y, while imports were up by 3.6% y/y.

Foreign trade in H1 2014, EUR mn 
  Import % y/y Export % y/y
Total 38,540 4.3 41,824 4.4
Food, beverages, tobacco 1,977 7.3 3,116 3.3
Crude materials 815 -6.5 1,099 -11.0
Fuels, electric energy 4,461 -4.2 1,370 6.0
Manufactured goods 13,459 6.5 13,421 3.6
Machinery and transport equipment 17,829 5.2 22,819 5.9
Source: KSH        

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