Trade surplus narrows to EUR 1.003 billion in October

In October 2023 the value of export amounted to EUR 12.8 billion (HUF 4,924 billion), that of import to EUR 11.8 billion (HUF 4,537 billion).

In October 2023 compared to a year earlier the value of export increased by 1.1% and that of import lessened by 13% in EUR terms.

According to calendar-adjusted data, the volume of export increased by 3.4%, while that of import decreased by 3.2%.

The balance of the external trade in goods improved by EUR 1.9 billion. (The balance is EUR 34 million lower than the one published in the first estimate.)

The HUF price level of the external trade in goods decreased by 8.8% in exports and was down by 17% in imports compared to the same month of the previous year. The terms of trade improved by 9.7%. The HUF exchange rate strengthened by 7.9% against the EUR and by 14% against the US dollar.

Calculated at October 2022 prices, the export of machinery and transport equipment lessened by 0.8%, their import declined by 6.7%. The volume of export of the commodity group of electrical machinery, apparatus and appliances, n.e.s., increased by more than one-seventh, its import slightly lessened. The export volume of the commodity group of road vehicles was one-tenth higher, its import volume grew by a few percentage. The export turnover of the commodity group of telecommunication and sound recording and reproducing apparatus declined by more than one-tenth, its import volume lessened by nearly one-tenth compared to the same period of the previous year. The turnover of the power generating machinery and equipment commodity group hardly changed on the export side, while its import volume slightly increased. The aggregate commodity group of machinery and transport equipment contributed to the volume growth in total exports by 0.5 percentage points and raised on the total import side the volume decrease by 2.7 percentage points.

The export volume of manufactured goods became 1.9% higher, their import volume grew by 1.0%. The volume growth was impacted by the turnover of medicinal and pharmaceutical products both in import and export. The aggregate commodity group of manufactured goods increased the volume growth in total exports by 0.5 percentage points and lessened the overall volume decline on the total import side by 0.3 percentage points.

The export volume of fuels and electric energy increased by 55%, their import volume was 4.4% higher than in the same period of the previous year. The turnover volume growth on both (export and import) sides of the trade can be explained by the significant increase in natural and manufactured gas. Fuels and electric energy increased the turnover change rate by 2.2 percentage points on the export side, and moderated the volume decrease on the import one by 0.7 percentage points.

The export volume of food, beverages and tobacco became 12% higher, while their import volume decreased by 9.6%. The volume change was mainly driven by cereals and cereal preparations in both directions. The volume change realised by the aggregate commodity group contributed the total export turnover increase by 0.8 and raised on the import decline rate by 0.5 percentage points.

The volume of exports to the EU-27 Member States became 0.1% higher while that of imports from there lessened by 5.6%. The balance of the external trade in goods improved by EUR 611 million, generating a surplus of EUR 1.6 billion. This group of countries accounted for 77% of exports and 70% of imports.

In the extra-EU-27 trade, the volume of export increased by 13% and that of imports grew by 4.7%. The balance of the external trade in goods with these countries improved by EUR 1.3 billion, showing a deficit of EUR 624 million.

In January–October 2023 the value of exports amounted to EUR 125.6 billion (HUF 48.1 thousand billion), that of imports to EUR 117.7 billion (HUF 45.1 thousand billion).

In January–October 2023 compared to a year earlier the volume of export rose by 4.3%, while that of import lessened by 2.2%.

The balance of the external trade in goods improved by EUR 15.3 billion, the surplus amounted to EUR 7.9 billion.

The HUF price level of the external trade in goods was up by 0.9% in exports, while it declined by 5.1% in imports compared to the corresponding period of the previous year. The terms of trade improved by 6.3%. The HUF strengthened by 1.5% against the EUR and by 4.1% against the US dollar.