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FEB TRADE SURPLUS REVISED DOWN TO EUR 816 M

 

Hungary’s February trade surplus was revised downwards to 816 million euros in a second reading of data released by the Central Statistical Office (KSH). In the first reading, published on April 8, KSH had put the surplus at 891 million euros. The trade surplus was down 26 million euros from the same month a year earlier. Exports rose by 6.2% in euro terms to 9.058 billion euros and imports rose by 7.3% to 8.242 billion euros. Both growth rates were revised down from the first reading. In volume terms, February exports rose by 6.5% and imports rose by an annual 6.6%. Hungary’s terms of trade worsened by 0.9% from February 2018 as forint-term import prices rose by 2.9% and forint-term export prices rose by 2.0%. The forint weakened 2.1% to the euro and 11% to the US dollar in one year. Trade with other EU member states accounted for 82% of Hungary’s exports and 76% of the country’s imports. In January-February, exports rose by 6.5% both in volume and in euros to 18.062 billion euros. Imports increased by 7.7% in volume terms and rose by 8.5% to 16.854 billion euros. The surplus narrowed by 241 million euros to 1.208 billion euros, the revised figures show.
Terms of trade deteriorated by 0.9% in the first two months as export prices rose by 2.7% and import prices rose by 3.6% in forint terms. The forint weakened 2.8% to the euro and 11% to the dollar in the period.