According to the latest flash report of the Hungarian Central Statistical Office (KSH), in August 2012 the volume of exports increased by 1.7 percent compared to the corresponding period of the previous year. Foreign trade surplus amounted to 162.87bn HUF (587.6 million EUR) which is 38.72bn HUF (133.1 million EUR) more than the surplus recorded in August.

Analyzing the initial eight months of 2012 it can be concluded that compared to the same period of the previous year the volume of exports and imports were up by 3.1 percent and 1.6 percent, respectively. In this period foreign trade recorded a surplus of 1 363.3bn HUF.

In August 2012 overall imports declined by 0.3 percent compared to the corresponding period of the previous year. In the same period, machinery and transport equipment imports, compared to the corresponding period of the previous year, increased by 1.8 percent, while exports were down by 1.1 percent. Within this commodity group, the export volume of communication-, voice recording and reproducing equipments declined by the greatest extent, due mainly to lower demand in Asia and Europe. On the other hand, exports and imports of motor vehicles, office- and automated data processing equipments were both significantly higher.

Regarding the category of manufactured products, the volume of both exports and imports increased substantially by 8.4 percent and 5.3 percent, respectively. The export volume of fuels and electric energy – parallel to a steep price increase – registered a decline of 4.5 percent. The volume of exports of food, beverages and tobacco products increased robustly by 8.6 percent in the initial eight months of the year, while imports were down by 5.2 percent in this period compared to the corresponding period of the previous year.

The 76.1 percent of total Hungarian euro-denominated exports headed to the member countries of the European Union, whereas the 71 percent of imports originated from these countries. The volume of exports to the entire EU increased by 3 percent in the initial eight months of the year; imports were higher by 4 percent. Foreign trade vis-à-vis these countries recorded a surplus of 1 773bn HUF in the observed period; the surplus with the “old” EU states declined to 948bn HUF but it increased by 55bn HUF to 826bn HUF vis-à-vis the new members.

The export volume to non-EU countries was higher by 3.2 percent in the period of January-August 2012, while the volume of imports was lower by 3.9 percent compared to the base period. Consequently, foreign trade deficit moderated by 134bn HUF to 410bn HUF with these countries.

(Ministry for National Economy)