Hungary’s economy: trade surplus EUR 755 m in May, CPI negative 0.2 pc in June – UPDATE

Budapest, July 8 (MTI) – Hungary’s trade surplus came to 755 million euros in May, a first reading of data released by the Central Statistical Office (KSH) on Friday shows. Consumer prices in Hungary fell by an annual 0.2 percent in June.

Hungary trade surplus EUR 755 m in May

The surplus expanded by 284 million euros from the same period a year earlier.

Exports measured according to value in euros grew by an annual 6.3 percent to 7.610 billion euros in May. Imports were up by 2.4 percent at 6.855 billion euros.

Fully 81 percent of exports went to other European Union member states. A total of 77 percent of imports came from the EU.

In the first five months of the year, the trade surplus was 4.204 billion euros, up by 720 million euros from the same period a year earlier. Exports rose by 3.2 percent to 38.253 billion euros and imports increased by 1.4 percent to 34.049 billion euros.

Gergely Suppán of Takarékbank said export growth could continue for the rest of the year, supported by slow but steady economic growth in the European Union and the fast growth of car sales. The Brexit sitaution is likely to act as a drag on export growth, but with international oil prices lower the trade surplus for the year should be above 8.9 billion euros, he added.

Analyst at K and H Bank Dávid Németh said he expected the trade surplus for the year to reach a new record and for the current-account surplus to grow. A pickup in industrial production in April is likely to continue in the coming months and exports should rise by 5-6 percent every month during this time, he added.