Increasing Deficit of the External Trade in Goods

In September 2022, the volume of export was 14% and that of import was 10% higher than in the same period of the previous year. The deficit was EUR 745 million, the balance deteriorating by EUR 663 million year-on-year, the Hungarian Central Statistical Office reports.

In September 2022, the value of export amounted to EUR 13.4 billion (HUF 5,424 billion) and that of import to EUR 14.1 billion (HUF 5,735 billion).

In September 2022 compared to a year earlier:
The value of export increased by 29% and that of import grew by 35% in EUR terms.

According to calendar-adjusted data, the volume of export grew by 15% and that of import by 10%.

The balance of external trade in goods deteriorated by EUR 663 million (being EUR 93 million less favourable than the value published in the first estimate).

The HUF price level of the external trade in goods rose by 30% in export and by 42% in import compared to the same month of the previous year. The terms of trade deteriorated by 8.3%. The HUF exchange rate weakened by 15% against the EUR and by 36% against the US dollar.

Calculated at the September 2021 prices, the export of machinery and transport equipment grew by 32% and their import by 22%. Both the export and import volume of road vehicles increased by nearly one-third. The export volume of electrical machinery, apparatus and appliances went up by more than a half and their import volume grew by nearly one-third compared to the corresponding period of the previous year. The export volume of power generating machinery and equipment rose by more than 40% 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 one-third compared to the same period of the previous year. The export volume of office machines and automatic data processing machines grew by more than one-third and that of import by more than one-tenth. The aggregate commodity group of machinery and transport equipment contributed to the turnover increase in both directions by 17 percentage points in exports and by 9.5 percentage points in imports.

The export volume of manufactured goods increased by 4.8% and their import volume grew by 6.6%. The growth in the volume of both sides of the trade was mainly influenced by the trade in professional, scientific and controlling instruments, medicinal and pharmaceutical products as well as in chemical materials and products, n.e.s. The aggregate commodity group of manufactured goods contributed to the volume growth of total exports by 1.5 percentage points and to the volume growth in total imports by 2.5 percentage points.

The volume of exports to the EU-27 Member States became 17% higher and that of import from there increased by 12%. The balance of external trade in goods improved by EUR 117 million, a surplus of EUR 642 million was generated. This group of countries accounted for 76% of export and 67% of import.

In the extra-EU-27 trade, the volume of export increased by 6.7% and that of import by 6.4%. The balance of external trade in goods with these countries deteriorated by EUR 780 million and showing a deficit of EUR 1.4 billion.

In January–September 2022:
The value of export amounted to EUR 105.3 billion (HUF 40.5 thousand billion) and that of import to EUR 111.1 billion (HUF 42.7 thousand billion).