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Transport equipment manufacturing grows 14.4 percent in July

The volume of industrial production declined in July 2023 by 2.6%, year-on-year. Based on working-day adjusted data production fell by 2.5%. Production dropped in the majority of the manufacturing subsections, at the same time production volume grew in the largest weight carrying manufacture of transport equipment, and that of electrical equipment, the Central Statistical Office said in a second reading of July data. According to seasonally and working-day adjusted data industrial output was 2.8% higher than in June 2023.

In July 2023 the volume of industrial production decreased by 2,6% compared to the same period of the previous year. (Compared to the July data published in the first estimate, the data in the second estimate did not change.)

Industrial output in July – according to seasonally and working-day adjusted indices – was 2.8% above the level of the previous month.

The volume of industrial export was 2.2% lower than a year earlier. Transport equipment export, representing a 35% weight within export sales in manufacturing grew by 15.9%, the export in manufacture of electrical equipment, accounting for a 14% weight, went up by 10.6%.

Domestic sales of industry fell by 11.0%, those of manufacturing decreased by 6.5% compared to the same month of the previous year.

Within industry, manufacturing output, which accounts for a decisive share in industry (95%), declined by 2.3%, that of mining and quarrying, having a small weight, fell by 35%, production in energy industry (electricity, gas, steam and air conditioning supply) dropped by 21%.

The manufacture of transport equipment, representing 28% of the manufacturing production (having the largest weight), grew by 14.4%. compared to the same month of the previous year. Motor vehicles manufacturing went up by 21%, the manufacture of parts and accessories for motor vehicles rose by 9.2%.

The manufacture of electrical equipment having a 11% weight in manufacturing was 9.8% higher year-on-year. Out of the two largest weight representing groups the manufacture of batteries and accumulators grew by 24%, the manufacture of electric motors, generators, transformers and electricity distribution and control apparatus dropped by 8.1%.

The manufacture of computer, electronic and optical products accounting for 9.0% of manufacturing declined by 5.0% compared to the same month of the previous year. Out of the two largest groups, the manufacture of electronic components and boards fell by 9.8%, the manufacture of consumer electronics decreased by 6.6%.

The manufacture of food products, beverages and tobacco products having a 13% share in manufacturing dropped by 9.3% year-on-year, due to a fall in both domestic and export sales. Output grew in only three groups, at the highest rate in the manufacture of bakery and farinaceous products (by 19.6%). Processing and preserving meat and the production of meat products, representing the largest weight (22%), declined by 8.5% year-on-year. Production decreased between 8.0% and 52% in the other seven groups, least of all in the manufacture of other food products, to the greatest extent in the small weight representing processing and preserving of fish, crustaceans and molluscs.

Among the subsections the manufacture of basic pharmaceutical products and pharmaceutical preparations grew the most, by 21% compared to a year earlier, the effect of the low base played a part in this trend, too.

Out of the two medium-weight representing subsections the manufacture of rubber and plastics products, and other non-metallic mineral products declined by 20%, the manufacture of basic metals and fabricated metal products fell by 12.2% compared to the same month of the previous year.

The manufacture of coke, and refined petroleum products dropped at the highest rate, by 25%, first of all owing to a decrease in domestic sales, while export sales rose.

Industrial output increased in four regions, and declined in four, year-on-year. The highest volume growth was observed in the Pest region (3.6%), the most significant decline (11.0%) was registered in Budapest.

The volume of total new orders in the observed divisions of manufacturing was 4.5% lower compared to July 2022. New domestic orders dropped by 1.4%, new export orders fell by 5.0%. The total stock of orders at the end of July was above the previous year’s level by 6.8%.

In January–July 2023, compared to the same period of the previous year, industrial production decreased by 4.5%. The volume of export sales, representing 60% of all sales declined by 0.5%, domestic sales accounting for 40% of all sales fell by 16.4%.

Out of the thirteen subsections of manufacturing production decreased in eight, to the greatest extent, by 23%, in the manufacture of chemicals and chemical products. In the other five production volume rose between 1.3% and 19.1%, mostly in the manufacture of electrical equipment, the output in the manufacture of transport equipment, considered to be the largest subsection, went up by 14.5%.

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