Published on: 1 June 2018

External trade surplus was EUR 567 million in March

In March 2018, export volume decreased by 3.2% and import volume by 0.5% compared to the same month of the previous year. The surplus was EUR 567 million, EUR 255 million less than the figure in March 2017. According to calendar adjusted figures, export and import volumes increased by 4.4% and 6.0%, respectively. In the first three months of 2018, the external trade surplus was EUR 2.1 billion.

In March 2018:

The value of exports amounted to EUR 9.1 billion (HUF 2,852 billion) and that of imports to EUR 8.6 billion (HUF 2,675 billion).

In March 2018 compared to the same month of the previous year:

The value of exports decreased by 3.7% and that of imports by 1.1% in EUR terms.

The surplus on trade was down by EUR 255 million. (The balance is EUR 9.0 million more than the value published in the first estimate.)

The forint price level of external trade in goods increased by 0.3% in imports and 0.4% in exports. The terms of trade improved by 0.1%. The forint exchange rate weakened by 0.9% against the euro and appreciated by 13% against the dollar.

Calculated at prices of March 2017, the trade of machinery and transport equipment decreased by 1.3% in exports and increased by 1.4% in imports. The exports of road vehicles slightly decreased, but their imports increased a bit, which was due to the change in the trade of passenger vehicles and their components both in imports and in exports. The exports of power-generating machinery and their equipment decreased sligthly, while their imports were down by nearly one-tenth. The import volume of telecommunications and sound recording and reproducing apparatus and equipment decreased by nearly one-fifth, while their export volume grew slightly. The decrease in imports was mainly connected to the change in the trade of mobile and radio navigation devices and their components, while the growth in their exports to that of radar equipment. The imports of electrical machinery, apparatus and appliances increased slightly; in the growth, the imports of electrical apparatus for switching or protecting electrical circuits were dominant.

The export volume of manufactured goods decreased by 3.1% and their import volume by 1.8%. The exports of medical and pharmaceutical products slightly increased, while their imports decreased by nearly one-fifth. The exports of plastics in primary forms changed barely, while their imports were up slightly. The exports of professional, scientific and controlling instruments and apparatus, n.e.s. decreased by nearly one-tenth, while their imports almost didn’t change; in exports, the change in the trade of automatic regulating or controlling insturments and their parts was dominant. The trade of iron and steel was up slightly in imports, while their exports increased by more than one-fifth due to the change in the turnover of flat-rolled products of iron. The exports of non-ferrous metals grew by more than one-tenth and their imports increased by nearly one-seventh as a result of the change in the trade of unlaboured aluminium and the aluminium sheet, plate and strip in imports, and due to the change in the trade of the above products, as well as rods of aluminium in exports. The exports of other metal products decreased slightly and their imports were down by nearly one-tenth. The turnover of manufactures of metals had a sifnificant effect on both directions of trade, while in imports, in addition to them, the change in the trade of removable tools was also dominant.

The import volume of fuels and electricity decreased by 6.0%. Both the imports and exports of petroleum, petroleum products and related materials grew to the same extent, by nearly one-tenth, while the imports of natural and manufactured gas decreased by half. The imports of electricity increased by one-tenth.

The export volume of food, beverages and tobacco was down by 13% and their import volume grew by 1.2%. The exports of cereals and cereal preparations decreased by nearly half, and their imports declined by more than one-fifth. In exports, the change in the trade of wheat, corn, and corn-seed, in imports that of corn-seed was dominant. The exports of meat and meat products increased by nearly one-tenth, while their imports slightly decreased. The increase in exports was mainly connected to the trade of poultry for human consumption, and in imports the trade of pork had an effect on the change. The exports of beverages and tobacco slightly increased, while their imports were up by nearly one-tenth. In imports, the change in the turnover of unprocessed tobacco and spirit, in exports that of cigarette and cigar was dominant.

The volume of exports to EU member states decreased by 3.2% and that of imports from these countries was by 0.5% higher. The surplus on trade was down by EUR 317 million and amounted to EUR 623 million. The share of the trade with these countries was 79% in exports and 77% in imports.

In extra-EU trade, the volume of exports was down by 2.8% and that of imports by 3.4%. The trade balance with this group of countries improved by EUR 62 million and showed a deficit of EUR 55 million.

External trade in goods by groups of countries, March 2018*

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)2 0616 598102.3101.5100.5
Extra-EU countries6141 96792.291.296.6
Total2 6758 56599.898.999.5
Exports
European Union (EU-28)2 2567 22197.997.096.8
Extra-EU countries5971 91194.893.797.2
Total2 8529 13297.296.396.8

*Based on raw (unadjusted) data.

In January–March 2018:

The value of exports amounted to EUR 26.1 billion (HUF 8,136 billion) and that of imports to EUR 24.0 billion (HUF 7,482 billion).

In January–March 2018 compared to the same period of the previous year:

The volume of exports was up by 4.1% and that of imports by 4.8%.

The surplus on the trade balance decreased by EUR 44 million and amounted to EUR 2.1 billion.

The forint price level of external trade in goods didn’t change in exports and decreased by 0.1% in imports. The terms of trade improved by 0.1%. The forint exchange rate depreciated by 0.6% against the euro, butappreciated by 13% against the dollar.

External trade in goods, January–March 2018

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 HUF8 136104.17 482104.7654665
Million EUR26 142103.424 036103.92 1062 151