According to the latest flash report of the Hungarian Central Statistical Office, in January-November 2012 the volume of exports and imports increased by 1.5 percent and 0.4 percent, respectively, in comparison to the corresponding period of the previous year. In this period foreign trade surplus amounted to 1 947bn HUF (6.7bn EUR). Calculating in forints this amounts exceeds by 59bn HUF the figure registered in the initial eleven months of 2011, while due to exchange rate change the amount in euros is 23 million EUR below that level.

After the highly dynamic export and import growth recorded in October 2012 in the month of November foreign trade turnover decreased: exports and imports declined by 4.3 percent and 4.6 percent, respectively, compared to the same period of last year. Foreign trade surplus, however, was also significant in the eleventh month of the year and totaled 186.7bn HUF which equals 659.5 million EUR.

Analyzing main commodity groups it can be observed that the volume of exports was higher in each category with the exception of machinery and transport equipment in January-November 2012. The export volume of machinery and transport equipment decreased by 2.8 percent, whereas that of imports stagnated in comparison to the corresponding period of last year. Within this main commodity group exports of power generating machinery and equipment, office machines and automatic data processing machines as well as road vehicles increased significantly.

Exports and imports of manufactured goods increased dynamically in the period January-November 2012 compared to the basis period: the volume of exports and imports was up by 7.4 percent and 4.4 percent. The volume of exports was also higher regarding fuels and electric energy (6.5 percent), while that of imports was down by 4.9 percent. The export volume of food, beverages and tobacco products was up by 6 percent, while the import volume of this main commodity group was down by 5.6 percent in comparison to the same period of the previous year.

In the initial eleven months of 2012 the volume of exports to Hungary’s main trade partners, the EU member countries, increased by 1.5 percent, while that of imports was up by 2.7 percent. Thus Hungary’s foreign trade surplus vis-á-vis these countries declined by 118bn HUF, but it still totalled 2 588bn HUF, a highly impressive amount.

On the other hand, Hungarian foreign trade balance with non-EU countries could be improved: in January-November 2012 trade deficit vis-á-vis these countries was 177bn HUF less than one year ago, amounting to 641bn HUF. The lower deficit was the result of the 1.4 percent increase of exports and the 4.7 percent decline of imports.

(Ministry for National Economy)