Huge Deficit in the External Trade of Goods

In November 2022, the volume of export was 9.5% and that of import was 15% higher than in the same period of the previous year. The deficit was EUR 1 billion 415 million, the balance deteriorating by EUR 1 billion 372 million year-on-year, the Central Statistical Office reports.

Compared to October, the seasonally and working-day adjusted volume of export increased by 3.0 and that of import by 6.7%.

In November 2022:
The value of export amounted to EUR 13.3 billion (HUF 5,421 billion), that of import to EUR 14.7 billion (HUF 6,011 billion).

In November 2022 compared to a year earlier:
The value of export increased by 19% and that of import grew by 31% in EUR terms.

According to calendar-adjusted data, the volume of export grew by 9.1% and that of import by 14%.

The balance of external trade in goods deteriorated by EUR 1 billion 372 million (being EUR 132 million less favourable than the value published in the first estimate).

The HUF price level of the external trade in goods rose by 22% in export and by 29% in import compared to the same month of the previous year. The terms of trade deteriorated by 5.3%. The HUF exchange rate weakened by 12% against the EUR and by 25% against the US dollar.

Calculated at the November 2021 prices, the export of machinery and transport equipment grew by 18% and their import by 23%. The export volume of electrical machinery, apparatus and appliances went up by more than one-fourth, their import volume grew by more than one-third compared to the corresponding period of the previous year. The export volume of road vehicles increased by one-sixth, their import volume was up by more than one-fifth. The export volume of office machines and automatic data processing machines grew by more than one-fifth and their import volume increased by more than one-third. The export volume of general industrial machinery and equipment went up by nearly one-fifth and their import volume increased by more than one-fifth compared to the same period of the previous year. The export volume of power generating machinery and equipment rose by nearly one-tenth and their import volume increased by more than one-third. The aggregate commodity group of machinery and transport equipment contributed to the turnover increase in both directions to the same extent, by 10 percentage points, to the volume growth in trade in the corresponding direction.

The export volume of manufactured goods increased by 2.2% and their import volume grew by 8.5%. The growth on both side of the trade was mainly influenced by the trade in products professional, scientific and controlling instruments. In addition, the increase in volume on the export side was also influenced by medicinal and pharmaceutical products, and on the import side by the trade of miscellaneous manufactured articles, n.e.s. The aggregate commodity group of manufactured goods contributed to the volume growth of total exports by 0.7 percentage points and to the volume growth in total imports by 3.1 percentage points.

The export volume of fuels and electric energy decreased by 17%, while their import volume increased by 1.7% compared to the same period of the previous year. On both sides of the trade the volume changes were mainly influenced by the commodity group of natural and artificial gas, in addition, the growth in the trade on the import side was driven by electric current as well. Fuels and electric energy decreased the growth in total exports by 0.7 percentage points while increased total imports by 0.2 percentage points.

The volume of export of food, beverages and tobacco lessened by 3.3%, while the volume of their imports was 9.8% higher. The volume changes on both sides were mainly driven by the commodity group of cereals and cereal preparations. In addition, the decrease in turnover on the export side was influenced by meat and meat preparations, while the increase on import side was due, among others, to the trade of feeding stuff for animals. The volume change realised by the aggregate commodity group contributed to the decrease in total exports by 0.2 percentage points, while increased total imports by 0.5 percentage points.