Published on: 2 March 2018

External trade surplus was EUR 513 million in December

In December 2017, the export volume increased by 2.5%, and import volume by 2.7%, and the surplus was EUR 513 million, EUR 23 million more than the figure in December of the previous year. In the year of 2017, the external trade surplus was EUR 8.1 billion.

In December 2017:

The value of exports amounted to EUR 7.5 billion (HUF 2,337 billion) and that of imports to EUR 6.9 billion (HUF 2,176 billion).

In December 2017 compared to the same month of the previous year:

The value of exports increased by 2.5% and that of imports by 2.3% in EUR terms.

The surplus on trade grew by EUR 23 million and was EUR 513 million. (The balance is EUR 11 million more than the value published in the first estimate.)

According to calendar adjusted figures, export and import volumes increased by 7.7% and 8.2%, respectively.

The forint price level of external trade in goods increased by 0.6% in exports and 0.2% in imports. The terms of trade improved by 0.4%. The forint exchange rate weakened by 0.3% against the euro and appreciated by 11% against the dollar.

Calculated at prices of December of the previous year, the trade of machinery and transport equipment increased by 1.3% in exports and did not change in imports. The exports of road vehicles grew slightly, and their imports were barely lower than in the same month of 2016. Both the exports and imports of power-generating machinery and equipment decreased by more than one-tenth. The import volume of telecommunications and sound recording and reproducing apparatus and equipment decreased by nearly one-tenth, while their exports grew to the same extent, mainly due to the trade of mobile devices and their components. The imports of electrical machinery, apparatus and appliances increased by nearly one-fifth; in the growth, the imports of electronic integrated circuits were dominant.

The export and import volumes of manufactured goods increased by 5.0% and 6.8%, respectively. The exports of medical and pharmaceutical products increased by more than a one-tenth, and their imports grew by nearly one-fifth. The exports of plastics in primary forms were slightly lower than in December 2016. Owing to the trade of regulating and controlling instruments and apparatus, both the exports and imports of professional, scientific and controlling instruments and apparatus, n.e.s. increased slightly. The imports of iron and steel were up by nearly 2%, and their exports increased by more than one-fifth as a result of the change in the trade of flat-rolled products of iron in both directions. The imports of non-ferrous metals grew by nearly one-fifth and their exports increased even more; in imports, the trade of unlaboured aluminium and in exports, in addition to unlaboured aluminium, that of aluminium sheet, plate and strip had an effect on the growth. Both the imports and exports of other metal products grew slightly, and the trade of manufactures of metals and composite structural elements was dominant in both directions.

The import volume of fuels and electricity increased by 2.9%. The imports of petroleum, petroleum products and related materials grew slightly and those of natural and manufactured gas increased by 1.5% compared to December 2016. The imports of electricity increased by nearly one-tenth.

The export volume of food, beverages and tobacco were down by 1.5% and their import volume grew by 2.1%. Both the exports and imports of cereals and cereal preparations decreased slightly. The imports of meat and meat products increased by more than one-tenth because of the change in the turnover of poultry for human consumption. The exports of drinks and tobacco increased by nearly one-fifth, while their imports slightly decreased. In both cases, mainly the change in the turnover of cigar and cigarette was dominant.

The volume of exports to EU member states increased by 4.5% and that of imports from these countries was by 1.2% higher than in December 2016. The surplus on trade grew by EUR 209 million and amounted to EUR 465 million. The share of the trade with these countries was 77% in exports and 76% in imports.

In extra-EU trade, the volume of exports decreased by 4.0% and that of imports increased by 8.5%. The trade balance with this group of countries deterirated by EUR 185 million and showed a surplus of EUR 48 million.

External trade in goods by groups of countries, December 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 6645 310102.1101.7101.2
Extra-EU countries5121 636105.8104.3108.5
Total2 1766 946102.9102.3102.7
Exports
European Union (EU-28)1 8095 775105.8105,5104.5
Extra-EU countries5281 68494.893.596.0
Total2 3377 459103.1102.5102.5

*Based on raw (unadjusted) data.

In January–December 2017:

The value of exports amounted to EUR 100.6 billion (HUF 31,103 billion) and that of imports to EUR 92.5 billion (HUF 28,602 billion).

In January–December 2017 compared to the same period of the previous year:

The volume of exports was up by 5.8% and that of imports by 8.2%.

The surplus on the trade balance decreased by EUR 1.6 billion and amounted to EUR 8.1 billion.

The forint price level of external trade in goods increased by 1.5% in exports and by 1.9% in imports. The terms of trade worsened by 0.4%. The forint exchange rate appreciated by 0.7% against the euro and by 2.5% against the dollar.

External trade in goods, January–December 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 HUF31 103107.428 602110.32 5013 029
Million EUR100 581108.292 499111.18 0829 725