Deteriorating External Trade Balance for Hungary

In September 2021, the volume of exports became 9.1% and that of imports 0.4% smaller compared to the same period of the previous year. Compared to September 2019, the volume of external trade increased by 0.7% in exports and by 4.7% in imports. The deficit was EUR 128 million, the balance deteriorating by EUR 1.3 billion compared to a year earlier. 

In September 2021, the value of exports amounted to EUR 10.4 billion (HUF 3,651 billion) and that of imports to EUR 10.5 billion (HUF 3,695 billion).

In September 2021, compared to a year earlier:
The value of exports was unchanged and that of imports increased by 14% in EUR terms.

According to calendar-adjusted data, the volume of exports became 8.3% and that of imports 0.5% lower.

The balance of external trade in goods deteriorated by EUR 1.3 billion. (The balance was EUR 129 million less favourable than that published in the first estimate.)

The forint (HUF) price level of external trade in goods rose by 8.0% in exports and by 13% in imports compared to the same month of the previous year. The terms of trade deteriorated by 4.4%. The forint exchange rate strengthened by 2.3% against the euro and by 2.1% against the US dollar.

Calculated at prices in September 2020, the exports of machinery and transport equipment became 13% and their imports 2.1% smaller. The exports of road vehicles went down by more than one-fifth and their imports by nearly one-fifth compared to the corresponding period of the previous year. The exports of the commodity group of telecommunications and sound recording and reproducing apparatus and equipment lessened by more than one-seventh and their imports slightly compared to the same period of the previous year. There was a slight reduction in the volume of both the exports and imports of general industrial machinery and equipment, n.e.s. The exports of power-generating machinery and equipment fell by nearly one-fourth and their imports by more than one-tenth compared to September 2020. The volume of exports of the commodity group of electrical machinery, apparatus and appliances, n.e.s., decreased by nearly one-tenth, while the volume of their imports slightly went up. The aggregate commodity group of machinery and transport equipment lowered the volume change in total exports by 7.7 percentage points and that in total imports by 1.0 percentage point.

The export volume of manufactured goods became 4.5% lower, while their import volume 1.2% larger. The decrease in exports was mainly due to trade in medicinal and pharmaceutical products, professional, scientific and controlling instruments and apparatus as well as iron and steel, while the growth in imports was influenced by trade in chemical materials and products, n.e.s., iron and steel as well as plastics in primary forms. Manufactured goods reduced the volume change in total exports by 1.4 percentage points and increased that in total imports by 0.5 percentage point.

The export volume of fuels and electric energy became 7.9% lower and their import volume 1.3% higher than in the same period of the previous year. The decrease in exports can be explained mostly by the decline in trade in electricity, while the increase in imports was basically due to changes in trade in petroleum, petroleum products and related materials. Despite the decrease in volume, a growth was recorded in the exports of the commodity group of coal, coke and briquettes. Fuels and electric energy lowered the rate of change in total exports by 0.2 percentage point and increased that in total imports by 0.1 percentage point.

The volume of exports of food, beverages and tobacco became 0.5% and the volume of their imports 3.3% higher. The growth in exports was driven mainly by the commodity group of meat and meat preparations, while that in imports by cereals and cereals preparations. The changes in both exports and imports were influenced in addition by the commodity group of vegetables and fruits. The volume change realised by the aggregate commodity group did not affect the change in total exports but increased that in total imports by 0.2 percentage point.