According to the latest flash report of the Hungarian Central Statistical Office (KSH), foreign trade had a positive balance of 215bn HUF in September 2012. In the initial nine months of the year the volume of exports increased by 2.1 percent and that of imports slightly less by 0.7 percent in comparison to the corresponding period of the previous year. In the period January-September 2012 total foreign trade surplus amounted to 1 578bn HUF.

In September 2012 exports totaled 1 722bn HUF (6 110 million EUR), and the value of imports was 1 937bn HUF (5 861 millon EUR). The volume of exports and imports decreased by 4.9 percent and 5.8 percent, respectively, in the ninth month of the year.

Analyzing commodity groups it can be concluded that in the initial nine months of the year the volume of exports regarding the category of machinery and trasport equipment declined by 2.4 percent, while the volume of its imports was higher by 0.6 percent compared to the January-September period last year. The decline of exports in this commodity group was due partly to diminishing exports of telecommunications, sound recording and reproducing apparatus and equipment which were down by almost 25 percent, whereas export growth of road vehicles, electrical machinery, apparatus and appliances remained robust.

In January-September 2012 the volume of exports and imports of manufactured products increased by 7.8 percent and 4.2 percent, respectively, compared to the same period of the previous year. As the price of fuels and electric energy increased more than the long-term average (by 20 percent), the imports of products belonging to this commodity group was down by 4.2 percent in the observed period. The export volume of food, beverages and tobacco products increased dynamically (by 7.6 percent), while their volume of imports decreased by 6.3 percent.

In the initial nine months of the year the 76.2 percent of total Hungarian exports (in euro) headed to EU countries, and the 71 percent of imports originated from them. The volume of exports to the EU was up by 2.2 percent while that of imports increased slightly more, by 3 percent, and thus the total external trade balance deteriorated by 31.4 million EUR compared to the corresponding period of the previous year.

With regard to non-EU countries, Hungarian exports were up (by 1.7 percent), while imports declined (by 4.3 percent). Hungary’s foreign trade deficit via-à-vis these countries moderated significantly (by 114bn HUF), and thus it amounted to 463bn HUF in the initial nine months of the year.

(Ministry for National Economy)