Surplus on external trade in goods amounts to EUR 102 million in May
In May 2020, the volume of exports was down by 26% and that of imports by 19% compared to the same period of the previous year. The surplus was EUR 102 million, the balance deteriorated by EUR 545 million compared to May 2019. According to calendar-adjusted data, the export volume decreased by 22% and the import volume by 15%. In January–May 2020, the surplus on the balance of external trade in goods amounted to EUR 1.4 billion, EUR 1.3 billion less than a year earlier. Due to the subdued performance of the productive branches as well as to global demand continuing to lessen, the level of external trade in goods continued to be lower in the period under review than the base last year.
In May 2020:
The value of exports amounted to EUR 6.8 billion (HUF 2,387 billion) and that of imports to EUR 6.7 billion (HUF 2,354 billion).
In May 2020 compared to a year earlier:
The value of exports decreased by 29% and that of imports by 25% in EUR terms.
The balance of external trade in goods deteriorated by EUR 545 million. (The surplus was EUR 54 million less than that published in the first estimate.)
The forint (HUF) price level of external trade in goods increased by 1.5% in imports and by 4.3% in exports compared to the same month of the previous year. The terms of trade improved by 2.8%. The forint exchange rate weakened by 7.9% against the euro and by 11% against the dollar.
Calculated at prices in May 2019, the exports of machinery and transport equipment were reduced by 34% and their imports by 33%. Both the imports and exports of road vehicles fell by nearly one-half compared to the corresponding period of the previous year. The reduction on both sides was mostly consistent with changes in trade in passenger cars and parts of motor vehicles. The imports of power generating machinery and equipment became over one-third and their exports more than one-half lower compared to the corresponding period last year, which was due to changes in trade in the parts of internal combustion engines in both exports and imports, in addition, diesel engines and petrol engines in exports. The imports of general industrial machinery and equipment, n.e.s., declined by 40% and their exports by nearly one-third, 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, boiler shells, tanks, vats or the like, n.e.s., in exports. The exports of electrical machinery, apparatus and appliances, n.e.s., lessened by more than one-fifth and their imports by nearly one-third. The decrease can be explained by changes in trade in insulated electric wires and cables in both exports and imports, besides, electronic integrated circuits and microstructure, as well as electrical apparatus for switching or protecting electrical circuits in imports and boards, panels, consoles, desks, cabinets and other bases in exports.
The export volume of manufactured goods became 17% and their imports 2.9% less. The export volume decrease was largely owing to a substantial decline in trade in professional, scientific and controlling instruments and apparatus related to automotive industry, other metal products and rubber manufactures, as caused by the corona virus epidemic. The decrease in the imports was due to changes in trade in manufactures of metals, n.e.s., on the one hand and automotive parts on the other hand, which could not be offset by the procurement of significant volumes of professional, scientific and controlling instruments and apparatus for the treatment of COVID-19. However, an increase was observed in the volume of medical and pharmaceutical products on both sides.
The export volume of fuels and electric energy fell by 9.1% and their import volume by 11%, 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 and electric current in imports.
The volume of exports of food, beverages and tobacco was down by 0.3% and the volume of their imports by 12%. The decrease on both sides resulted from changes in trade in meat and meat preparations. A smaller decrease in volume was observed on the export side compared to imports, a contributor to which was a growth in the exports of cereals and cereal preparations.
The volume of exports to EU-27 Member States decreased by 27% and that of imports from there by 29%. The surplus on external trade in goods lessened by EUR 127 million and amounted to EUR 868 million. These countries accounted for 78% of exports and 66% of imports.
In extra-EU-27 trade, the volume of exports became 19% lower, while that of imports 10% larger. The balance of external trade in goods with this group of countries deteriorated by EUR 418 million and showed a deficit of EUR 766 million.
In January–May 2020:
The value of exports amounted to EUR 40.1 billion (HUF 13.7 thousand billion) and that of imports to EUR 38.7 billion (HUF 13.3 thousand billion).
In January–May 2020 compared to a year earlier:
The volume of exports went down by 12% and that of imports by 7.3%.
The surplus on the balance of external trade in goods lessened by EUR 1.3 billion and amounted to EUR 1.4 billion.
The forint price level of external trade in goods rose by 3.0% in imports and by 5.3% in exports compared to the same period of the previous year. The terms of trade improved by 2.2%. The forint depreciated by 7.7% against the euro and by 11% against the dollar.
External trade in goods, January–May 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 | 13 747 | 93.1 | 13 277 | 95.5 | 470 | 864 |
| Million EUR | 40 128 | 86.8 | 38 732 | 89.0 | 1 396 | 2 679 |