In Q1 2012 the volume of exports increased by 1.6 percent and imports grew slightly less, by 0.9 percent, in comparison to the same period of the previous year. Foreign trade balance registered a surplus of 513bn HUF in the initial three months – according to the flash report of the Hungarian Central Statistical Office (KSH) published earlier this morning.

In the January-March period the volume of exports and imports was 5 934bn HUF and 5421bn HUF, respectively, and our foreign trade balance thus registered again a significant surplus. Price level in forint was 9.4 percent higher for imports and 6.4 percent higher for exports compared to the first quarter of 2011.

Source: KSH

The foreign trade turnover of every commodity group was higher, except for machinery and transport equipment. The export of crude materials increased by the greatest extent, it was almost 25 percent higher than the figure registered in the corresponding period of the previous year. The volume of exports and imports of manufactured goods was 10.6 percent and 4.6 percent higher, respectively, than the level of the previous year. Within this segment the export of iron and steel products increased by 30 percent. Foreign trade turnover of food, drinks and tobacco products in this period has also increased, exports were 3.1 percent and imports were 3.3 percent higher. The volume of import of fuels and electric energy was almost 3.5 percent higher. In the initial three months of the year the performance of the commodity group of machinery and transport equipment was slightly below average, the volume of imports declined by 2.7 percent and volume of exports was 4.7 percent lower, which result is primarily due to telecommunications and sound recording and reproducing apparatus and equipment, as their export was by one-third below the level of last year. Within this commodity group, however, the export of power generating machinery and equipment was almost 30 percent higher.

The volume of exports and imports with regard to member countries of the EU, which corresponds to almost three-quarters of our total foreign trade turnover, was 0.7 percent and 3.4 percent higher, respectively, in January-March 2012 in comparison to the same period of the previous year. The surplus of our trade balance vis-á-vis these countries amounted to 721.6bn HUF in the initial three months of the year.

The trade deficit with non-EU countries moderated by 51bn HUF to 209bn HUF. The volume of exports to these countries increased by 4.6 percent, whereas the volume of imports declined by about the same figure compared to the corresponding period of last year.

(Ministry for National Economy)