July Deficit of External Trade in Goods: EUR 1.3 Bn

In July 2022, the volume of Hungarian exports was 1.3% lower while that of import was 1.5% higher than in the same period of the previous year. The deficit was EUR 1.3 billion, the balance deteriorating by EUR 1.1 billion compared to a year earlier, the Central Statistical Office (KSH) reports.

Compared to June, the seasonally and working-day adjusted volume of export decreased by 0.1%, that of imports increased by 1.2%.

In July 2022:
The value of export amounted to EUR 10.8 billion (HUF 4,344 billion) and that of import to EUR 12.1 billion (HUF 4,860 billion).

In July 2022 compared to a year earlier:
– The value of export increased by 13% and that of import grew by 24% in EUR terms.

– According to calendar-adjusted data, the volume of export grew by 2.4% and that of import by 4.7%.

– The balance of external trade in goods deteriorated by EUR 1.1 billion (it was EUR 148 million less favourable than the value published in the first estimate).

– The forint (HUF) price level of external trade in goods rose by 29% in exports and by 38% in imports compared to the same month of the previous year. The terms of trade deteriorated by 6.5%. The HUF exchange rate weakened by 13% against the euro and by 31% against the US dollar.

– The export volume of fuels and electric energy decreased by 54% and their import volume lessened by 16% compared to the same period of the previous year. The main contributor to the decrease in both directions was the electric current, in addition in exports was also influenced by petroleum, petroleum products and related materials, in imports by natural and manufactured gas. Fuels and electric energy increased the reduction in total exports by 1.8 percentage points and lessened the growth in total imports by 1.4 percentage points.

– The volume of exports of food, beverages and tobacco became 4.2% lower and the volume of their imports was 14% higher. The volume change in both directions was mainly driven by the commodity group of cereals and cereal, in addition, the turnover in exports was also influenced by meat and meat preparation and the growth in imports by preparations feeding stuff for animals. The volume change realised by the aggregate commodity group contributed to the decrease in total exports by 0.3 percentage points and to the increase in total imports by 0.7 percentage points.