According to the latest flash report of the Hungarian Central Statistical Office (KSH), in January 2012 the volume of exports and imports increased by 5.8 percent and 2.9 percent, respectively, in comparison to the corresponding period of the previous year. The trade balance in the first month of the year had a surplus of 129bn HUF.

The volume of export of machinery and transport equipment registered lower than usual growth, while the exports of other main commodity groups – with the exception of fuels and electric energy – could expand at a higher than usual rate. The trade volume of both the import and export of foodstuff increased by about 10 percent, while the volume of the export for manufactured goods was 15.1 percent and its import 10.7 percent higher than a year before. The export of pharmaceutical and medical goods increased by almost 20 percent and their imports were 10 percent higher. The volume of the import of fuels and electric energy moderated by 7.8 percent (due primarily to the more than 30 percent rise of energy prices), but their export volume registered an increase of 19 percent on an annual basis.

The value of exports totaled 1936bn HUF (6266 million EUR), and the value of total imports amounted to 1808bn HUF (5847 million EUR). Consequently, the forint denominated value of total trade rose by 11.9 percent for imports and 8.4 percent for exports in comparison to the first month of 2011.

The volume of exports and imports to the EU increased in January by 3.9 percent and 5.6 percent, respectively. Therefore, our external trade balance in regard to the EU slightly deteriorated, the forint denominated trade surplus, however, was hardly modified in regard to the entire EU.

Non-EU exports increased dynamically (by 12.3 percent), while imports were slightly below the figure of last year (-2.7 percent). As a consequence, in this regard, external trade deficit improved by 12bn HUF compared to January 2011.

A little more than two-thirds of imports originated from the EU (almost half of the entire volume of imports comes from the EU 15), on the other hand more than three-quarters of our exports go to the EU 27 (the 56 percent of total exports head for the EU 15 and the 21.3 percent head for the EU 12 or the new EU member countries.)

(Ministry for National Economy)