In July 2012 exports and imports increased by 5.6 percent and 4.8 percent, respectively, compared to the corresponding period of 2011.

According to the latest flash report of the Hungarian Central Statistical Office (KSH), In January-July 2012 the volume of exports and imports was higher by 3.3 percent and 1.9 percent, respectively, compared to the same period of 2011. External trade continued to record a significant surplus of 1200bn HUF (4.1bn EUR) in the initial seven months of the year.

Exports in July amounted to 1 846bn HUF (6 440 million EUR) and imports totaled 1 723bn HUF (6 009 million EUR). Therefore, external trade registered a surplus of 123bn HUF (431 million EUR) at the end of the month.

Analyzing commodity groups it can be concluded that in the initial seven months of the year the export volume of machinery and transport equipment declined by 0.9 percent, while their import volume was up by 1.5 percent in comparison to the January-July 2011 period. The decline of export in this commodity group was mainly the consequence of diminishing exports of telecommunications and sound recording and reproducing apparatus and equipment, while the import volume of these products increased substantially. Volumes of both exports and imports increased dynamically regarding products associated with vehicle manufacturing (power generating machinery and equipment, road vehicles) as well as office machines and automatic data processing machines.

In the January-July 2012 period the export and import volumes of manufactured products were up by 8.4 percent and 5.8 percent, respectively, compared to the corresponding period of the previous year.  Among commodity groups it was the exports of medical and pharmaceutical products which increased by great extent. Prices of fuels and electric energy have risen by more than the long-time average (22 percent), and the import volume of products belonging to this category was down by 3.5 percent compared to the January-July 2011 period. In the initial seven months of 2012 the export volume of food, beverages and tobacco products increased dynamically (by 7.7 percent), whereas their import volume was 4.3 percent lower compared to the base period.

In January-July 2012 the volume of Hungarian exports heading to EU member countries was higher by 3.3 percent, while the volume of imports was up by 4.5 percent compared to the initial seven months of the previous year. The export volume to non-EU countries also increased by 3.3 percent, whereas the volume of imports declined by 4.2 percent. As a consequence, the external trade deficit vis-à-vis these countries declined to 371bn HUF which is 116bn HUF less than in the base period.

(Ministry for National Economy)