1B Export Surplus Defies Trade Slowdown
Hungary’s Trade Surplus in Goods Decreased in May
In May, Hungary experienced a trade surplus in goods amounting to EUR 1.0 billion, a decrease of EUR 218 million compared to the previous year, as reported by the Hungarian Central Statistical Office (KSH).
The month saw a 3.1% decrease in exports and a 1.6% increase in imports, resulting in a surplus that was EUR 145 million less than initially estimated. Both exports and imports also declined by 5.8% and 5.0% from the previous year, with exports valued at EUR 11.9 billion and imports at EUR 10.9 billion. In Euro terms, May exports dropped by 8.6% and imports by 7.7%.
Adjusted data revealed a 6.0% decrease in exports and a 5.3% decline in imports. The price level of external trade in goods, measured in forints, rose by 0.9% for exports and 1.1% for imports. The forint also weakened by 4.0% against the Euro and 4.6% against the US Dollar.
Machinery and transport equipment exports fell by 14%, while imports decreased by 7.7%. Electrical machinery and equipment showed significant declines in both export and import volumes. The month also saw decreases in road transport equipment exports by nearly 20%, telecommunications equipment exports by over 10%, and power generation machinery exports by about 10%.
On the other hand, manufactured exports increased by 1.9%, and imports decreased by 6.8%, largely due to pharmaceuticals. Energy product exports rose by 8.7%, and imports by 5.4%, mainly due to increased electricity volumes. Food, beverages, and tobacco exports surged by 20%, while imports grew by 6.6%, driven by cereals, sugar, and honey.
Exports to EU27 Member States fell by 7.2%, and imports by 0.8%, resulting in a EUR 1.1 billion surplus. Trade with non-EU countries saw exports decrease by 1.1% and imports by 15%, improving the trade balance by EUR 557 million to a EUR 96 million deficit.
From January to May, exports totaled EUR 61.0 billion and imports EUR 54.4 billion, with exports down 1.0% and imports down 6.5% from the previous year. The trade balance improved by EUR 3.9 billion to a EUR 6.6 billion surplus. The HUF price level for exports fell by 2.2%, and for imports by 3.7%, while the forint weakened by 1.6% against the Euro and by 1.5% against the US Dollar.
Overall, the trade data for May reflects the ongoing challenges and fluctuations in Hungary’s external trade sector, influenced by various factors including global market trends and currency exchange rates.
