External trade surplus was EUR 978 million in March
In March 2017, the export volume increased by 16% and the import volume by 17%, and the surplus increased by EUR 21 million compared to the same month of the previous year. On the basis of calendar adjusted data, both the export and import volumes increased by 11% compared to the same period of the previous year. In the first three months of 2017, the external trade surplus was EUR 2.5 billion.
In March 2017:
The value of exports amounted to EUR 9.5 billion (HUF 2,931 billion) and that of imports to EUR 8.5 billion (HUF 2,628 billion)
In March 2017 compared to the same month of the previous year:
The value of exports increased by 19% and that of imports by 21% in EUR terms.
The surplus on trade increased by EUR 21 million and was EUR 978 million. (The balance is EUR 22 million more than the value published in the first estimate.)
The forint price level of external trade in goods increased by 2.0% in exports and by 3.4% in imports. The terms of trade worsened by 1.4%, mainly due to the rise in energy prices. The forint exchange rate appreciated by 0.5% against the euro and depreciated by 3.4% against the dollar.
Calculated at prices in March of the previous year, the trade of machinery and transport equipment grew by 16% in exports and 19% in imports. The exports of road vehicles increased by 17% and their imports by 15%. The increase of motor cars and parts and accessories for vehicle was dominant in both directions. The export and import volumes of power-generating machinery and equipment rose by nearly one-sixth. In imports, the trade of parts for internal combustion engines showed a growth, in exports the value of internal combustion engines, parts for engines and generators increased. The imports of electrical machinery, apparatus and appliances grew by nearly one-fifth, and their exports increased by more than one-tenth. In imports, the trade of electronic integrated circuits, while in exports that of electrical apparatus for switching, protecting electrical circuits, showed a considerable growth.
The export and import volumes of manufactured goods were up by 17% and 13%, respectively. Medical and pharmaceutical products showed a growth of nearly one-sixth in both directions. In imports, blood products, in exports, medicaments played the key role in the increase. The exports of chemical materials and products n.e.s grew by more than half, mainly the exports of pesticides picked up. The exports of professional, scientific and controlling instruments and apparatus – especially of regulating or controlling instruments – rose by more than one-fifth. The exports of manufactures of metals, within that, those of articles of iron and steel increased significantly, by nearly one-fifth, and their imports grew also considerably, by nearly one-sixth.
The import volume of fuels and electricity increased by 36%. The imports of petroleum, petroleum products and related materials were up by more than one-third. The imports of natural and manufactured gas were higher by half than a year earlier. The imports of electricity did not change much.
The export volumes of food, beverages and tobacco grew by 19%, and their import volumes increased by 4.7%. The exports of cereals and cereal preparations went up by nearly two-thirds, due to the significant growth in the trade of wheat and maize. The exports of meat and meat preparations fell slightly, but their imports grew by one-third, mainly owing to the increase in the imports of pork meat from Germany, Spain and Poland.
The volume of exports to EU member states increased by 15% and that of imports from these countries by 12%. The surplus on trade with EU member states increased by EUR 268 million and amounted to EUR 1,104 million. The share of the trade with these countries was 78% in exports and 74% in imports.
In extra-EU trade, the volume of exports increased by 22% and that of imports by 32%. The trade balance with this group of countries worsened by EUR 248 million and showed a deficit of EUR 126 million.
External trade in goods by groups of countries, March 2017*
| Groups of countries | Value, at current prices | Value index calculated from data in |
Volume index | ||
|---|---|---|---|---|---|
| billion HUF | million EUR | HUF | EUR | ||
| the same period of the previous year=100.0 | |||||
| Imports | |||||
| European Union (EU-28) | 1 955 | 6 312 | 114.0 | 114.6 | 112.4 |
| Extra-EU countries | 673 | 2 183 | 145.0 | 145.9 | 131.5 |
| Total | 2 628 | 8 495 | 120.6 | 121.3 | 116.6 |
| Exports | |||||
| European Union (EU-28) | 2 297 | 7 417 | 116.3 | 116.9 | 114.6 |
| Extra-EU countries | 634 | 2 057 | 126.3 | 127.1 | 121.6 |
| Total | 2 931 | 9 474 | 118.4 | 119.0 | 116.1 |
*Based on raw (unadjusted) data.
In January– March 2017:
The value of exports amounted to EUR 25.3 billion (HUF 7,824 billion) and that of imports to EUR 22.8 billion (HUF 7,054 billion).
In January–March 2017 compared to the same period of the previous year:
The volume of exports was up by 9.8% and that of imports by 10.3%.
The surplus on the trade balance decreased by EUR 50 million and amounted to EUR 2.5 billion.
The forint price level of external trade in goods increased by 1.7% in exports and by 3.0% in imports. The terms of trade worsened by 1.3%. The forint exchange rate appreciated by 0.9% against the euro and depreciated by 2.5% against the dollar.
External trade in goods, in January-March 2017
| Denomination | Exports | Imports | Balance | |||
|---|---|---|---|---|---|---|
| value, at current prices | the same period of the previous year=100.0 | value, at current prices | the same period of the previous year=100.0 | value, at current prices | in the same period of the previous year | |
| Billion HUF | 7 824 | 111.7 | 7 054 | 113.6 | 770 | 793 |
| Million EUR | 25 317 | 112.8 | 22 824 | 114.7 | 2 492 | 2 542 |