External trade surplus was EUR 596 million in May
In May 2018, the export volume didn’t change and the import volume increased by 2.4% compared to the same month of the previous year. The surplus was EUR 596 million, EUR 226 million less than the figure in May 2017. According to calendar adjusted data, export and import volumes increased by 3.5% and 4.4%, respectively. In the first five months of 2018, the external trade surplus was EUR 3.2 billion.
In May 2018:
The value of exports amounted to EUR 9.1 billion (HUF 2,864 billion) and that of imports to EUR 8.5 billion (HUF 2,674 billion).
In May 2018 compared to the same month of the previous year:
The value of exports increased by 0.2% and that of imports by 2.9% in EUR terms.
The surplus on trade was down by EUR 226 million. (The balance is EUR 19 million more than the value published in the first estimate.)
The forint price level of external trade in goods increased by 2.0% in imports and by 1.7% in exports compared to the same month of the previous year. The terms of trade worsened by 0.3%. The forint exchange rate was down by 2.2% against the euro and appreciated by 4.5% against the dollar.
Calculated at prices of May 2017, the trade of machinery and transport equipment decreased by 1.4% in exports and increased by 3.2% in imports. The slight decrease of the exports of road vehicles was due to the change in the trade of passenger vehicles and their components. The exports of power-generating machinery and their equipment decreased by more than one-tenth, while their imports almost didn’t change. The import volume of telecommunications and sound recording and reproducing apparatus and equipment barely changed, while their export volume grew by one-seventh, which was mainly connected to the change in the trade of radio and TV devices, and radar equipment helping car driving. The imports of electrical machinery, apparatus and appliances increased by nearly one-tenth; in the growth, the imports of electrical apparatus for switching or protecting electrical circuits and electronic integrated circuits were dominant.
The export volume of manufactured goods increased by 6.0% and their import volume by 5.7%. The exports of medical and pharmaceutical products increased by nearly one-fifth and their imports by more than one-tenth. The exports of plastics in primary forms grew by nearly one-seventh, and their imports were up slightly. The exports of professional, scientific and controlling instruments and apparatus, n.e.s. decreased by one-tenth compared to the same period of the previous year, while their imports grew to the same extent. In both directions, the change in the trade of medical, control and measuring instruments and their parts was dominant. The trade of iron and steel was up slightly in imports, and their exports increased by more than one-seventh; the growth was due to the change in the turnover of flat-rolled products of iron in both directions. The exports of non-ferrous metals grew by nearly one-seventh, while their imports increased to a lower extent. On both sides, the increase was mainly connected to the change in the trade of unlaboured aluminium, aluminium sheet, plate and strip, as well as aluminium rod and profile. The exports and imports of other metal products decreased slightly compared to the same period of the previous year.
The import volume of fuels and electricity decreased by 18% and their export volume by 12%. The imports of petroleum, petroleum products and related materials decreased by more than one-tenth, while their exports fell to a lower extent. The imports of natural and manufactured gas decreased significantly, by nearly 40%. The imports of electricity was down by more than one-tenth.
The export volume of food, beverages and tobacco was down by 11% and their import volume grew by 4.8%. The exports of cereals and cereal preparations decreased by half, while their imports increased somewhat. In exports, the decline of the trade of wheat and non-sowing maize, while in imports, the growth in the trade of bread and other bakery products was dominant. Both the exports and imports of meat and meat products increased slightly. The increase was mainly connected to the trade of poultry for human consumption on both sides. The exports of beverages and tobacco increased by nearly one-fifth, while their imports were up by a few percent. In imports, the change in the turnover of unprocessed tobacco and mineral water, in exports that of mineral water, cigarette and cigar was dominant.
The volume of exports to EU member states increased by 2.9% and that of imports from these countries was by 2.0% higher. The surplus on trade was up by EUR 19 million and amounted to EUR 852 million. The share of the trade with these countries was 81% in exports and 77% in imports.
In extra-EU trade, the volume of exports was down by 11% and that of imports increased by 3.6%. The trade balance with this group of countries deteriorated by EUR 245 million and showed a deficit of EUR 255 million.
External trade in goods by groups of countries, May 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) | 2 058 | 6 499 | 105.2 | 103.0 | 102.0 |
| Extra-EU countries | 616 | 1 985 | 101.8 | 102.7 | 103.6 |
| Total | 2 674 | 8 484 | 104.4 | 102.9 | 102.4 |
| Exports | |||||
| European Union (EU-28) | 2 327 | 7 351 | 105.2 | 102.9 | 102.9 |
| Extra-EU countries | 537 | 1 730 | 89.2 | 90.0 | 89.4 |
| Total | 2 864 | 9 080 | 101.7 | 100.2 | 100.0 |
*Based on raw (unadjusted) data.
In January–May 2018:
The value of exports amounted to EUR 43.8 billion (HUF 13,677 billion) and that of imports to EUR 40.6 billion (HUF 12,671 billion).
In January–May 2018 compared to the same period of the previous year:
The volume of exports was up by 4.7% and that of imports by 6.3%.
The surplus on the trade balance decreased by EUR 552 million and amounted to EUR 3.2 billion.
The forint price level of external trade in goods increased by 0.4% in imports and by 0.2% in exports compared to the first five months of the previous year. The terms of trade worsened by 0.2%. The forint exchange rate depreciated by 0.8% against the euro, but appreciated by 11% against the dollar.
External trade in goods, January–May 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 HUF | 13 677 | 104.9 | 12 671 | 106.7 | 1 006 | 1 168 |
| Million EUR | 43 815 | 104.1 | 40 596 | 105.9 | 3 220 | 3 772 |