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Trade balance improves, but remains in deficit

Hungary posted a trade deficit of 188 million euros in December with the balance of trade improving by 110 million euros, the Central Statistical Office (KSH) said in a first reading of data on Monday.

The value of export was 7.8% lower, that of import decreased by 8.6% in EUR terms in December 2023 compared to the same period of the previous year. The balance of the external trade in goods improved by EUR 110 million. Compared to the previous month, the export of goods decreased by 20%, their import was down by 7.6%. In the case of the domestic external trade in goods, the balance turned negative on the import side as a result of the deteriorating energy balance; on the export side the same trend was due to the annual and monthly decrease in the export of machinery products which generated previously a significant surplus, while machinery import did not change in merit compared to November and December last year.

In December 2023 the value of exports amounted to EUR 10.4 billion (HUF 3,950 billion) and that of imports to EUR 10.5 billion (HUF 4,021 billion).

The deficit of the external trade in goods was EUR 188 million (HUF 71 billion).

The share of EU member states (EU27_2020) was 75% in exports and 66% in imports.

In December 2023 compared to a year earlier the value of exports decreased by 7.8% and that of imports lessened by 8.6% in EUR terms.


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