External trade surplus was EUR 1,024 million in June
In June 2018, the export volume increased by 8.9% and the import volume by 6.4% compared to the same month of the previous year. The surplus was EUR 1,024 million, EUR 165 million more than the figure in June 2017. According to calendar adjusted data, export and import volumes increased by 8.2% and 7.0%, respectively. In the first six months of 2018, the external trade surplus was EUR 4.2 billion.
In June 2018:
The value of exports amounted to EUR 9.6 billion (HUF 3,080 billion) and that of imports to EUR 8.5 billion (HUF 2,749 billion).
In June 2018 compared to the same month of the previous year:
The value of exports increased by 9.1% and that of imports by 8.0% in EUR terms.
The surplus on trade was up by EUR 165 million. (The balance is EUR 46 million less than the value published in the first estimate.)
The forint price level of external trade in goods increased by 5.8% in imports and by 4.6% in exports compared to the same month of the previous year. The terms of trade worsened by 1.1%. The forint exchange rate was down by 4.7% against the euro and by 0.7% against the dollar.
Calculated at prices of June 2017, the trade of machinery and transport equipment increased by 11% in exports and by 8.2% in imports. The slight increase in 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 a few per cent, and their imports was down by more than one-tenth compared to the same period of the previous year. The import volume of telecommunications and sound recording and reproducing apparatus and equipment slightly increased, and their export volume grew by one-fifth, which was mainly connected to the change in the trade of mobil phones in imports and that of radar equipment helping car driving in exports. The imports of electrical machinery, apparatus and appliances increased by more than 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 9.2% and their import volume by 7.3%. The exports of medical and pharmaceutical products increased by more than one-fourth, and their imports by more than one-third. The exports of plastics in primary forms grew by nearly one-tenth, and their imports were up slightly. The trade of professional, scientific and controlling instruments and apparatus, n.e.s. changed slightly in both directions; it decreased in exports and increased in imports 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 regulating or controlling instruments and apparatus and their parts was dominant. The trade of iron and steel was up slightly in imports, and their exports increased by more than one-sixth; 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 slightly grew, and their imports increased by nearly one-tenth. 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 increased slightly compared to the same period of the previous year.
The import volume of fuels and electricity decreased by 4.0% and their export volume by 7.9%. The imports of petroleum, petroleum products and related materials decreased by more than one-tenth, while their exports was up to nearly the same extent. The imports of natural and manufactured gas increased by nearly one-tenth. There was a minimal increase in the imports of electricity, while its exports decreased by half.
The export volume of food, beverages and tobacco was down by 2.5%, while their import volume grew by 3.8%. The exports of cereals and cereal preparations decreased by one-third, while their imports increased by more than one-tenth. 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 due to the change in the trade of poultry for human consumption. The exports of beverages and tobacco increased by nearly one-third, and their imports were up slightly. In imports, the change in the turnover of unprocessed tobacco, malt beer and mineral water, in exports that of mineral water, cigarette and cigar was dominant.
The volume of exports to EU member states increased by 11%, and that of imports from these countries was by 5.4% higher. The surplus on trade was up by EUR 390 million and amounted to EUR 1,246 million. The share of the trade with these countries was 81% in exports and 76% in imports.
In extra-EU trade, the volume of exports was down by 0.3%, while that of imports increased by 10%. The trade balance with this group of countries deteriorated by EUR 224 million and showed a deficit of EUR 222 million.
External trade in goods by groups of countries, June 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) | 2 104 | 6 520 | 111.5 | 106.5 | 105.4 |
| Extra-EU countries | 645 | 2 023 | 116.6 | 113.0 | 110.2 |
| Total | 2 749 | 8 543 | 112.6 | 108.0 | 106.4 |
| Exports | |||||
| European Union (EU-28) | 2 506 | 7 766 | 116.5 | 111.3 | 111.2 |
| Extra-EU countries | 574 | 1 802 | 103.7 | 100.5 | 99.7 |
| Total | 3 080 | 9 568 | 113.9 | 109.1 | 108.9 |
*Based on raw (unadjusted) data.
In January–June 2018:
The value of exports amounted to EUR 53.4 billion (HUF 16,756 billion) and that of imports to EUR 49.2 billion (HUF 15,426 billion).
In January–June 2018 compared to the same period of the previous year:
The volume of exports was up by 5.2% and that of imports by 6.3%.
The surplus on the trade balance decreased by EUR 398 million and amounted to EUR 4.2 billion.
The forint price level of external trade in goods increased by 1.2% in imports and by 1.0% in exports compared to the first six months of the previous year. The terms of trade worsened by 0.2%. The forint exchange rate depreciated by 1.5% against the euro, but appreciated by 9.2% against the dollar.
External trade in goods, January–June 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 | 16 756 | 106.3 | 15 426 | 107.6 | 1 329 | 1 429 |
| Million EUR | 53 379 | 104.8 | 49 159 | 106.2 | 4 220 | 4 618 |
Revision of 2017 data
According to final data, exports amounted to EUR 100.7 billion (HUF 31,134 billion) and imports to EUR 92.6 billion (HUF 28,633 billion) in 2017. The surplus of the foreign trade balance was EUR 8.1 billion (HUF 2,500 billion). The level of exports was up by EUR 99 million (HUF 30.9 billion), and that of imports grew by EUR 104 million (HUF 31.7 billion). The surplus was EUR 5 million (HUF 866 million) less than the second estimate published on 2 March 2018.