The surplus of the external trade in goods was EUR 1.0 billion in May, compared to April the adjusted volume of export decreased by 3.1% while that of import improved by 1.6%
The volume of export decreased by 5.8% in May 2024 and that of import fell by 5.0%, compared to the same period of the previous year. The surplus was EUR 1.0 billion, the balance fell by EUR 218 million year-on-year. Compared to April, the adjusted volume of export decreased by 3.1% and that of import grew by 1.6%.
In May 2024:
The value of export amounted to EUR 11.9 billion (HUF 4,625 billion), that of import was EUR 10.9 billion (HUF 4,237 billion).
In May 2024 compared to a year earlier:
The value of export decreased by 8.6% and that of import lessened by 7.7% in EUR terms.
According to calendar-adjusted data, the volume of export decreased by 6.0% and that of import fell by 5.3%.
The balance of the external trade in goods deteriorated by EUR 218 million. (The balance showed a EUR 145 million lower surplus than the one published in the first estimate.)
The HUF price level of the external trade in goods increased by 0.9% in exports and by 1.1% in imports, compared to the same month of the previous year. The terms of trade worsened by 0.2%. The HUF exchange rate depreciated by 4.0% against the EUR and by 4.6% against the US dollar.
The export volume of machinery and transport equipment decreased by 14%, their import declined by 7.7%. Both the export and import volume of the commodity group of electrical machinery, apparatus and appliances, n.e.s. decreased sharply. The export volume of the commodity group of road vehicles declined by nearly one-fifth, its import volume fell by a few percent compared to the base period. The export volume of the commodity group telecommunication and sound recording and reproducing apparatus decreased by more than one-tenth, its import volume slightly rose, year-on-year. The turnover of the power generating machinery and equipment commodity group decreased one-tenth or so on the export side, its import volume decreased by close to one-fourth compared to the same period of the previous year’s level. The aggregate commodity group of machinery and transport equipment contributed to the overall volume decrease in total turnover by 8.0 percentage points on the export side and by 3.5 percentage points on the import one.
The export volume of manufactured goods became 1.9% higher, while their import volume decreased by 6.8%. The increase on the export side was impacted by the turnover of medicinal and pharmaceutical products, the decrease in imports was owing to a drop in the turnover of other chemical materials and products, n.e.s. The aggregate commodity group of manufactured goods counteracted the overall volume decrease in export by 0.5 percentage points, while increased it in import by 2.6 percentage points.
The export volume of fuels and electric energy increased by 8.7%, their import volume was 5.4% higher than one year earlier. The turnover growth in both export and import can be explained by the significant increase in the volume of electrical energy. The turnover growth in fuels and electric energy slowed the decrease of the overall export volume by 0.3 percentage points and counteracted the fall in import volume by 0.4 percentage points.
The export volume of food, beverages and tobacco became 20% higher, while their import volume increased by 6.6%. The volume change was driven by cereals and cereal preparations on the export side, and sugars, sugar preparations and honey on the import one. The volume change realised by the aggregate commodity group slowed the total export decrease by 1.4 percentage points, the import one by 0.4 percentage points.
The volume of export to the EU-27 Member States became 7.2% lower and that of import from there decreased by 0.8%. The balance of the external trade in goods declined by EUR 775 million, generating a surplus of EUR 1.1 billion. This group of countries accounted for 76% of exports and 73% of imports.
In the extra-EU-27 trade, the volume of export decreased by 1.1%, that of import declined by 15%. The balance of the external trade in goods with these countries improved by EUR 557 million, showing a deficit of EUR 96 million.
In January–May 2024:
The value of exports amounted to EUR 61.0 billion (HUF 23.7 thousand billion), that of imports to EUR 54.4 billion (HUF 21.2 thousand billion).
In January–May 2024 compared to one year earlier:
The volume of export decreased by 1.0%, that of import lessened by 6.5%.
The balance of the external trade in goods improved by EUR 3.9 billion, the surplus was EUR 6.6 billion.
The HUF price level of the external trade in goods lessened by 2.2% on the export side, and by 3.7% on the import one, compared to the same period of the previous year. The terms of trade improved by 1.6%. The HUF depreciated against the EUR by 1.6%, and by 1.5% against the US dollar.
External trade in goods, January-May 2024
| Denomination | Export | Import | Balance | |||
|---|---|---|---|---|---|---|
| value, at current prices | same period of the previous year=100.0% | value, at current prices | same period of the previous year=100.0% | value, at current prices | compared to the same period of the previous year | |
| Billion HUF | 23 727 | 96.8 | 21 153 | 90.0 | 2 574 | 1 552 |
| Million EUR | 60 962 | 95.2 | 54 369 | 88.6 | 6 594 | 3 879 |