Hungary: EUR 104 Mn Trade Surplus in April

Hungary had a EUR 104 million trade surplus this April, data released by the Central Statisticals Office (KSH) and reviewed by MTI show.

Exports rose 6.4% year-on-year to EUR 13.178 billion. Imports climbed 16.4% to EUR 13.074 billion.

Trade with other European Union member states accounted for 74% of Hungary's exports and 69% of its imports during the month.

Hungary's export volume to the rest of the world decreased 5.1%, while import volume from those countries climbed 14%. Hungary's trade deficit with non-EU countries widened to EUR 725m.

Hungary's terms of trade improved 6.2% during the period as the Hungarian currency, the forint strengthened 9.2% against the euro and 13% to the dollar.

For January-April, Hungary had a trade surplus of EUR 2.674 billion. Exports increased 4.2% to EUR 52.419 billion and imports rose 8.9% to EUR 49.745 billion.

Fund manager Gránit Alapkezelő’s chief economist Gábor Regős told MTI the uptick in industrial production in March was not reflected in export data either in March or April. Subdued external demand and the low competitiveness of some parts of Hungarian industry are holding back exports.

In the coming period terms of trade are expected to gradually deteriorate with rising energy prices. For exports, the question is how industrial production will develop, while for imports consumption and investments will be decisive, he said.