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Hungarian external trade surplus 1.1 billion euros in June

Staff Writer |
In June 2016, the export volume increased by 7.4%, the import volume by 6.6% and the external trade surplus grew by EUR 265 million compared to the same month of the previous year.

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In the first six months of 2016, the external trade surplus was EUR 5.4 billion.

In June 2016: the value of exports amounted to EUR 8.4 billion (HUF 2,654 billion) and that of imports to EUR 7.3 billion (HUF 2,305 billion).

In June 2016 compared to the same month of the previous year exports increased by 4.9% and imports by 1.8% in EUR terms.

The surplus on the trade balance increased by EUR 265 million and amounted to EUR 1.1 billion. (The surplus is EUR 17 million less than the value published in the first estimate.)

The volume of machinery and transport equipment grew by 9.2% in exports and 8.8% in imports. The export volume of power-generating machinery and equipment rose by one-fourth, their import volume by some one-sixth. In both trade flows, the growth of turnover with extra-EU countries was determining.

The exports of telecommunications and sound-recording and reproducing apparatus and equipment increased by nearly 20% and their imports grew by more than 30%, partly caused by the increasing production of base stations necessary for mobile communication.

This range of goods was characterized by a one-digit price drop in both trade directions. The exportation of machinery specialized for particular industries grew by more than one-sixth, which is largely caused by the increasing turnover to Romania. The trade of road vehicles produced a moderate increase in both flows.

The imports was increased by state car purchases and opening of new car salons as well, whereas in exports, the turnover to the Italian, Czech and Japanese relations grew the most.

The import volume of electrical machinery, apparatus and appliances increased also somewhat below the average, and the major factors of the growth were capacity increasing investments and logistical reasons.

The export and import volumes of manufactured goods were up by 6.2% and 7.3%, respectively. The volume of medicinal and pharmaceutical products, being dominant among chemicals and related products expanded above the average of the main commodity group in both flows, in imports first of all from the Republic of Korea and in exports to Spain and France.

The exportation of organic chemicals grew by almost 30% and their importation decreased slightly (caused partly by summer shutdowns). Both the imports and exports of essential oils, perfume materials, cleaning preparations increased by some 10%, in which primarily the trade with EU countries was determinant.

In connection with the broadening car industry, the imports of furniture and parts thereof rose by almost one-fourth and those of textile yarn, fabrics and rubber manufactures by 10%; this latter was also influenced by the opening of a new factory unit and logistics centre.

The turnover of professional, scientific and controlling instruments and apparatus grew by some 10% in both directions, mostly because of the trade expansion of regulating or controlling instruments and apparatus.

The importation of articles of apparel and clothing accessories rose by nearly one-sixth, and in the relation with Romania a considerable growth occurred.

The import volume of fuels and electric energy went down by 8.6%. The importation of natural and manufactured gas decreased by almost one-sixth along with a nearly 40% drop in forint prices.

The import volume of petroleum, petroleum products and related materials decreased slightly; at the same time the world price of the petroleum has been rising since March.

The imports of electric current decreased by above 10%. The importation of coal, coke and briquettes, having a smaller share, increased by more than 80%, caused mainly by the growing turnover of the Czech and the Canadian relations.

The export volume of food, beverages and tobacco decreased by 0.7% and their import volume increased by 1.7%. The import volume of sugars, sugar preparations and honey grew by more than 40%, chiefly from overseas.

The imports of miscellaneous edible products and preparations, those of live animals as well as dairy products and birds’ eggs increased by some 10%, the latter mainly because of the importation of cheese and curd.

The import volume of vegetables and fruit (within this, mostly preserved vegetables) grew moderately, and the imports and exports of meat and meat preparations grew by more than 10%. Regarding this latter range of goods, primarily the exportation of meat of fowls rose.

The exports of beverages expanded by almost one-fifth, above all caused by the export growth of waters, including natural or artificial mineral waters.

The trade of cereals and cereal preparations fell sharply by one-fourth–one-fifth in both directions, which was chiefly caused by the fall in trade of seed-corn in imports and the decreasing trade of corn in exports.

The volume of exports to EU member states grew by 7.1% and that of imports by 4.1%. The surplus on our trade with EU member states increased by EUR 244 million and amounted to EUR 913 million. The share of the trade with these countries was 79% in exports and 78% in imports.

In extra-EU trade, the volume of exports increased by 8.6% and that of imports by 16%. The trade balance with this group of countries improved by EUR 22 million and the surplus was EUR 199 million.