Deficit on external trade in goods amounts to EUR 561 million in April
In April 2020, the volume of exports was down by 35% and that of imports by 23% compared to the same period of the previous year. The deficit was EUR 561 million, the balance deteriorated by EUR 790 million compared to April 2019. In January–April 2020, the surplus on the balance of external trade in goods amounted to EUR 1.3 billion, EUR 738 million less than a year earlier. The decline in the performance of production branches and in global demand together led to a fall in external trade in goods in the examined period.
In April 2020:
The value of exports amounted to EUR 5.6 billion (HUF 1,995 billion) and that of imports to EUR 6.2 billion (HUF 2,190 billion).
In April 2020 compared to a year earlier:
The value of exports decreased by 37% and that of imports by 29% in EUR terms.
The balance of external trade in goods deteriorated by EUR 790 million. (The deficit was EUR 50 million less than what was published in the first estimate.)
The forint (HUF) price level of external trade in goods increased by 2.6% in imports and by 6.9% in exports compared to the same month of the previous year. The terms of trade improved by 4.2%. The forint exchange rate weakened by 11% against the euro and by 15% against the dollar.
Calculated at prices in April 2019, the exports of machinery and transport equipment were reduced by 49% and their imports by 35%. The imports of road vehicles fell to almost a third and their exports to one-fifth compared to the corresponding period of the previous year. The reduction on both sides was consistent with changes in trade in passenger cars primarily and parts of motor vehicles. The exports of telecommunications and sound recording and reproducing apparatus and equipment declined by one-fourth and their imports by more than one-sixth. This was owing to changes in trade in reception apparatus for radio-broadcasting, transmission apparatus for radio-broadcasting and radar apparatus on the export side, while changes in trade in apparatus for line telephony or telegraphy and their parts and TV sets were dominant on the import side. The imports of power generating machinery and equipment fell almost to a third and their exports nearly to one-fourth compared to the corresponding period last year, which was the result of changes in trade in the parts of internal combustion engines, petrol engines and electric generators in both exports and imports, in addition, gas turbines in imports and diesel engines in exports. The imports of general industrial machinery and equipment, n.e.s., became 40% and their exports more than one-third lower, which resulted from changes in trade in air or vacuum pumps and pumps for liquids on both sides, in addition, transmission shafts, including camshafts and crankshafts, in imports and taps and cocks for pipes in exports. The exports of electrical machinery, apparatus and appliances, n.e.s., lessened by nearly one-third and their imports by more than one-fourth. The decrease can be explained by changes in trade in insulated electric wires and cables, electrical ignition or starting equipment for internal combustion engines and the parts of all these in both imports and exports, besides, electrical apparatus for switching or protecting electrical circuits in imports and the parts of electrical apparatus for switching or protecting electrical circuits, as well as boards, panels, consoles, desks, cabinets and other bases in exports. The effect of factory shutdowns caused by the COVID-19 epidemic can be observed in the volume decrease in trade in machinery and transport equipment.
The export volume of manufactured goods became 19% and their imports 9.0% lower. The export volume decrease was largely owing to a substantial fall in trade in automotive industry’s professional, scientific and controlling instruments and apparatus as well as rubber manufactures as a result of restrictions imposed owing to the epidemic. The decline in the imports was caused by changes in trade in manufactures of metals, n.e.s., on the one hand and automotive parts on the other hand. However, increases were observed in the volume of medicine and pharmaceutical products as well as chemicals and chemical products, which was also consistent with the epidemic and the restrictions imposed because of this.
The export volume of fuels and electric energy fell by 7.3% and their import volume by 23%, which can be explained by changes in trade in petroleum and petroleum products in the case of both sides, in addition, natural and manufactured gas in imports. The decline in global demand caused by the COVID-19 epidemic, as well as completely filled domestic gas storage facilities contributed to the reduction in the imports of fuels and electric energy, in both volume and value terms.
The volume of exports of food, beverages and tobacco became 2.0% and the volume of their imports 13% lower. The decrease on both sides resulted from changes in trade in meat and meat preparations. As an effect of the COVID-19 epidemic there was a fever of procurement, the demand for vegetables and fruits went up. A smaller decrease in volume can be observed on the export side compared to imports, which was due to a growth in the exports of cereals and cereal preparations.
The volume of exports to EU-27 Member States decreased by 39% and that of imports from there by 30%. The surplus on external trade in goods lessened by EUR 827 million and amounted to EUR 127 million. These countries accounted for 75% of exports and 66% of imports.
In extra-EU-27 trade, the volume of exports was down by 17% and that of imports by 5.1%. The balance of external trade in goods with this group of countries improved by EUR 37 million and showed a deficit of EUR 688 million.
In January–April 2020:
The value of exports amounted to EUR 33.3 billion (HUF 11.4 thousand billion) and that of imports to EUR 32.0 billion (HUF 10.9 thousand billion).
In January–April 2020 compared to a year earlier:
The volume of exports lessened by 7.9% and that of imports by 4.3%.
The surplus on the balance of external trade in goods decreased by EUR 738 million and amounted to EUR 1.3 billion.
The forint price level of external trade in goods was up by 3.3% in imports and by 5.5% in exports compared to the same period of the previous year. The terms of trade improved by 2.1%. The forint depreciated by 7.7% against the euro and by 11% against the dollar.
External trade in goods, January–April 2020
| Denomination | Exports | Imports | Balance | |||
|---|---|---|---|---|---|---|
| value, at current prices | same period of previous year=100.0% | value, at current prices | same period of previous year=100.0% | value, at current prices | in same period of previous year | |
| Billion HUF | 11 360 | 97.2 | 10 923 | 98.9 | 437 | 651 |
| Million EUR | 33 339 | 90.8 | 32 045 | 92.4 | 1 294 | 2 032 |