According to the latest flash report of the Hungarian Central Statistical Office, in January-April 2012 the volume of exports increased by 0.7 percent in comparison to the corresponding period of 2011, while the volume of imports declined slightly by 0.2 percent. Foreign trade balance has still registered a significant surplus of 626bn HUF (2 125 million EUR) for the initial four months of the year.

In April 2012 exports and imports amounted to 1 795bn HUF (6 095 million EUR) and 1 681bn HUF (5 716 million EUR), respectively. Consequently the month ended with a significant foreign trade balance surplus of 113bn HUF (379 million EUR).

With regard to main commodity groups, in the initial four months of the year except for machinery and transport equipment the trade volume of each catergory increased in comparison to the corresponding period of the previous year. The volume of the exports and imports of machinery and transport equipment was lower by 5.4 percent and 3.9 percent, respectively, than in the initial four months of last year. The decline of exports of this commodity group was due mainly to the decrease of exports of telecommunications and sound recording and reproducing apparatus and equipment, whereas growth has continued to be dynamic regarding the export of power generating machinery and equipment, general industrial- as well as electrical machinery, apparatus and equipment.

In January-April 2012 the volume of exports and imports of manufactured goods increased by 8.7 percent and 4.4 percent, respectively, compared to the corresponding period of the previous year. The price of fuels and electric energy increased more than average (26 percent), and the imports of products belonging to this commodity group stagnated in the observed period. The volume of exports of food, beverages and tobacco products increased dynamically (by 3.8 percent), while imports were only slightly higher.

The 76.5 percent of our total exports were headed to EU countries in the initial four months of the year, and the 70.6 percent of imports originated from them. The export volume as far as the entire EU is concerned was practically unchanged compared to the same period of the previous year, the weight of new member countries, however, has increased somewhat: the volume of exports to the 15 old member countries was down by 1.3 percent whereas it was 4.8 percent higher to new member countries compared to the corresponding period of 2011. The volume of imports from EU member countries in January-April was 3 percent higher compared to the same period of last year, and the volume of imports from old and new member countries increased by 1.1 percent and 8.7 percent, respectively. Our foreign trade balance vis-a-vis the countries of the EU was 902bn HUF in the observed period.

With regard to non-EU countries the volume of our exports increased (by 1.8 percent), whereas imports declined (by 7 percent). Our foreign trade deficit vis-a-vis these countries declined substantially (by 72bn HUF), and thus in the initial four months of the year it was 276bn HUF.

(Ministry for National Economy)